Deposit interest rates anchored at low levels
The highest rate at VPBank drops to only 5.5% per year for 12-month and 13-month terms.
Going against the usual rule of gradual increases in the last months of a year, deposit interest rates in most banks are anchored at low levels, and even some continue to decrease.
On the first day of October, deposit interest rates at some banks such as Vietnam Prosperity Joint Stock Commercial Bank (VPBank), Asia Commercial Joint Stock Bank (ACB), Bac A Commercial Joint Stock Bank (Bac A Bank) continued to be cut by 0.15 - 0.3 percentage point for various terms.
The highest rate at VPBank dropped to only 5.5% per year for 12-month and 13-month terms from the previous 5.8%. Those for terms from 6-9 months decreased from 5.3% to 5.1% a year. This interest rate is also applied for long terms of 15, 18, 24 and 36 months.
At ACB, the interest rate for deposits under 200 million VND (8,205 USD), with 6-9 month terms, has been cut from 5-2-5.3% to 5-5.1% a year. The bank has kept the 12-month term interest rate unchanged at 5.5% a year.
Meanwhile, the highest deposit interest rate at Bac A Bank decreased from 6.4% to 6.25% a year applicable to deposits of over 1 billion VND for 18 months or more.
Illustrative image (Photo: VNA)
Earlier, the Big 4, including the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), and the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and the Vietnam Bank for Agriculture and Rural Development (Agribank), lowered their deposit interest rates to the lowest levels recorded during the COVID-19 pandemic.
The highest interest rate at these banks is only 5.5% a year, applicable for terms of 12 months or more.
At the same time last year, the interest rate of 8% a year was quite popular, applicable to terms of 6 months or more./.
Related News
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
Ambitious profit goals of banks
10:32 | 13/04/2024 Finance
Banks seek to attract foreign capital
10:50 | 09/04/2024 Finance
Mechanisms for bolstering "bolder" and more efficient credit flow
08:24 | 31/03/2024 Import-Export
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
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
State-owned enterprises flourished
14:15 | 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