Cambodia Investment Review
Depositors in Cambodia are set to benefit from the recent uptick in interest rates, as banks and microfinance deposit-taking institutions (MDIs) adjust their rates upwards. The Banking Associations of Cambodia attributes this to rising global inflation and the historically low-interest rates that have been in place for the past few years. In light of these changes Phillip Bank, has introduced promotions and incentives to attract and reward depositors.
From February 15, 2023, to December 31, 2023, depositors at Phillip Bank can take advantage of higher deposit rates, which reach up to 8.25% per annum. These competitive rates will allow depositors to grow their savings more quickly and efficiently. In addition, the bank is offering lucky draw promotions, giving customers the chance to win cash prizes or valuable items, such as cars and smartphones, simply by maintaining a qualifying balance in their accounts.
Promotions and incentives aimed at rewarding loyal customers
Phillip Bank’s promotion includes a lucky draw for customers who maintain a daily average of $1,000 in their savings accounts or make term deposits during the promotion period. These depositors will receive attractive annual interest rates of up to 8.25% for Khmer Riel and 8% for US Dollar deposits for terms between 12 and 36 months.
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Moreover, they will be eligible for lucky draw tickets, which could win them a variety of prizes, including a Ford Everest Titanium 2023, a Ford Ranger Wildtrak 2023, 15 Samsung Galaxy Z Fold4 smartphones, and 15 cash prizes of $888 each.
These promotions and incentives are aimed at rewarding loyal customers and attracting new depositors, allowing them to benefit from the rising interest rates while also providing them with a chance to win valuable prizes. The higher interest rates will enable depositors to accumulate savings more quickly, thus improving their financial stability and future prospects.
Mr. Chan Mach, CEO of Phillip Bank, expressed his excitement about the promotion and the bank’s digital banking services, saying, “At Phillip Bank, our customers’ satisfaction and security are our top priorities, and we continue to innovate to provide the best banking experience to our customers. The promotion is our way of giving back to our customers and thanking them for their trust and support.”
A leading digital banking service provider in Cambodia
Since the merger with Kredit Microfinance in 2020, Phillip Bank has experienced significant growth, with more than 25,000 merchant partners, and more than 90,000 users of the bank’s customer-friendly mobile application. The bank’s latest promotion and its commitment to providing excellent digital banking services further demonstrate its dedication to becoming a leading digital banking service provider in Cambodia.
The rising interest rates and accompanying promotions signal a positive trend for depositors in Cambodia, who can expect to see their savings grow at a faster pace than in recent years. As financial institutions continue to adapt to changing market conditions, it is likely that depositors will continue to reap the benefits of these competitive rates and incentives.
