5 banks with high interest rates for 12-month term, deposit 1 billion and receive 57 million VND in interest

5 banks with high interest rates for 12-month term

According to Lao Dong reporter (9:00 a.m. on December 5, 2023), the 12-month term interest rate table ranges from 4.2 - 10.5%, depending on the applicable conditions of the banks.

In particular, PVcomBank listed the highest savings interest rate for this term, up to 10.5% when customers open a book at the counter with a new deposit balance of 2,000 billion or more.

In case of depositing a lower savings amount, customers will enjoy an interest rate of 5.3% for this term.

PVcomBank Interest Rates — PVcomBank interest rates. Screenshot.

Next is HDBank , with the highest 1-year term interest rate of 8.0%. The applicable condition is a minimum savings amount of 300 billion VND or more. With a lower savings amount, customers enjoy an interest rate of 5.7%.

Meanwhile, OceanBank, NCB and NamABank all listed interest rates for this term at 5.7%.

NamABank's highest interest rate for 12-month term is 5.7%. Screenshot — NamABank interest rates. Screenshot.

OceanBank interest rates. Screenshot. — OceanBank interest rate table. Screenshot.

Low interest rate bank group with 12-month term

Meanwhile, the group of banks with low interest rates for this term includes: ABBank (4.2%), Agribank (5.3%), Vietinbank (5.3%), BIDV (5.3%), OCB (5.4%), SCB (5.45%).

Vietinbank interest rate. — Vietinbank interest rates. Screenshot.

SCB Interest Rates — SCB interest rates. Screenshot.

Deposit 1 billion, after 1 year how much interest can I receive at most?

Depending on the interest rate schedule of each bank, depositors can calculate the interest received according to the formula: Interest = Deposit x interest rate (%)/12 months x number of months of savings.

For example, you have 1 billion in savings for 12 months at OceanBank, with an interest rate of 5.7%, the interest you receive is:

Interest = 1 billion VND x 5.7%/12 x 12 months = 57 million VND.

With the same amount of money, you deposit it at Agribank with an interest rate of 5.3%, after 12 months, the interest you receive is:

Interest = 1 billion VND x 5.3%/12 x 12 months = 53 million VND.

Interest rate information is for reference only and may change from time to time. Please contact the nearest bank transaction point or hotline for specific advice.

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