HCMC – Many banks have hiked interest rates for savings in all tenors since the State Bank of Vietnam increased key interest rates and interest rate caps on deposits last week.
VPBank has raised its one-month interest rate by 0.8 percentage point to 4%-4.5%. The bank also increased its savings rate by 0.6 percentage point for a six-month term and 0.5 percentage point for a 12-month term at 6.5% per year.
OCB has also hiked its savings rate for tenors of fewer than six months by one percentage point, while ACB offered a higher rate for a 12-month term at 6.4%, up 40 basis points.
At SCB, the deposit rate for a 12-month term was kept unchanged at 7.3%, while the rate for tenors ranging from one month to fewer than six months was revised up to the cap at 5%, up one percentage point.
Last Friday, September 23, the central bank raised interest rate caps on deposits by 0.3-1 percentage point depending on tenors.
Analysts from the Yuanta Securities Vietnam Company said that the interest rate hike following the interest rate hike by the U.S. Federal Reserve was necessary but piled pressure on capital mobilization at banks.
Meanwhile, experts at VNDirect said that the savings rates would continue to rise in the coming months, probably by 30-50 basis points at the end of this year.