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Not all banks in S’pore cutting rates on flagship savings accounts
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Loans and advances by commercial banks to businesses and consumers fell 0.3 per cent in February 2024 from February 2023.
PHOTO: LIANHE ZAOBAO
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SINGAPORE – Loan demand is slowing, but not all banks here are cutting interest rates on their flagship savings accounts just yet as they still see benefits in building up their deposit bases.
Some are also diversifying into other sources of revenue to supplement the interest income they get from lending.
