Home owners and manufacturers to benefit from BOV interest rate cuts
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Bank of Valletta announced today that it will be revising its interest rates. This decision follows the announcement that the European Central Bank has lowered its refinancing rate. In view of the challenging international financial and economic situation, BOV will be supporting home owners and the manufacturing industry by offering beneficial lending rates to these sectors.
The base rate on house loans has been reduced, to a competitive 2.65%. The base rate applicable to other lending, such as personal loans, overdrafts, credit cards and business lending, has been revised to 2.95%.
As from the first week of January 2009, the base rate applicable to the manufacturing industry will be established at 2.85%. This decision was taken with the aim of supporting the manufacturing industry in this highly volatile economic environment.
The savings rate has also been revised to 0.6%, while term deposit accounts from one year to five years will now carry an interest rate of 2.5%.. The Bank has decided to retain the existing advantageous rates on all e-savings accounts which are operated solely through internet banking and ATMs.
These rates, with the exception of the manufacturing base rate, will come into effect on Monday, December 15, 2008.
Further details may be obtained from any BOV Branch, on www.bov.com, or from the Bank’s Customer Service Centre on 2131 2020.