Agribank adjusts deposit interest rates downwards.
According to a report by Lao Dong newspaper on January 18, 2024, Agribank adjusted its deposit interest rates downwards to a range of 1.8 - 5.3% per year. Specifically, the interest rate for demand deposits is listed at 0.2% per year; 1-2 months at 1.8% per year; 3-4-5 months at 2.1% per year; 6-7-8-9-10-11 months at 3.2% per year; and 12-13-15-18 months at 5% per year.
The highest interest rate at Agribank is currently 5.3% per year for customers depositing savings for a 24-month term and receiving interest at the end of the term. Specifically:
Additionally, readers can refer to the interest rates of some other banks recorded by PV Lao Động on January 18th:
How much interest will I receive if I deposit 500 million VND at Agribank?
To quickly calculate interest earned on bank deposits, you can use the following formula:
Interest = Deposit amount x interest rate / 12 months x actual number of months deposited.
For example, if you deposit 500 million VND at Agribank for a 1-month term, with an interest rate of 1.8%, the interest received will be calculated as follows: 500 million VND x 1.8%/12 x 1 month = 750,000 VND.
With the same amount of money and the same bank, if you deposit it in a 12-month term savings account with an interest rate of 5% per year, the amount you could receive would be: 500 million VND x 5%/12 x 12 months = 25 million VND.
Meanwhile, if you deposit 500 million VND for a 24-month term at Agribank, the amount you will receive will be: 500 million VND x 5.3%/12 x 24 months = 53 million VND.
* Interest rate information is for reference only and may change from time to time. Please contact your nearest bank branch or hotline for specific advice.
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