Early in August, deposit interest rates kept increasing

DNHN - Interest rates on savings accounts of all terms have significantly risen since the beginning of August at KienlongBank and many other banks.

Savings deposit interest rates have been dramatically raised by banks since the beginning of August, rising from 0.1 to 0.6 percentage points for all terms, including HDBank, KienlongBank, Techcombank, LPB, MBB, and NCB.

For instance, starting on August 5, 2022, KienlongBank will significantly boost its deposit interest rates for maturities of less than 12 months from 0.3 to 0.6 percentage points. Deposit interest rates for terms of 1-3 months rose to 4% per year, and 6% per year for terms of 6-9 months.

With effect from August 1, 2022, Techcombank will be one of the banks to raise the interest rates on savings deposits for all terms by 0.2 percentage points. For instance, Techcombank raises the interest rate on 1-month savings deposits to 3.05 per cent per year for regular customers who are under 50 and have deposits of less than 1 billion VND, 3.55 per cent per year for deposits of three months or longer, 5.35 per cent per year for deposits of six months or longer, and 5.75 per cent per year for deposits of twelve months or longer.

From July 15, 2022, DongABank will raise the interest rate on savings deposits with terms of six months or longer by 0.1 to 0.2 percentage points. In particular, the interest rate rose to 6.1 per cent per year for a 6-month term, 6.2 per cent per year for a 9-month term, 6.7 per cent per year for a 12-month term, and 7 per cent per year for a period longer than 12 months.

Vietcombank joined the group of state-owned banks that raised interest rates during this period. Interest rates for 1-month term deposits rose by 0.1 percentage points to 3.1 per cent per year, 3.4 per cent per year for 3-month periods, and 5.6 per cent per year for 12-month maturities.

As of the first of August 2022, the typical interest rate on personal savings deposits is 3–4 per cent per year for periods under 6 months, 4–6.5 per cent per year for durations between 6 and 12 months, and 5.57–7.3 per cent per year for terms between 12 and 13 months.

At 7.3 per cent per year as of August 5, 2022, SCB is the bank with the highest deposit interest rate with a 12-month term. Right there, at 6.8 per cent annually, are BVB and Bac A Bank. The highest interest rate for 6 months is 6.5 per cent per year, as applied by NCB. Bac A Bank is second with 6.35 per cent per year, and BVB is third with 6.3 per cent per year.

PV