With surplus money, Vietcombank continues to reduce deposit interest rates

January 12, 2024 11:34 Nhat Linh Print article

ANTD.VN - Vietcombank unexpectedly reduced its deposit interest rate to a maximum of only 4.7%/year, a large difference compared to the other three "big" state banks, Agribank and VietinBank.

Joint Stock Commercial Bank for Foreign Trade ( Vietcombank - VCB) has just announced a change in its deposit interest rate table, continuing to decrease by 0.1-0.2 percentage points in a series of terms.

Specifically, for 1-month and 2-month terms, Vietcombank reduced by 0.2%, from 1.9%/year to 1.7%/year; 3-month term also decreased by 0.2% to 2%/year.

For 6-month and 9-month terms, with the same reduction, customers depositing money at Vietcombank will only enjoy an interest rate of 3%/year.

Vietcombank maintains the lowest interest rate on the market

Currently, the maximum interest rate of this Bank has also decreased from the previous 4.8%/year to only 4.7%/year, applied to deposits with terms of 12 months or more.

Thus, with continuous downward adjustments, interest rates at Vietcombank are currently at the lowest level in the market and have a huge difference with banks in the big 4 group.

Specifically, with a term of 1-2 months, BIDV is paying interest at 2.2-2.5%/year, VietinBank 2.2%/year; Agribank is 2% and 2.5%/year; Term of 4-5 months is also at 2.5%/year.

With terms from 6 months to less than 12 months, all 3 banks above also pay interest rates of 3.5%/year, 0.5%/year higher than Vietcombank.

For terms from 13 months, Vietcombank is also listing interest rates 0.6%/year lower than the other 3 banks (5.3%/year).

Despite the sharp drop in deposit interest rates, Vietcombank is still the bank with the most abundant liquidity in the market. According to the preliminary report, by the end of 2023, Vietcombank's capital mobilization in the first market reached approximately VND 1,410 trillion, a sharp increase of 12.1% compared to 2022. Outstanding credit reached VND 1,270 trillion, an increase of 10.6% compared to the end of 2022.

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