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Saturday, June 15, 2024

Deposit rates fall further

The Saigon Times

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HCMC – Following the central bank’s interest rate cuts in April, commercial banks have lowered deposit rates further this month.

Annual deposit rates now range from 7% to 9% at most banks, 1-1.7 percentage points lower than late last year.

Kienlongbank now applies a 7% yearly rate to nine-month deposits, down by 1.55 percentage points, the sharpest rate cut. Its deposit rate for the 24-month tenor is down by 45 basis points to 7.75% per year.

SaigonBank has lowered deposit rates by 0.6-0.8 percentage point for all tenors, with the rate for six-month, nine-month and 12-month terms standing at 7.6%, 7.7% and 8% per year, respectively.

ACB has reduced deposit rates for 24-month tenors by 30 basis points to 7.5% per year, while rates for other terms remain unchanged.

Deposit rates at the Big Four – Agribank, BIDV, Vietcombank and VietinBank – now range from 5.8% to 7.2% for tenors of less than 12 months.

ABBank, OCB and HDBank still offer interest rates of over 9% for 12-month deposits but conditions apply.

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