Deposit 1 billion VND and receive over 58 million VND in interest.

A survey conducted by PV Lao Động (October 1, 2023) with nearly 30 banks in the system showed that the interest rate for 11-month savings deposits is currently being listed by banks around 4.5 - 6.4% per year.

Leading the list, PVcomBank is offering interest rates for 11-month terms ranging from 6.04% to 6.4%. Customers receive the highest 11-month interest rate of 6.4% per year when depositing online and receiving interest at the end of the term.

In addition, PVcomBank is offering the highest interest rate of 6.8% per year for customers depositing savings for terms of 18, 24, and 36 months.

PVcomBank's savings interest rate table as of October 1, 2023. (Screenshot) — PVcomBank savings interest rate table as of October 1, 2023. Screenshot.

Also for the 11-month term, CBBank offers the highest interest rate at 6.4%/year when customers deposit savings online. Currently, CBBank is offering the highest interest rate at 6.7%/year when customers deposit savings online for terms of 13 months or more.

CBBank's savings interest rate chart as of October 1, 2023. Screenshot. — CBBank savings interest rate table as of October 1, 2023. Screenshot.

Following closely behind is NCB, which is listing interest rates for 11-month terms ranging from 5.86% to 6.35% per year. Customers receive the highest interest rate of 6.35% per year when depositing into the An Phu savings account with interest paid at the end of the term. Customers receiving interest for 1 month receive an interest rate of 6.18% per year.

In addition, NCB is offering the highest savings interest rate of 6.4% per year when customers deposit into the An Phu savings package for 12-36 months.

NCB Bank savings interest rate chart as of October 1, 2023. Screenshot. — NCB savings interest rate chart as of October 1, 2023. Screenshot.

Below is a comparison table of 11-month term savings interest rates compiled by PV Lao Dong Newspaper on October 1, 2023, across nearly 30 banks for your reference:

What is the highest interest rate you can earn if you deposit 1 billion VND for an 11-month term?

To quickly calculate interest earned on bank deposits, you can use the following formula:

Interest = Deposit amount x interest rate / 12 months x actual number of months deposited

For example, if you deposit 1 billion VND at bank A for an 11-month term, with an interest rate of 6.4%, the interest you will receive is as follows:

1 billion VND x 6.4%/12 x 11 months ≈ 58.66 million VND.

With the same amount of money and term, if you deposit your savings at bank B with an interest rate of 4.5% per year, the amount you could receive would be:

1 billion VND x 4.5%/12 x 11 months ≈ 41.25 million VND.

* Interest rate information is for reference only and may change from time to time. Please contact your nearest bank branch or hotline for specific advice.

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