More banks have reduced deposit interest rates below 4% /year
admin 9-10-2020, 18:59

After the State Bank’s decision to reduce the ceiling interest rate for less than 6-month terms to 4% /year, more commercial banks have joined the wave of lowering deposit rates.

In the latest deposit rate schedule, Vietcombank has been adjusted down for many terms. Currently, the interest rate for 1-2 month term is 3.1% /year; 3-month term: 3.4% /year; 24-month term to 5.9% /year… These interest rates decreased by 0.2 percentage points compared to the previous one.

More banks have reduced deposit interest rates below 4% /year

Deposit rate has been adjusted by many banks to decrease further. Photo: Lam Giang

BIDV also sharply reduced deposit rates in some terms, of which 1-2 month period decreased 0.2 percentage point to 3.3% /year; the strongest drop was 9 month period to 4.2% /year, down 0.3% compared to the previous one

Another “big man” of another bank, Vietinbank, has also lowered the deposit rates for multiple terms. Accordingly, customers who send 1-2 months term is only 3.3% /year; the applicable highest interest rate for deposits under June is only 3.6% /year; while terms from 12 to 36 months to 5.8% /year, these interest rates decreased by 0.2 percentage points compared to the previous rate schedule.

Not only state-owned commercial banks, many joint stock banks also entered the trend of lowering input interest rates. Some banks have changed their interest rates twice since the beginning of October until now.

Specifically, in the latest interest rate schedule applied from 8-10 VPBank reduced the multi-term interest rate from 005 to 0.4 percentage points compared to the beginning of October. 1-2 months to 325% /year; from 7-11 months to 5.1% /year and for term from 15-36 months to 5.4% /year down to 0.4% /year.

Meanwhile, Nam A Bank continued to lower the long term interest rates. Accordingly, depositors with term from 18-29 months interest rate to 7% /year, instead of the level of 7.2% /year at the beginning of October. 2 percentage points to 6.8% /year. However, if customers choose to deposit online, this bank still keeps a quite high interest rate, such as the 18-36 month term for online deposit, the interest rate is 7.5% /year.

At MSB, deposit rates for long terms also decreased by 0.1 percentage points compared to before, such as: 7-11 month term deposits to 5.4% /year; 15-26 month term about 5.9% /year

Previously, a number of securities companies also stated that from now to the end of the year, the short term deposit rates of less than 6 months still have room to decrease further, in the context that the liquidity of the banking system is maintained. Low credit growth over the same period.

Thai Phuong

Source: – Translated by