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Sunday, June 16, 2024

Banks slash deposit rates

By N. Tan

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HCMC – Ten commercial banks have cut their deposit rates by 0.3-0.8 percentage point following a meeting between the central bank and commercial banks in early March.

This marked the second interest rate cut, with the highest deposit rate now standing at 9.5% a year.

Annual deposit rates at MSB have dropped by 50 basis points, leaving the rates at MSB at 7.8% for six-month and nine-month tenors, 8.1% for 12-month tenors, and 9% for 15-month and 24-month tenors.

BAB and Sacombank cut their deposit rates by around 0.3-0.8% annually.

BAB now offers a rate of 8.6% for six-month and nine-month terms, 8.7% for 12-month terms, and 9.2% for loans of 13 months or longer, while Sacombank’s deposit rates have fallen to 7.5%, 7.7% and 7.9% for loans of six, nine and 12 months.

Other banks, such as PVcomBank, NAB, NCB and VietAbank, also lowered their interest rates, ranging from 0.4-0.8%.

Four state-owned banks, comprising Agribank, BIDV, VietinBank and Vietcombank, now quote their rates at 6% for tenors from six to below 12 months and 7.4% for loans from 12 to 36 months.

In a recent report by securities firm VNDirect, bank deposit rates may drop further as the year progresses, at 6.7% for six-month terms and 7.5% for 12-month terms in late 2023.

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