3 Big4 banks simultaneously lower deposit interest rates

After the first Big4, Vietcombank, made a move to reduce deposit interest rates, today (January 17), the remaining 3 banks, Agribank , VietinBank and BIDV, simultaneously adjusted to reduce deposit interest rates for terms of 1-11 months.

Accordingly, in VietinBank 's online deposit interest rate table, the bank simultaneously adjusted the deposit interest rate down by 0.3 percentage points to 1.9%/year for terms of 1-2 months and down to 2.2%/year for terms of 3-5 months.

Similarly, VietinBank also adjusted the interest rate for 6-9 month term deposits down by 0.3%, listed at 3.2%/year.

On the same day, at BIDV 's online deposit interest rate table, the bank simultaneously reduced 0.3 percentage points for deposit interest rates for terms of 1-11 months.

Specifically, the bank reduced interest rates to 2%/year for 1-2 month terms; interest rates for 3-5 month terms to only 2.3%/year and for 6-11 month terms to 3.3%/year.

BIDV keeps the deposit interest rate for the remaining terms unchanged at 5%/year for 12-18 month terms and 5.3%/year for 24-36 month terms.

Agribank also reduced the deposit interest rate by 0.2 percentage points for the 1-2 month and 6-11 month terms to only 1.8%/year and 3.4%/year, respectively. Notably, the bank sharply reduced the 3-5 month term interest rate by 0.4 percentage points to 2.1%/year.

Thus, the three state-owned banks have the same interest rate for 12-36 month terms of 5-5.3%/year. In addition, Agribank and VietinBank have reduced their interest rates for 1-2 month terms to below 2%/year.

In addition to the Big4 group, Vietnam International Commercial Joint Stock Bank (VIB) today continued to reduce its deposit interest rates for the second time this month. Accordingly, VIB's online deposit interest rates for terms of 6-11 months simultaneously decreased by 0.1 percentage points to 4.5%/year.

However, in the opposite direction, this bank has made a move against the trend to increase deposit interest rates at 15 and 18 month terms by 0.1 percentage points to 5.2%/year.

Saigon - Hanoi Commercial Joint Stock Bank (SHB) today also adjusted down deposit interest rates for terms from 1-12 months by 0.1-0.2 percentage points.

In the online interest rate table, this bank reduced 0.1 percentage point for 1-month term interest rate to 3.4%/year; reduced 0.2% for 2-month term interest rate to 3.5%/year.

SHB reduced 0.1 percentage point for interest rates at 3-month, 4-month and 5-month terms to 3.7%, 3.8% and 3.9%/year, respectively.

Similarly, the bank also reduced 0.1 percentage point for deposit interest rates for terms of 6-8 months to 4.9%/year and for terms of 10 and 11 months to 5.1%/year.

The above reduction is also applied to interest rates on 12- and 13-month deposits, down to 5.3% and 5.4% per year, respectively.

The bank reduced the 9-month term interest rate by 0.2 percentage points to 5%/year. At the same time, it added a 15-month term interest rate of 5.5%/year .

Source