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Thursday, June 13, 2024

Major banks cut deposit rates further

The Saigon Times

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HCMC – Commercial banks have continued their interest rate cut cycle, with deposit rates falling by 0.2 to 0.3 percentage point just ahead of the Lunar New Year (Tet) holiday, said local news reports.

Techcombank has cut its deposit rates by an additional 0.2 percentage point across different tenors. It now offers an annual rate of 2.5% for tenors of one and two months, 5.8% for tenors of 3-5 months, 3.8% for tenors of 6-8 months, 3.85% for tenors of 9-11 months, and 4.9% for tenors of 12 months or longer.

Eximbank has lowered rates by 0.2 to 0.3 percentage point. The new rates are now capped at 3.1% per year per one-month term, 3.4% for three-month term, and 4.3% for six-month term. Rates for 12-month and 60-month tenors were also adjusted to 4.8% and 5.2% per annum, respectively.

In January, multiple commercial banks reduced deposit interest rates as lending became difficult. Vietcombank and SCB currently offer the lowest deposit rate at 1.7% per year, while the highest rate is 4.7%.

Data of the State Bank of Vietnam showed by November last year, a staggering VND12.8 quadrillion had been deposited into the banking system, with individuals accounting for VND6.47 quadrillion and organizations the remainder, even though

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