Market observations on the morning of May 26th show that a number of banks continued to adjust deposit interest rates downwards.
After maintaining the highest deposit interest rate in the banking system for several days, at 9.2% per year, An Binh Bank ( ABBank ) has just sharply reduced its interest rate by 0.8%.
According to the savings interest rate chart on online channels and apps, the deposit interest rate for terms of 6-10 months is now only 8.2% after decreasing by 0.3% and 0.5% respectively since today.
Interest rates for 12-13 month terms decreased by 0.5% to 8.3% per year.
Notably, interest rates for terms of 15 months or more, which ABBank had been listing at 9.2%/year for many days – the highest deposit interest rate in the banking system – have now been sharply reduced to 8.4%/year for the 15-month term (down 0.8%) and 8.5%/year for terms of 18 months or more (down 0.7%).
For over-the-counter savings, the highest interest rate has also dropped to 8.3% per year for terms after 12 months, while the 6-month term is only 7.8% per year.
Thus, ABBank is the next bank in a series of more than 20 banks to reduce deposit interest rates on a large scale since the beginning of May.
Also this morning, Vietnam Commercial Trust Bank ( VietBank ) surprised everyone with its fourth consecutive interest rate reduction since the beginning of May.
According to the latest online savings interest rate chart, the interest rate for 6-7 month deposits at VietBank is now 7.8%/year, a decrease of 0.2% compared to yesterday.
The bank also reduced deposit interest rates for terms of 8-11 months by 0.4% to 7.7% per year.
Interest rates for 12-month terms decreased by 0.3% to 7.8% per year. Interest rates for 13-15 month terms decreased by 0.1% to 7.9% per year. Interest rates for terms of 18 months or more uniformly decreased by 0.3% to 7.8% per year.
Sacombank (Saigon Commercial Bank) also continued to reduce deposit interest rates starting today, with a decrease of 0.1-0.4% across some maturities.
Specifically, online deposit interest rates decreased by 0.4% to 6.8%/year for 6-month terms, and by 0.3% to 6.9%/year for 7-month terms. Interest rates for 8-month terms decreased by 0.2% to 7%/year, and for 9-month terms decreased by 0.1% to 7.1%/year.
Sacombank maintained its interest rate at 7.2%/year for 10-11 month terms, while the 12-month term rate decreased by 0.2% to 7.4%/year. Interest rates for terms of 15 months or more remained unchanged, ranging from 7.6% to 7.8%/year.
This is the third time since the beginning of the month that Sacombank has reduced deposit interest rates.
Joining the deposit interest rate reduction today is Asia Commercial Bank ( ACB ). Currently, the deposit interest rate for a 6-month term at ACB has decreased by 0.3% to 6.2%/year, and for a 9-month term by 0.2% to 6.4%/year.
Notably, the 12-month term interest rate dropped sharply by 0.6% to only 6.6%/year. For deposits with a term of 13 months or more, ACB applies an interest rate of 6.7%/year; however, for deposits of 200 billion VND or more, the interest rate will be 7.9%/year.
Notably, the "Big 4" banks also continued to lower deposit interest rates starting today. This is the second interest rate reduction (for terms over 5 months) since the beginning of the month by the group of four banks: BIDV, VietinBank, Vietcombank, and Agribank .
Specifically, BIDV Bank continues to reduce deposit interest rates by 0.4% across all maturities. The online deposit interest rate for maturities from 6 months to 11 months is set at a uniform rate of 6.2% per year.
The 12-month term currently offers the highest interest rate at BIDV, at 6.9% per year. For terms of 13 months or more, the bank sets the interest rate at 6.8% per year.
VietinBank also reduced interest rates by 0.4-0.7% across various terms. For deposits with terms of 6-9 months, the reduction was as much as 0.7%, bringing the rate down to 6% per year.
VietinBank also reduced interest rates for terms of 12 months or more by 0.4% to 6.8% per year.
At Agribank , the reduction is 0.3% - 0.4%. Deposit interest rates for 6-9 month terms decreased by 0.3% to 6.6%/year. 12-month terms decreased by 0.4% to 6.8%/year, while terms of 13 months or more also decreased by 0.4% to 6.6%/year.
Meanwhile, Vietcombank reduced interest rates by 0.5% for electronic savings accounts with terms of 6-9 months, to only 6% per year. For terms of 12-24 months, the bank reduced interest rates by 0.4%, to 6.8% per year.
According to statistics from Vietnamnet, from the beginning of May until now, the banks that have reduced deposit interest rates include: VietA Bank, VIB, OCB, Eximbank, MSB, VPBank, TPBank, Vietcombank, Agribank, VietinBank, BIDV, KienLongBank, NamA Bank, NCB, Saigonbank, PVCombank, HDBank, OceanBank, Sacombank, Techcombank, BacA Bank, SCB, DongA Bank, VietBank, MB, SeABank, ACB and BaoViet Bank.
The banks that reduced interest rates twice during this period were NCB, Eximbank, VPBank, BIDV, VietinBank, Vietcombank, Agribank, KienLong Bank and Saigonbank, TPBank, BacA Bank, OCB, MSB and Techcombank.
OCB and Sacombank have reduced deposit interest rates three times in less than a month.
VietBank alone has reduced deposit interest rates four times since the beginning of May.
| HIGHEST DEPOSIT INTEREST RATES ON MAY 26 (%/year) | |||||
| BANK | 6 MONTHS | 9 MONTHS | 12 MONTHS | 15 MONTHS | 18 MONTHS |
| GPBank | 8.3 | 8.4 | 8.5 | 8.6 | 8.6 |
| VIETA BANK | 8.3 | 8.4 | 8.5 | 8.5 | 8.5 |
| ABBANK | 8.2 | 8.2 | 8.3 | 8.4 | 8.5 |
| NCB | 8.2 | 8.2 | 8.25 | 8.15 | 8.15 |
| PVCOMBANK | 7.5 | 7.9 | 8.2 | 8.3 | |
| NAMA BANK | 8.5 | 8.1 | 8.2 | 8.1 | 8.1 |
| OCB | 8 | 8.1 | 8.1 | 8.1 | 7.9 |
| BAOVIETBANK | 7.7 | 7,8 | 8.1 | 7.9 | 7,8 |
| HDBANK | 8.1 | 6.9 | 8.1 | 7 | 7.1 |
| VIETCAPITAL BANK | 7.4 | 7.7 | 8 | 8.2 | 8.3 |
| BACA BANK | 7.7 | 7,8 | 7.9 | 8 | 8.1 |
| SHB | 7.5 | 7.5 | 7.9 | 8 | 8 |
| SCB | 7,8 | 7,8 | 7.85 | 7.65 | 7.65 |
| VIETBANK | 7,8 | 7.7 | 7,8 | 7.9 | 7,8 |
| LPBANK | 7.7 | 7.7 | 7,8 | 8.2 | 8.2 |
| KIENLONGBANK | 7.7 | 7.9 | 7,8 | 7.6 | 7.6 |
| SAIGONBANK | 7.4 | 7.5 | 7,8 | 7.4 | |
| OCEANBANK | 7.6 | 7.7 | 7,8 | 7,8 | 8.1 |
| TPBANK | 7.6 | 7.7 | 7.5 | ||
| VPBANK | 7.7 | 7.9 | 7.7 | 6.9 | 6.9 |
| EXIMBANK | 7.5 | 7.5 | 7.6 | 7.6 | 7.6 |
| CBBANK | 7.2 | 7.3 | 7.5 | 7.55 | 7.55 |
| MSB | 7.3 | 7.3 | 7.4 | 7.4 | 7.4 |
| SACOMBANK | 6.8 | 7.1 | 7.4 | 7.6 | 7.7 |
| SEABANK | 7.1 | 7.19 | 7.4 | 7.55 | 7.6 |
| MB | 6.5 | 6.6 | 7.2 | 7.3 | 7.3 |
| MB | 6.2 | 6.2 | 6.9 | 6.8 | 6.8 |
| TECHCOMBANK | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 |
| VIETINBANK | 6 | 6 | 6.8 | 6.8 | |
| AGRIBANK | 6.6 | 6.6 | 6.8 | 6.6 | 6.6 |
| VIETCOMBANK | 6 | 6 | 6.8 | ||
| DONGA BANK | 6.35 | 6.45 | 6,7 | 6.9 | |
| ACB | 6.2 | 6.4 | 6.6 | 6,7 | 6,7 |
| VIB | 7.7 | 7,8 | 7.9 | 7.9 | |
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