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Friday, July 19, 2024

Private banks lower deposit rates

The Saigon Times

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HCMC – Private banks have lowered interest rates for deposits with tenors of six months and beyond while state-run banks have kept their rates unchanged.

CBBank currently offers the highest OTC deposit rates. For deposits of less than VND1 billion with terms of six, nine, and 12 months, the bank offers respective rates of 6.8%, 6.9% and 7.1%. NCB closely follows, setting its rates at 6.8%, 6.9%, and 7% for the same tenors.

Online deposit rates have also risen. Banks like VietABank, BaoVietBank, CBBank, NCB, NamABank, PVComBank, HDBank and BacABank are now providing online savings accounts with interest rates starting from 7%. Among them, VietABank has the highest rate at 7.3%.

In January, deposit rates at these banks were as high as 9% per year.

These reductions are in response to the State Bank of Vietnam’s (SBV) policy interest rate cuts aimed at fueling economic growth.

The SBV has also issued directives mandating banks to decrease interest rates for both new and existing loans by a minimum of 1.5 to 2.0 percentage points to support retail and corporate customers.

In line with this guidance, Agribank has introduced a favorable credit program for small and medium-sized enterprises. The bank will reduce annual lending rates by up to 0.7 percentage point compared to prevailing lending rates.

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