Interest Rates on Bank Deposits and Loans: March 2024
08/05/2024 - Press Releases
- In March 2024, the weighted average interest rate on new deposits remained unchanged at 0.53%, while the corresponding rate on loans increased to 6.24%.
- The interest rate spread between new deposits and loans increased to 5.71 percentage points.
- In March 2024, the weighted average interest rate on outstanding amounts of deposits remained unchanged at 0.54%, while the corresponding rate on loans remained almost unchanged at 6.32%.
- The interest rate spread between outstanding amounts of deposits and loans remained almost unchanged at 5.78 percentage points.
1. Interest rates on euro-denominated new deposits and loans
New Deposits
The weighted average interest rate on new deposits remained unchanged at 0.53%, compared to the previous month.
In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits by non-financial corporations remained almost unchanged at 0.17%.
The average interest rates on deposits from households and non-financial corporations with an agreed maturity of up to 1 year remained almost unchanged at 1.77% and 3.22% respectively.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations increased by 47 basis points to 6.24%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) increased by 14 basis points to 15.18%.
The average interest rate on consumer loans with a defined maturity at a floating rate increased by 155 basis points to 11.82%, while the average interest rate on housing loans at a floating rate decreased by 47 basis points to 5.01%.
The average interest rate on corporate loans without a defined maturity remained almost unchanged at 6.74%. The corresponding rate on loans to sole proprietors remained also almost unchanged at 7.69%.
The average interest rate on new corporate loans with a defined maturity at a floating rate increased by 31 basis points to 6.22%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 25 basis points to 6.10%.
As regards the structure of interest rates according to the size of loans granted, the average rate on loans of up to €250,000 decreased by 23 basis points to 5.41%, on loans of over €250,000 and up to €1 million it decreased by 20 basis points to 6.00%, while on loans of over €1 million it increased by 36 basis points to 6.24%.
2. Interest rates on outstanding amounts of euro-denominated deposits and loans
Deposits
The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) remained unchanged at 0.54% compared to the previous month.
In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households increased by 4 basis points to 1.80%. The corresponding rate on deposits placed by non-financial corporations remained almost unchanged at 3.02%.
Loans
The weighted average interest rate on outstanding amounts of loans remained almost unchanged at 6.32%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 4.40%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions remained almost unchanged at 8.27%.
The average interest rate on corporate loans with over 5 years’ maturity decreased by 5 basis points to 6.26%. The corresponding rate on loans to sole proprietors remained almost unchanged at 6.93%.
Table 1: Average interest rates on new euro-denominated deposits and loans (percentages per annum)
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentages per annum)
Notes:
- The interest rate spread is the difference between the weighted average rate on loans and the weighted average rate on deposits.
- For the calculation of the weighted average interest rate on all outstanding deposits, the overnight deposits are also taken into account.
- Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
- New business refers to new contracts that were agreed during the reference month and not actual loan disbursements.
Related information:
The complete data set of bank deposit and loan interest rates is published in the sub-section “Bank deposit and loan interest rates” on the Bank of Greece website.
The next Press Release for April 2024 will be published on 5 June 2024 according to the Advance release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Advance release calendar