The "Big 4" group reduced the interest rate for less than three-month terms to 3.3% per year.

DNHN - The "Big 4" group, comprised of Agribank, Vietcombank, VietinBank, and BIDV, decided simultaneously to adjust the savings deposit interest rate schedule to accommodate the current economic climate.

According to the new decision, the annual interest rate on loans with terms of less than three months will be reduced to 3.3%. This makes the highest interest rate applied by these banks for terms of 12 months or longer 6.3% per annum. Notably, the remaining three banks, Vietcombank, VietinBank, and BIDV, all reduced their short-term interest rates from 1-3 months to 3.3% per year, while maintaining all other terms.

This, however, means that the deposit interest rate for 1-3 month terms at state-owned banks is significantly lower than the maximum deposit interest rate for deposits with terms of less than 6 months, which is set at 4.75 percent per annum. This can have a significant impact on people's and businesses' short-term savings and investments.

Because inflation and macro balance are ongoing challenges, Dao Minh Tu, Deputy Governor of the State Bank, stated that the State Bank will continue to set interest rates on the state of the economy. He emphasized that there will be solutions to direct credit institutions to reduce costs to lower lending interest rates and eliminate unnecessary fees to assist businesses and individuals in recovering and expanding their production and business.

This demonstrates the State Bank's determination to maintain financial stability, support economic development, and maintain the confidence of individuals and businesses despite the challenging economic environment. However, it is still necessary to monitor the ongoing situation to make future adjustments and determine cause and effect.

P.V (t/h)