Three additional banks reduce rates on deposits with terms of six months or longer.

DNHN - According to the most recent announcement, HDBank, Sacombank, and GPBank, all reduced deposit interest rates simultaneously in June. Recent announcements by HDBank, Sacombank, and GPBank of a reduction in deposit interest rates continue the June tren

Recent announcements by HDBank, Sacombank, and GPBank of a reduction in deposit interest rates continue the June trend. This means that these banks will adjust their interest rates in response to a decline in customer deposits.

Specifically, HDBank has implemented a new interest rate table for online deposits made by individual customers. Consequently, interest rates for terms of 6, 12, and 13 months will be reduced from 7.9% per annum to 7.7% per annum. However, interest rates for 7-11 month and 24-36 month terms will remain unchanged at 6.9% per annum.

HDBank will apply a different interest rate to individual customers who make teller-based deposits. For terms of 6 months, the interest rate will be reduced to 6.6% per year, while terms of 7-11 months and 24-36 months will remain at 6.8% per year. The interest rate for the 12- and 18-month terms will be 7% per year, while the rates for the 13- and 15-month terms will be 7.555% per year and 6.9% per year, respectively.

For deposits less than six months, both HDBank and Sacombank will apply a maximum annual interest rate of 5% for both in-person and online deposits.

Since June 12, Sacombank has also implemented a new interest rate table for individual customers. Sacombank has decreased interest rates from 0.2 to 0.35 percentage points for deposits with terms of six months or longer. For instance, interest rates for 6- and 12-month tenors have decreased by 0.2 percentage points, to 6.6% and 7.2% annually, respectively. The 13-month term decreased by 0.3% to 7.2 %/year, while the 36-month term decreased by 0.3% to 7.45 %/year. The remaining deposit terms will maintain an annual interest rate between 6.7% and 7.4%.

Sacombank applies an interest rate that is 0.2 percentage points lower for in-person savings deposits compared to online deposits.

On June 12, GPBank also introduced a new deposit interest rate schedule for individual customers. This means that interest rates for some medium- to long-term maturities will decline by 0.2 percentage points. For instance, the interest rate for a 6-month term has decreased from 7.8 percent per year to 7.6 percent per year. Additionally, the terms 7 and 8 months dropped from 7.85 %/year to 7.65 %/year. The 9-month term was also changed from 7.9% per year to 7.7% per year.

GPBank savings customers with terms of 12 months will receive an annual interest rate of 7.8%, while those with terms of 15-36 months will receive an annual interest rate of 7.9%, both of which are lower than the previous month.

For 13-36 month deposit terms, GPBank offers the highest interest rate for online savings at 8.4% per year. Individuals will receive an annual interest rate of 8.3% for a term of one year; 8.1% for a term of six months; and 8.15-8.2% for a term of seven to nine months.

HDBank, Sacombank, and GPBank all participated in the June trend of decreasing deposit interest rates. These are the subsequent interest rate adjustments following the reduction in May.

Notably, both HDBank and Sacombank have eliminated the 8% annual interest rate on savings deposits that earn interest at the end of the period. HDBank offers a maximum annual percentage yield of 7.7% on deposits, while Sacombank offers a maximum annual percentage yield of 7.45% (no minimum deposit required).

P.V (t/h)