Ha Tinh: Banks raise deposit interest rates to "draw" money

DNHN - The increase in interest rates by joint stock commercial banks this time will be a "catalyst" to contribute to increasing mobilized capital.

Over the past time, credit institutions in the area have strictly complied with the regulations on interest rate management of the Governor of the State Bank of Vietnam; there is no phenomenon of unfair competition, exceeding the ceiling.

Specifically: Deposit interest rate in VND is at 0.1-0.2%/year for demand deposits with term of less than 1 month; 2.9-3.95%/year for deposits with term from 1 month to less than 6 months; 4-6%/year for deposits with term from 6 months to less than 12 months; 5.3-6.6%/year for term deposits of 12 months or more.

Data from the State Bank of Vietnam's branch in Ha Tinh province, the total mobilized capital of credit institutions in the area as of August 15, 2022 reached VND 86,426 billion, down 1.14% compared to the end of 2021. According to experts, now, the COVID-19 epidemic has been controlled, the economy has recovered and grown again.

Therefore, instead of depositing money at banks as in the previous period, people and businesses are tending to promote investment in production and business chains. In particular, the source of payment deposits of large enterprises in the area decreased sharply, leading to a rapid decrease in the mobilized capital of banks.

Ha Tinh banking industry has set a target of 16% capital growth in 2022. In fact, the continuous decrease in capital in recent months is putting pressure on the capital development plan of the whole system. Therefore, the increase in interest rates by joint-stock commercial banks this time will be a "catalyst" to contribute to increasing mobilized capital; thereby creating more resources for banks to lend again and serve the economy in the last months of the year.

PV