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Monday, July 22, 2024

Two major banks reduce deposit interest rates to 5.5%

The Saigon Times

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HCMC – Two major state-run commercial banks, Vietcombank and Agribank, have lowered their deposit interest rates to 5.5% per year, matching the lowest level recorded during the Covid-19 pandemic.

Vietcombank and Agribank have both cut their deposit rates by 0.2 or 0.3 percentage point for deposits with a term of three months or longer.

As of September 14, the interest rates offered at the counters of these two banks are identical. For one-month deposits, the rate remains at 3%.

For three-month deposits, the rate has been revised down from 3.8% to 3.5% per year, while the rate for deposits with six or nine-month tenures is 4.5% per year, down by 0.2 percentage point.

Rates for deposits with a twelve-month term have also been revised down by 0.3 percentage point, resulting in a rate of 5.5% per year.

Vietcombank now offers online deposit rates similar to savings interest rates at the counter. At Agribank, online rates for deposits with several short terms are higher than at-the-counter rates, but the highest deposit rates do not exceed 5.5% per year.

Compared to the beginning of this year, deposit rates offered at these two state-run banks have been lowered by 1.5-2 percentage points, reaching a record low of 5.5% per year.

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