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Tuesday, June 25, 2024

Banks further cut deposit rates

The Saigon Times

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HCMC – Commercial banks have recently further lowered interest rates for deposits, with the lowest rates now hitting 1.7% per annum, according to Thanh Nien news site.

Vietcombank, one of Vietnam’s leading banks, has cut its deposit rates by an additional 0.1-0.2 percentage point across different tenors. Rates for one- and two-month deposits have decreased from 1.9% to 1.7% per annum, while rates for three-, six-, and 12-month deposits were also adjusted to 2%, 3%, and 4.7% per annum, respectively.

Similarly, VietABank has reduced its deposit rates by 0.1 percentage point for terms below 12 months. The new rates are now capped at 4.2% for terms ranging from one to five months, 5.2% for six to 11 months, and 5.5% for 12-month deposits.

In the first 10 days of 2024, more than 10 banks have decreased their deposit rates. Vietcombank has taken the lead in lowering rates and has consistently maintained the lowest rates in the market.

Despite the rate reductions, the amount of money deposited in this bank increased significantly by 12.1% to VND1.41 quadrillion in 2023.

According to the State Bank of Vietnam, the total amount of deposits in the banking system reached its highest level at the end of 2023, at VND13.5 quadrillion, a 14% increase compared to 2022.

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