HCMC – Many commercial banks, big and small alike, offered higher long-term deposit rates in early July, at up to 7% per year.
The Asian Commercial Bank raised its rates by 0.8 percentage points for a six-month term and 0.5 percentage points for a 12-month term, the highest rate hike by a bank.
Eximbank raised its savings rate by 20 basis points for tenors of six months and 12 months. Sacombank slightly increased its three-month rate and maintained its interest rate for the 12-month term.
Among state-owned banks, Agribank and BIDV raised their 12-month deposit rate by 10 basis points.
Compared with other banks, Saigon Commercial Bank offered the most attractive interest rate at 7.3% for a 12-month term, valid from mid-May. It is forecast to increase in the coming time.
The current deposit rate at Construction Bank is up to 7% per year, up 0.18 percentage points from late June.
This is the third time banks have revised their deposit rate this year, especially for long tenors. Deposit rates are nearly 7% per year at small private banks, 6% per year at big private banks, and 5.5% to 5.6% at state-owned banks.
Data from Bao Viet Securities showed that the average deposit rate for tenors of six and 12 months posted a slight increase in June, at 4.95% and 5.7% per year, up 0.03 and 0.01 percentage point, respectively, 0.15 percentage point higher than in late 2021.
Small banks whose capital is below VND5 trillion have raised both six-month and 12-month rates, while large banks have maintained the rate for 12-month deposits and raised it for six-month ones. Thus, banks have mainly adjusted medium-term deposit rates.
According to data from the General Statistics Office, as of June 20, credit grew 8.51% compared to early this year, while deposit growth was 3.97% (3.31 percentage points lower than 2021). The gap has put pressure on banks to raise the deposit rate.
A report on the business trends of financial institutions in Q3 2022 released by the Statistics and Forecast Department under the State Bank of Vietnam in July showed that interest rates on deposits and loans could rise slightly in Q3 2022, as well as the whole year due to increasing inflationary pressure and interest rate hikes worldwide.
