Sharp decrease, 6-month interest rate 8.3%

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

Interest rates for 9-month deposits also dropped sharply by 1%, down to only 6.9%/year.

Not stopping there, the 12-month term deposit interest rate was also reduced by this bank by 0.7% to 7.1%/year. The 13-18 month terms were simultaneously reduced by 0.3% to 7.3%/year.

With a reduction of up to 1% on 6-9 month term deposit interest rates as above, KienLong Bank is the bank that “plays the biggest” in this interest rate reduction. Since the beginning of May until now, this is also the only bank that has strongly reduced interest rates by up to 1% in just one time.

Notably, this is the third time within 1 month that KienLong Bank has reduced deposit interest rates.

Saigonbank also continues to reduce deposit interest rates from today, and this is the third time in the past month that this bank has announced a reduction in interest rates.

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

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

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

According to VietNamNet statistics from the beginning of May until now, 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.

Banks that reduced interest rates twice during this period are 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.

HIGHEST INTEREST RATES AT BANKS ON JUNE 1 (%/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
BIDV	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