Major banks offer incentives for VIP customers

Illustrative photo. (Source: VNA) — Illustration photo.

In the last weeks of October, the deposit market continued to be active when a series of banks adjusted their deposit interest rates upward, especially in the medium and long term groups. This development shows that the capital mobilization demand of the credit institution system is increasing strongly before the peak credit season at the end of the year.

Interest rates continue to increase

Tien Phong Bank ( TPBank ) is the latest name to adjust interest rates in October. According to the newly announced interest rate schedule, TPBank applies a counter deposit interest rate ranging from 0.5% to 5.8%/year, depending on the term.

Short-term terms from 1 to 3 weeks remained at 0.5%/year; terms from 1 to 3 months reached 3.6 - 3.9%/year. However, in the group of terms of 6 months or more, the profitability increased significantly: 4.7%/year for terms of 6 months, 5%/year for 9 months, 5.5%/year for 18 months and 5.8%/year for 36 months.

Notably, customers who deposit savings online via the TPBank EBank application enjoy higher incentives of 0.1 - 0.2%. Specifically, terms from 6 months to 36 months are listed at 4.9 - 5.9%/year, of which 5.9%/year is TPBank's highest interest rate this month.

Up to now, at least 7 banks have increased their deposit interest rates since the beginning of October, including GPBank, NCB, Vikki Bank, Bac A Bank , VCBNeo, HDBank and TPBank. Among them, Bac A Bank has made two adjustments within just half a month.

Banks launch incentives and gifts to attract cash flow

Along with raising listed interest rates, many banks simultaneously launched programs to add interest rates, accumulate bonus points or give gifts to attract customers.

Techcombank and VietinBank are currently adding 0.3-1%/year to online deposits with terms from 1 to 10 months.

Vietcombank - a member of the Big4 group - also applies the VCB Loyalty points reward program for customers who deposit 1 billion VND or more at the counter during the period of September 25 - October 31.

In addition, banks such as MB, Vikki Bank or VietBank also launched a series of incentives such as "extra interest" or "lucky draw" to retain depositors.

In the mid-range banking group, Bac A Bank and HDBank are maintaining deposit interest rates from 6 - 6.3%/year, while Viet A Bank is attracting attention with its "Savings for Wealth" package that pays a maximum interest of 6.8%/year for an 18-month term.

Highest interest rate up to 9%/year, but not easy to access

On average, the highest deposit interest rate currently fluctuates between 7.5 - 9%/year, but only applies to corporate or individual customers with very large deposits.

PVcomBank is holding the record with an interest rate of 9%/year for a 12-13 month term, requiring a minimum balance of VND2,000 billion. HDBank is behind with 8.1%/year for a 13 month term and 7.7%/year for a 12 month term, requiring a balance of VND500 billion.

Vikki Bank applies 7.5%/year for terms of 13 months or more with a minimum amount of VND999 billion. Meanwhile, Bac A Bank - after two interest rate increases in the month - is currently listing the highest rate of 6.3%/year for terms of 18-36 months.

LPBank is also paying 6.5%/year to customers depositing 300 billion VND or more, receiving interest at the end of the term.

According to experts, the fact that many banks simultaneously adjusted deposit interest rates in October shows that pressure to increase capital is spreading, especially when credit demand at the end of the year often increases sharply.

Although the deposit interest rate has not yet broken through, it has clearly shown an upward trend, concentrated in the 6-18 month term group. If the deposit flow continues to shift to the group of banks with high incentives, the interest rate race will likely continue in November.

According to VNA

Source: https://baohaiphong.vn/cac-ngan-hang-lon-tung-uu-dai-cho-khach-vip-524729.html