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Wednesday, June 19, 2024

Over 20 banks lower deposit rates

The Saigon Times

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HCMC – Over 20 banks have cut deposit interest rates, with the highest rate now set at 8.5% per year.

The rate cuts followed the recent State Bank of Vietnam’s (SBV) interest rate reductions.

Deposit interest rates are down by 0.5 percentage point for the tenor of less than six months. Meanwhile, the rates for six months and longer have been reduced by 0.2-0.3 percentage point compared to two weeks ago.

The big four State-owned commercial banks — Vietcombank, Agribank, BIDV and VietinBank — have cut the rates for six months and longer by 40 basis points, with the highest rate now standing at 6.8-7%.

Currently, the listed rates at most private banks do not exceed 8% per year. However, some banks such as GPBank, SeABank, ABBank, VietABank and PVCombank now offer the highest deposit interest rates ranging from 8.2% to 8.5% per year.

Since May 28, the interest rate for under-six-month deposits has been capped at 5%.

The average rate over the counter for 6–9-month deposits is 7% and 7.4% for 12-month deposits.

For money deposited online, the average interest rate is 7.4% for 6-9 months and 7.7% for one year.

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