Banks are simultaneously reducing savings deposit interest rates

DNHN - Previously, the State Bank had mandated a decrease from 1.0%/year to 0.5%/year in the utmost interest rate applicable to demand deposits with maturities of less than one month.

The group of state-owned institutions, including Agribank, Vietcombank, VietinBank, and BIDV, maintains the same interest rates at present. The deposit interest rate for terms of 1-2 months is maintained at 4.9% per annum; 3-month and 5-month terms are maintained at 5.4% per annum; terms of 6-11 months are maintained at 5.8-5.9% per annum; and terms of 12 months or more are maintained at 7.2% per annum. These institutions' demand interest rate is 0.1% per year.

Meanwhile, as of April 3, Sacombank reduced its 1-to-12-month interest rates by 0.1 percentage points. This bank reduced the annual interest rate on 3-month, 6-month, and 12-month term deposits to 5.5%, 7.3%, and 7.6%, respectively.

Beginning on April 3, 2023, VietCapitalBank (BVB) will continue to reduce deposit interest rates by 0.2 to 0.7 percentage points for all terms. The Bank reduced the interest rate on over-the-counter deposits for terms of 1 month to 3 %/year, 3 months to 4%/year, 6 months to 7.2%/year, and 12 months to 7/9%/year.

Additionally, KienlongBank reduced the interest rate on deposits with terms of less than one year by 0.5%. The short-term interest rate fell to 0.5% per year. Interest rates for terms of three months or less fell by 0.5 percentage points to 5.5% per annum, while those for terms of six months fell by 0.1 percentage points to 8.4% per annum.

A survey on April 7 at An Binh Commercial Joint Stock Bank (ABBank) recorded several short deposit terms that were adjusted to reduce interest rates.

Individual customers depositing savings with a term of 1 - 60 months will receive interest rates ranging from 5.5 %/year to 9 %/year, paying interest at the end of the period. Which, deposit interest rates for 1 - 5 month terms were also listed at 5.5%/year, down 0.15 - 0.5 percentage points compared to the beginning of last month.

From 6 to 60 months, ABBank's interest rate will continue to remain unchanged compared to the previous record. Customers depositing savings with a term of 6 months will receive an interest rate of 7.9 %/year; 7-month and 8-month terms apply the same interest rate of 8.1 %/year. Then, the savings registered at the term of 9 - 11 months are also listed at an interest rate of 8.2 %/year.

For 12-month and 13-month terms, the savings interest rate is also deployed at 8.4 %/year. Deposits with a term of 15 months are listed by ABBank with an interest rate of 8.9 %/year. Customers wishing to deposit savings for a longer period can register for a term of 18 - 60 months with a relatively high-interest rate of 9 %/year. In addition, with a short deposit period of 1-3 weeks, the bank's recorded interest rate decreased from 1 %/year to 0.5 %/year. Similar to other interest payment periods, ABBank also reduced interest rates for terms of less than 6 months.

PV (t/h)