Currently, many banks, including the Big4 group (4 state-owned banks: BIDV, Vietinbank, Vietcombank, Agribank ) have continued to adjust deposit interest rates down, with a reduction of 0.1 - 0.6%/year for most terms.
According to VietinBank 's latest posted interest rate schedule, interest rates for terms from 1 to less than 3 months have decreased from 4.9%/year to 4.6%/year; for terms from 2 to less than 6 months have decreased from 5.4%/year to 5.1%/year...
For terms of 12 months or more, the bank reduced interest rates by 0.2 percentage points to 7.2%.
Previously, Vietcombank also reduced the interest rate on 1-2 month deposits from 4.9%/year to 4.6%/year, and the 3-month deposit rate from 5.4% to 5.1%/year for counter deposits.
As for online deposits, this bank reduced the rate by 0.2 percentage points, down to 7.2%/year for a 12-month term and kept the remaining terms unchanged.
At Agribank, interest rates applied to terms over 12 months have simultaneously decreased by 0.2 percentage points compared to before, down to 7%/year.
At the same time, this bank also reduced 0.3 percentage points of interest rates for terms from 1 to under 6 months. Of which, the interest rate for 1-2 months is only 4.9% and for 3-5 months is 5.1%.
BIDV also adjusted down 0.3 percentage points of the listed interest rate for terms from 1 to under 6 months. Accordingly, the listed interest rate was reduced from 4.9%/year to 4.6%/year for terms from 1 to under 3 months for individual customers.
For institutional customers, the interest rate also decreased from 4.6%/year to 4.3%/year. For terms of 3 to under 6 months, this bank also reduced the interest rate from 5.4%/year to 5.1%/year for individuals and 5.1%/year to 4.8%/year for organizations.
The wave of interest rate reduction also appeared in the private banking group. Previously, a series of other banks also applied the adjustment of interest rate reduction such as HDBank, Techcombank, OCB, CBBank, NamABank, KienlongBank, MSB... Currently, the interest rate above 9%/year in banks has disappeared.
The banks currently paying the highest interest rates in the system are ABBank and OCB at 9%/year for a 24-month term.
Compared to the time when interest rates peaked at 12%/year at the end of last year, current interest rates have dropped significantly.
According to a recent report by VNDirect Securities Company, the average 12-month deposit interest rate of commercial banks has decreased by nearly 50 basis points compared to the peak in January 2023.
VNDirect experts expect that the average 12-month deposit interest rate at banks will drop to 7%/year in 2023.
The 7%/year figure is based on reasons such as reduced credit demand due to slowing economic growth and a gloomy real estate market. The government is boosting public investment, thereby pumping more money into the economy, and the State Bank can further reduce the operating interest rate if the US Federal Reserve (Fed) reverses its monetary policy in the second half of 2023 .
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