Banks slash deposit rates
|
On February 24, Saigon Commercial Bank (SCB) slashed preferential rates for elderly customers by 0.03 to 0.02 percentage points per year. The rates also declined by 0.15 to 0.1 percentage points for Diamond clients, 0.1 to 0.05 percentage points for Ruby customers and 0.05 to 0.02 percentage points for those in Sapphire group.
Besides this, SCB cut the rates of certificates of deposit with a 469-day term from 8.9% to 8.75% per year.
LienVietPostBank since February 24 has lowered deposit rates from 0.1 to 0.6 percentage points for tenors from nine to 48 months. A nine-month rate is 6.1% per year, down 0.1 percentage points, while the 48-month tenor saw the steepest decline by 0.6 percentage points at 6.9% per year.
At BacABank, staff at its Thai Ha branch lowered deposit rates for the six-month term from 7.7% to 7.55% per year; for nine months, from 7.8% to 7.6% per year; and for 12 months, from 8% to 7.8% per year.
As for VIB, the lender now adds 0.1-0.2 percentage points to its fixed rates depending on sum and tenor, instead of 0.1-0.3 percentage points as before.
Since February 26, Saigon-Hanoi Commercial Bank (SHB) has cut deposit rates from 0.1 to 0.2 percentage point for tenors from six to 36 months. Meanwhile, VietABank has reduced the seven-month rate from 8.3% to 8.2% per year and the 13-month rate from 8.75% to 8.6% per year.
Speaking to Dau tu Chung khoan newspaper, Le Thi Thanh Nga, deputy general director of LienVietPostBank, noted that the lender had decided to lower rates in the wake of lower-than-expected credit growth resulting from the Covid-19 epidemic. Further, the bank plans to cut lending rates in the coming days.
Nguyen Van Le, general director of SHB, stated that the lender is supporting customers in tandem with the Government’s and the State Bank of Vietnam’s directive to support Covid-19-hit businesses.
SCB’s deputy general director, Hoang Minh Hoan, said that citizens and enterprises have suspended their business plans and banks now have strong liquidity. Therefore, SCB has revised down its deposit rates to reduce operating costs and lending rates, as encouraged by the central bank.
Related News
Shareholders expect the shareholder meeting season
10:20 | 18/03/2024 Headlines
Banks reduce revenue from insurance services
10:02 | 12/03/2024 Finance
Customs strives to expand utilities in e-tax payment
08:56 | 25/02/2024 Customs
The Breakthrough of non-cash payments in the public sector
00:00 | 28/10/2023 Finance
Latest News
Strictly monitor market fluctuations to appropriately adjust prices
14:46 | 27/04/2024 Finance
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance
More News
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance
SBV takes more actions to stabilise foreign exchange rates
13:43 | 24/04/2024 Finance
Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT
10:35 | 24/04/2024 Finance
Corporate bond maturity in 2024 remains high: MoF
13:51 | 23/04/2024 Finance
Support clearance procedures for imported gold for bidding
09:33 | 23/04/2024 Finance
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low
09:32 | 23/04/2024 Finance
Majority of credit institutions forecast profit growth in 2024
15:16 | 22/04/2024 Finance
Central bank plans to auction gold bars on April 22
18:00 | 21/04/2024 Finance
Old loans must endure higher interest rates temporarily: central bank
15:44 | 19/04/2024 Finance
Your care
Strictly monitor market fluctuations to appropriately adjust prices
14:46 | 27/04/2024 Finance
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance