Immediately after the State Bank's decision to reduce operating interest rates, commercial banks began to apply savings interest rate reductions from June 19.
In the Big4 group, VietinBank and BIDV have just announced new deposit interest rates. Accordingly, for over-the-counter deposits, Vietinbank has sharply reduced the term from 1 month to 3 months to 3.8%/year, and the term from 6-12 months has also been deeply reduced to 5.2%/year.
The highest interest rate at this bank is currently 5.7%/year, the lowest in the Big4 banking group.
Previously, Vietcombank and Agribank both reduced 0.5 - 0.7 percentage points in interest rates for terms from 1 to less than 6 months according to the ceiling of 4.75%/year of the State Bank.
Accordingly, the listed interest rate for 1-2 month term is down to 3.4%/year and for 3-5 month term is down to 4.1%/year, for the form of depositing money at the counter.
These two banks also reduced their interest rates by 0.3 - 0.5 percentage points for terms of 6 months or more. Currently, the highest interest rate listed by this bank is 6.3% for terms of 12 months or more.
The remaining “big guy” BIDV has not yet adjusted its deposit interest rate table. Accordingly, the interest rate for terms under 6 months is listed by this bank at 4.1-4.6%/year for over-the-counter deposits.
For terms over 12 months, BIDV's interest rate is listed as the highest among the Big 4 at 6.8%/year. Currently, the Big 4 group has the lowest deposit interest rate in the system.
Private banks such as Sacombank also reduced interest rates for all deposit terms by 0.2 - 0.4 percentage points.
Accordingly, the interest rate for 1-month deposits is reduced to 4.5%/year, 3-month deposits is reduced to 4.7%/year, 6-month deposits is reduced to 6.4%/year and 12-month deposits is only 7%/year.
Other large private banks such as Techcombank, ACB, VPBank also reduced their highest interest rates to 6.9 - 7.2%/year.
Interest rates at VIB are slightly higher than those of the above banks, with the highest deposit interest rate listed at 7.5% applied to deposits of 15 - 36 months. In addition, the bank also reduced the interest rate by 0.5 - 0.6 percentage points for terms over 6 months.
Surveying the interest rate list posted at 34 domestic banks this morning, the highest interest rate currently applied is 8.5%/year, listed by ABBank for terms of 18 months or more, in the form of online deposits. Besides ABBank, only GPBank and OceanBank mobilize interest rates above 8%/year.
Currently, the highest listed interest rate belongs to ABBank at 8.5%/year, applied to terms of 18 months or more, in the form of online deposits.
Besides ABBank, only GPBank and OceanBank mobilize interest rates above 8%/year.
In a newly released report, HSBC Bank's Analysis Department said that the State Bank's recent decision to cut interest rates clearly reflects the agency's urgency in supporting growth through the credit channel.
This is a further move to reduce the cost of financing for businesses and households, thereby encouraging the business environment and supporting consumer sentiment.
In addition, HSBC slightly reduced its 2023 growth forecast to 5% (previously 5.2%) after considering the prolonged and more widespread impact of the trade downturn. The team expects the economy to recover significantly from the fourth quarter of 2023, warranting further monetary policy support.
After a total reduction of 1.5 percentage points in the second quarter of 2023, HSBC expects another 0.5 percentage point reduction in the third quarter of 2023. This move will likely bring Vietnam's policy rate down to 4%, reversing tightening efforts in 2022 and matching the rate cuts during the pandemic.
However, there is still a possibility that there will be no further rate cuts in the second half of 2023 in case growth "bottoms out" and rebounds sooner than expected .
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