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Sunday, July 21, 2024

Major banks lower deposit interest rates

The Saigon Times

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HCMC – Deposit interest rates at many major banks in Vietnam have been lowered by 0.1 to 1.1 percentage points compared to those in early May, making it possible to offer lower lending rates, according to the local media.

Vietcombank has recently lowered its deposit rates for tenors of one to two, three, and six to nine months to 4.6%, 5.1% and 5.8% per year, respectively.

The deposit rates for the 12-month term or longer remain at 7.2% per year.

Vietinbank and Agribank have also slashed their deposit rates by 30 basis points per year for different tenors, similar to those offered by Vietcombank.

VPBank’s deposit rates for terms over 12 months have been reduced by 20 basis points per year. The highest rate is now 8% for the 12-13 month term while the rates for the 15-36 month term have been cut to 7.2% per year.

TPBank has also revised down its deposit rates by 20 basis points for tenors of six months or longer. Currently, the highest deposit rate at this bank is 7.8% per year for online savings accounts with a 12-month term.

The deposit rates at OCB have also been adjusted down by 0.1-1.1 percentage points per year. Similarly, Techcombank now applies deposit interest rates of 5.5% for tenors of less than six months and 7.6% for tenors of over six months.

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