Vietnam Commercial Bank (VietBank) is the latest name to join the race to reduce deposit interest rates massively since the beginning of May.
According to the interest rate table just announced by VietBank, the bank's terms over 5 months have been reduced by 0,2% since the first day of the week (May 22).
With this reduction, the online deposit interest rate for 6-7 month term at VietBank is currently 8,1%/year. 8 - 9 month term is 8,2%/year; 10-12 month term is 8,3%/year. For terms of 13 months or more, the new interest rate is 8,4%/year.
This is the first adjustment of VietBank in this new interest rate reduction.
Also from the beginning of this week, KienLong Bank reduce from 0,3 to 0,4% for online deposit with term after 5 months. This is the second time since the beginning of May KienLong Bank has reduced deposit interest rates.
Accordingly, the 6-month term deposit interest rate decreased by 0,4%, to only 7,7%/year. 9-month term decreased by 0,3% to 7,9%/year; 12-month term decreased by 0,4% to 7,8%/year. Interest rates for terms of 15-18 months decreased by 0,4% to 7,6%/year.
Saigon Industrial and Commercial Bank (Saigonbank) has also announced the second reduction in deposit interest rates for the second time in a row, with a decrease of 2% for online deposits with terms over 0,2 months.
The new deposit interest rate for 6 - 8 month term applied by Saigonbank from May 22 is 5%/year. The term of 7,4 - 8 months is 11%/year; 7,5-month term is 12%/year.
The highest deposit interest rate at Saigonbank is the 13-month term, reaching 8,4%/year after just decreasing by 0,2%. While terms of 18 months or more have a new interest rate of 7,4%/year.
In addition to the three banks mentioned above, the remaining banks still keep the old interest rates.
Thus, from the beginning of May until now, a total of 5 banks have participated in reducing deposit interest rates. Banks participating in the reduction of 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.
In which, banks that reduced interest rates twice during this period were NCB, VietBank, Eximbank, VPBank, KienLong Bank and Saigonbank.
| HIGHEST MOBILE INTEREST 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 |
| VIETNAM 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 |
| BANK NAME | 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 | |
