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Sunday, July 14, 2024

Major banks further lower deposit interest rates

The Saigon Times

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HCMC – Several major banks have slashed their deposit interest rates by 0.5 percentage point compared to those in mid-May, right after the State Bank of Vietnam (SBV) announced two decisions further lowering key interest rates in its easing cycle.

Vietcombank has recently revised down its deposit rates for tenors of one to two and three to 4.1% and 4.6% per year, respectively. The deposit rates for the tenors of six and nine months remain unchanged at 5.8% per year. The rates for the 12-month term or longer are the highest, at 7.2% per year.

BIDV has also reduced its deposit interest rates by around 0.4 – 0.5 percentage point per year, with the highest rate at 6.8% per year for terms of 12 months or longer. Vietinbank and Agribank have also lowered their deposit interest rates in various terms.

Techcombank’s deposit rates for terms under six months have been reduced by 0.5 percentage point per year to 5%. The rates for terms of six months and longer remain at 7.2% per year.

ACB slashed their deposit rates by 0.5-0.7 percentage point. The deposit rates for the tenors of one to five, six, and 12 months are now at 3.9%-4.3%, 6.2%, and 6.6%, respectively.

The SBV’s two separate decisions further lowering key interest rates officially came into effect yesterday, May 25. Accordingly, the interest rates for overnight interbank electronic payments and compensatory lending for capital shortfall in offset payments by the central bank to commercial banks fell from 6% to 5.5% per year.

The refinancing interest rate was down from 5.5% to 5.0% per year while the rediscount interest rate stayed unchanged at 3.5% per year.

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