Vietnam Thuong Tin Commercial Joint Stock Bank ( VietBank) is the latest name to join the race to massively reduce deposit interest rates since the beginning of May.
According to the interest rate schedule just announced by VietBank, all terms over 5 months have been reduced by 0.2% since the beginning of the week (May 22).
With this reduction, the online deposit interest rate for a term of 6-7 months at VietBank is currently 8.1%/year. The term of 8-9 months is 8.2%/year; the term of 10-12 months is 8.3%/year. The terms of 13 months or more apply a new interest rate of 8.4%/year.
This is VietBank's first adjustment in this new interest rate reduction.
Also from the beginning of this week, KienLong Bank reduced from 0.3 - 0.4% for online deposits after 5 months. This is the second time since the beginning of May that KienLong Bank has reduced deposit interest rates.
Accordingly, the interest rate for 6-month term deposits decreased by 0.4% to 7.7%/year. The 9-month term decreased by 0.3% to 7.9%/year; the 12-month term decreased by 0.4% to 7.8%/year. The interest rate for 15-18-month terms decreased by 0.4% to 7.6%/year.
Saigon Bank for Industry and Trade ( Saigonbank ) has also just announced a second consecutive interest rate cut, with a 0.2% reduction for online deposits with terms over 5 months.
The new interest rate for 6-8 month term deposits applied by Saigonbank from May 22 is 7.4%/year. The 8-11 month term is 7.5%/year; the 12 month term is 7.8%/year.
The highest interest rate at Saigonbank is for 13-month deposits, reaching 8.4% per year after a 0.2% decrease. Meanwhile, for deposits of 18 months or more, the new interest rate is 7.4% per year.
Apart from the above 3 banks, the remaining banks still keep the old interest rates.
Thus, from the beginning of May until now, a total of 21 banks have participated in reducing deposit interest rates. The banks participating in reducing deposit interest rates include: OCB, Eximbank, MSB, VPBank, TPBank, Vietcombank, Agribank , VietinBank, BIDV, KienLongBank, NamA Bank, NCB, Saigonbank, PVCombank, VietBank, HDBank, OceanBank, Sacombank, Techcombank, BacA Bank, and VietBank.
Of which, banks that reduced interest rates twice during this period are NCB, VietBank, Eximbank, VPBank , KienLong Bank and Saigonbank.
| HIGHEST DEPOSITS INTEREST RATE ON MAY 22 (%/year). | |||||
| BANK | 6 MONTHS | 9 MONTHS | 12 MONTHS | 15 MONTHS | 18 MONTHS |
| BIDV | 6.6 | 6.6 | 7.3 | 7.2 | 7.2 |
| AGRIBANK | 6.9 | 6.9 | 7.2 | 7 | 7 |
| VIETINBANK | 6.7 | 6.7 | 7.2 | 7.2 | |
| VIETCOMBANK | 6.5 | 6.5 | 7.2 | ||
| ABBANK | 8.5 | 8.7 | 8.8 | 9.2 | 9.2 |
| VIETA BANK | 8.5 | 8.6 | 8.7 | 8.7 | 8.8 |
| GPBANK | 8.3 | 8.4 | 8.5 | 8.6 | 8.6 |
| BAOVIETBANK | 8.3 | 8.4 | 8.4 | 8.5 | 8.5 |
| VIETBANK | 8.1 | 8.2 | 8.3 | 8.4 | 8.4 |
| BACA BANK | 8.1 | 8.2 | 8.3 | 8.5 | 8.6 |
| NCB | 8.2 | 8.2 | 8.25 | 8.15 | 8.15 |
| OCB | 8.1 | 8.2 | 8.2 | 8.2 | 7.9 |
| NAMA BANK | 8.5 | 8.1 | 8.2 | 8.1 | 8.1 |
| PVCOMBANK | 7.5 | 7.9 | 8.2 | 8.3 | |
| HDBANK | 8.1 | 6.9 | 8.1 | 7 | 7.1 |
| VIB | 7.9 | 7.9 | 8.1 | 8.1 | |
| VIETCAPITAL BANK | 7.4 | 7.7 | 8 | 8.2 | 8.3 |
| SHB | 7.5 | 7.5 | 7.9 | 8 | 8 |
| SCB | 7.8 | 7.8 | 7.85 | 7.65 | 7.65 |
| 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 |
| LPBANK | 7.7 | 7.7 | 7.8 | 8.2 | 8.2 |
| TPBANK | 7.7 | 7.8 | 7.6 | ||
| VPBANK | 7.7 | 7.9 | 7.7 | 6.9 | 6.9 |
| SACOMBANK | 7.2 | 7.2 | 7.6 | 7.7 | 7.8 |
| EXIMBANK | 7.5 | 7.5 | 7.6 | 7.6 | 7.6 |
| MSB | 7.5 | 7.5 | 7.6 | 7.6 | 7.6 |
| CBBANK | 7.2 | 7.3 | 7.5 | 7.55 | 7.55 |
| TECHCOMBANK | 7.2 | 7.2 | 7.2 | 7.2 | 7.2 |
| DONGA BANK | 6.9 | 6.95 | 7 | 7.3 | |
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