Have 500 million deposited in SCB, Agribank, or MB to enjoy high interest rate for 7-month term?

Illustration: Tra My

Compare 7-month term interest rates at banks

Recorded by Lao Dong reporter at 11:00 p.m. on December 5, 2023, the 7-month term interest rate table fluctuated from 4.3 - 5.6%. In which, SCB's 7-month term interest rate was 4.95%. Agribank listed this term interest rate at 4.3%. At MB, the 7-month term interest rate was at 4.8%.

Latest Agribank 7-month interest rate table. Screenshot.

The highest 7-month MB interest rate is 4.8%. Screenshot.

Latest SCB 7-month interest rate table, at 4.95%. Screenshot.

Meanwhile, banks listed high interest rates for 7-month terms include: PVcomBank (5.6%), NCB (5.35%), HDBank (5.2%), OceanBank (5.4%), MSB (5.0%). Groups of banks with low interest rates under 5% include: Vietinbank (4.3%), BIDV (4.3%), ABBank (4.3%), NamABank (4.9%)...

Latest 7-month term interest rate comparison chart. Graphics: Minh Huy

With 500 million, how much interest can I earn from savings?

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 500 million, deposit for 7 months at SCB, with an interest rate of 4.95%, the interest you receive is:

Interest = 500 million VND x 4.95%/12 x 7 months = 14.4 million VND.

With the same amount of money, you deposit it at Agribank with an interest rate of 4.3%, after 7 months, the interest you receive is:

Interest = 500 million VND x 4.3%/12 x 7 months = 12.5 million VND.

Or with the same 500 million VND, you deposit at MB with an interest rate of 4.8%, after 7 months, the interest you receive is:

Interest = 500 million VND x 4.8%/12 x 7 months = 14 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.

Source: https://laodong.vn/kinh-doanh/co-500-trieu-gui-scb-agribank-hay-mb-huong-lai-suat-cao-ki-han-7-thang-1276221.ldo