Interest rates have dropped sharply to 8.3% for 6 months.

KienlongBank is the latest bank to announce a reduction in deposit interest rates effective today (June 1st). According to the online deposit interest rate schedule for individual customers, the 6-month term has decreased by 1%, down to 6.7% per year.

Interest rates on 9-month deposits also dropped sharply by 1%, to just 6.9% per year.

Furthermore, the bank also reduced the deposit interest rate for 12-month terms by 0.7% to 7.1% per year. Interest rates for 13-18 month terms were uniformly reduced by 0.3% to 7.3% per year.

With a reduction of up to 1% on 6-9 month term deposits as mentioned above, KienLong Bank is the bank that has made the biggest move in this interest rate reduction. Since the beginning of May, it is also the only bank that has aggressively reduced interest rates by 1% in a single instance.

Notably, this is the third time in a month that KienLong Bank has reduced deposit interest rates.

Saigonbank also continued to reduce deposit interest rates starting today, marking the third time in the past month that the bank has announced a reduction in interest rates.

Accordingly, online deposit interest rates for terms of 6-8 months and 9-11 months both decreased by 0.2%, to 7.4%/year and 7.3%/year respectively.

This also applies to 12-13 month terms. Currently, the deposit interest rate for a 12-month term is 7.6%/year; and for a 13-month term is 8.2%/year.

For terms of 18 months or more, Saigonbank maintains the interest rate at 7.4% per year.

According to VietNamNet 's statistics from the beginning of May until now, the banks that have reduced deposit interest rates include: VietA Bank, VIB, OCB, Eximbank, MSB, VPBank, TPBank, Vietcombank, Agribank, VietinBank, BIDV, KienLongBank, NamA Bank, NCB, Saigonbank, PVCombank, HDBank, OceanBank, Sacombank, Techcombank, BacA Bank, SCB, DongA Bank, VietBank, MB, SeABank,ACB , LPBank and BaoViet Bank.

The banks that reduced interest rates twice during this period were Eximbank, VPBank, BIDV, VietinBank, Vietcombank, Agribank , TPBank, BacA Bank, OCB, MSB, NamA Bank, and Techcombank.

OCB , NCB, VietA Bank, KienLongBank, Saigonbank, and Sacombank have reduced deposit interest rates three times in less than a month.

VietBank alone has reduced deposit interest rates four times since the beginning of May.

TABLE OF HIGHEST DEPOSIT INTEREST RATES AT BANKS ON JUNE 1ST (%/year)
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
GPBank	5	5	8.3	8.4	8.5	8.6
ABBANK	5	5	8.2	8.2	8.3	8.5
VIETA BANK	5	5	8	8	8.2	8.2
PVCOMBANK	5	5	7.5	7.9	8.2	8.3
NCB	5	5	8.1	8.1	8.15	8.05
OCB	4.8	4.95	8	8.1	8.1	7.9
BAOVIETBANK	5	5	7.7	7,8	8.1	7,8
HDBANK	5	5	8.1	6.9	8.1	7.1
VIETCAPITAL BANK	4.5	4.8	7.4	7.7	8	8.3
NAMA BANK	5	5	8	8.1	8	7,8
BACA BANK	5	5	7.7	7,8	7.9	8.1
SHB	5	5	7.5	7.5	7.9	8
SCB	5	5	7,8	7,8	7.85	7.65
VIETBANK	5	5	7,8	7.7	7,8	7,8
OCEANBANK	5	5	7.6	7.7	7,8	8.1
TPBANK	4.8	5	7.6		7.7	7.5
VPBANK	4.9	4.9	7.7	7.9	7.7	6.9
SAIGONBANK	5	5	7.2	7.3	7.6	7.4
EXIMBANK	5	5	7.5	7.5	7.6	7.6
CBBANK	3.9	3.95	7.2	7.3	7.5	7.55
PGBANK	5	5	7.3	7.3	7.5	7.5
MSB	5	5	7.3	7.3	7.4	7.4
SACOMBANK	5	5	6.8	7.1	7.4	7.7
SEABANK	5	5	7.1	7.19	7.4	7.6
LPBANK	4.8	4.8	7.2	7.2	7.3	7.9
MB	4.8	4.8	6.5	6.6	7.2	7.3
KIENLONGBANK	5	5	6,7	6.9	7.1	7.3
ACB	5	5	7	7.05	7.1
MB	4.6	5	6.2	6.2	6.9	6.8
TECHCOMBANK	4.7	4.7	6.9	6.9	6.9	6.9
VIETINBANK	4.5	4.9	6	6	6.8	6.8
VIETCOMBANK	4.5	5	6	6	6.8
AGRIBANK	4.7	4.9	6.6	6.6	6.8	6.6
DONGA BANK	4.5	4.5	6.35	6.45	6,7	6.9
VIB	5	5	7.7	7,8		7.9