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Tuesday, June 18, 2024

Banks lower deposit interest rates further

The Saigon Times

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HCMC – State-owned and private banks have recently lowered their deposit interest rates in response to the decision by the State Bank of Vietnam (SBV) to further decrease deposit rates and key interest rates on June 16.

Last week, four state-owned commercial banks, including Vietcombank, VietinBank, BIDV, and Agribank, simultaneously cut interest rates by 0.5 to 1.0 percentage point for deposits of various terms.

The highest rates offered for counter and online deposits at the Big Four banks now stand at 6.3% for tenors of 12 months and longer, which have been reduced by 0.5-0.7 percentage point since May.

Meanwhile, deposits with a one-month term are eligible for a rate of 3.4% at the counter and 4% for online deposits. Deposit rates for three-month terms are 4.1-4.5% per year, while rates for six or nine-month tenors range from 5-5.5% per year.

VietinBank, a state-owned commercial bank, has made the most significant adjustment with a 1% reduction, particularly for deposits with tenors of nine months and shorter.

Deposit interest rates at private banks have also been revised down by 0.1 to 1.0 percentage point. The most competitive rates offered by several large private banks such as ACB, VIB, TPBank, Sacombank and VPBank for deposits below VND1 billion now stand at 7% per year.

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