HCMC – Several banks have raised deposit rates and launched promotions to attract savings as demand for medium- and long-term capital rises toward the end of the year, the Vietnam News Agency reported.
Bac A Bank has raised its deposit rates twice in October. The bank has increased rates by 0.2 percentage point for six- to 11-month terms and by 0.3 percentage point for 12- to 36-month terms. Deposits below VND1 billion now earn 5.6% to 6.1% per year, while larger deposits receive 5.8% to 6.3%.
VietinBank is offering gifts worth VND50,000 to VND80,000 for deposits of at least VND200 million with terms from one to 36 months.
Between October 13 and 31, VietinBank’s “Deposit and Receive Instant Gifts” program offers rewards of up to VND800,000 for deposits starting from VND200 million. Online depositors are eligible for double loyalty points and an additional 0.3 to one percentage point in annual interest.
Other commercial and foreign banks, including GPBank, Vikki Bank, VietBank, Woori Bank, and SeABank, have also increased rates by 0.2 to 1.5 percentage points and introduced incentives such as gifts and lucky draws.
Vietcombank earlier launched a savings promotion offering prizes worth up to VND1 billion.
Analysts said the rate increases indicate rising demand for medium- and long-term capital as banks prepare for peak credit disbursement and stronger spending in the final months of the year.
