Bank of Valletta said on Tuesday it will be changing its credit interest rates.

The new lowered interest rates will be applicable to Fixed Term Deposits opened or renewed as from December 3.

The interest rates on existing term deposits will remain valid until maturity.

Interest rates on other deposit accounts will change with effect from February 3.

Bank of Valletta said it has retained the same interest rates for the past two years despite rising negative rates, choosing to absorb most of the impact of negative interest costs on deposits rather than passing them on to all of its customers.

The revised interest rates can be found on www.bov.com.