Within just three days (May 22-24), Vietnam Commercial Trust Bank (VietBank) announced two reductions in deposit interest rates. This marks the third interest rate cut by the bank since the beginning of May. However, each reduction has been only a "minimal" one.
According to VietBank's online deposit interest rate chart, deposit interest rates for terms over 7 months have uniformly decreased by 0.2% - 0.3%, effective from today (May 24).
Specifically, interest rates for 8-11 month terms are 8%/year, 8.1%/year for 12-month terms, 8.2%/year for 13-15 month terms, and 8.1%/year for terms of 18 months or more.
Meanwhile, deposit interest rates for terms of 6-7 months remain unchanged at 8.1% per year.
Previously, VietBank uniformly reduced deposit interest rates for terms over 5 months by 0.2% per year.
Tomorrow (May 25th), VietBank, along with a number of other commercial banks, will certainly further reduce deposit interest rates for terms from 1 month to less than 6 months, in accordance with Decision No. 951 of the State Bank of Vietnam on the maximum interest rate for VND deposits of organizations and individuals.
Accordingly, the maximum interest rate applicable to demand deposits and time deposits with a term of less than one month remains unchanged at 0.5% per year. The maximum interest rate applicable to time deposits with a term of one month to less than six months is reduced from 5.5% per year to 5.0% per year. The decision takes effect from May 25th.
To date, VietBank, like many other banks, applies the maximum interest rate for deposits with terms under 6 months.
Similarly, Sacombank also reduced deposit interest rates by 0.2% across all maturities.
Currently, online savings interest rates for 6-11 month terms are 7%/year; for 12-13 month terms, they are 7.4%/year. For 15-month terms, the rate is 7.5%/year, and for 18-month terms, it is 7.6%/year.
Notably, this is the second time Sacombank has lowered interest rates since the beginning of the month.
Apart from VietBank and Sacombank, the remaining banks have maintained the same interest rates as previously announced.
Since the beginning of May, a series of banks have reduced deposit interest rates, including VietA Bank, VIB, OCB, Eximbank, MSB, VPBank, TPBank, Vietcombank, Agribank , VietinBank, BIDV, KienLongBank, NamA Bank, NCB, Saigonbank, PVCombank, HDBank, OceanBank, Sacombank, Techcombank, BacA Bank, DongA Bank, and VietBank.
The banks that reduced interest rates twice during this period were NCB, Sacombank, Eximbank, VPBank, KienLong Bank, Saigonbank, TPBank, andOCB .
VietBank alone has reduced deposit interest rates three times in less than a month.
| HIGHEST INTEREST RATES AT BANKS ON MAY 24 (%/year) | |||||
| BANK | 6 MONTHS | 9 MONTHS | 12 MONTHS | 15 MONTHS | 18 MONTHS |
| ABBANK | 8.5 | 8.7 | 8.8 | 9.2 | 9.2 |
| VIETA BANK | 8.3 | 8.4 | 8.5 | 8.5 | 8.5 |
| GPBank | 8.3 | 8.4 | 8.5 | 8.6 | 8.6 |
| BAOVIETBANK | 8.3 | 8.4 | 8.4 | 8.5 | 8.5 |
| BACA BANK | 8.1 | 8.2 | 8.3 | 8.5 | 8.5 |
| NCB | 8.2 | 8.2 | 8.25 | 8.15 | 8.15 |
| NAMA BANK | 8.5 | 8.1 | 8.2 | 8.1 | 8.1 |
| PVCOMBANK | 7.5 | 7.9 | 8.2 | 8.3 | |
| VIETBANK | 8.1 | 8 | 8.1 | 8.2 | 8.1 |
| OCB | 8 | 8.1 | 8.1 | 8.1 | 7.9 |
| HDBANK | 8.1 | 6.9 | 8.1 | 7 | 7.1 |
| 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 | 7.6 | 7.7 | 7.5 | ||
| VPBANK | 7.7 | 7.9 | 7.7 | 6.9 | 6.9 |
| 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 |
| SACOMBANK | 7 | 7 | 7.4 | 7.5 | 7.6 |
| TECHCOMBANK | 7.2 | 7.2 | 7.2 | 7.2 | 7.2 |
| MB | 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 | ||
| DONGA BANK | 6.35 | 6.45 | 6,7 | 6.9 | |
| VIB | 7.7 | 7,8 | 7.9 | 7.9 | |
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