Deposit 300 million VND, how much interest do you get?

Graphics: Khuong Duy

VietinBank deposit interest rate update

According to observations by a reporter from Lao Dong newspaper on March 3, 2024, VietinBank listed deposit interest rates around 1.9 - 5% per year.

Accordingly, the interest rates listed by this bank are as follows: 0.1%/year for demand deposits; 0.2%/year for deposits under 1 month; 1.9%/year for deposits of 1-2 months; 2.2%/year for deposits of 3-6 months; 3.2%/year for deposits of 6-under 12 months; 4.8%/year for deposits of 12-under 24 months; and 5%/year for deposits of over 24 months.

The highest interest rate at VietinBank is currently 5% per year.

Interest rate table for individual customers at VietinBank. Screenshot from VietinBank website on March 3, 2024.

VietinBank interest rate update. Chart: Khuong Duy

Compared to other banks in the Big4 group, VietinBank currently offers the highest interest rates.

Interest rate chart for various maturities at Vietcombank, Agribank , VietinBank, and BIDV. Data recorded on March 3, 2024. Unit: %/year. Chart by: Khuong Duy

Comparison table of interest rates for several maturities at Vietcombank, Agribank, VietinBank, and BIDV . Data recorded on March 3, 2024. Unit: %/year. Chart: Khuong Duy

How much interest will I receive if I deposit 300 million VND at VietinBank?

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 300 million VND at VietinBank for a 1-month term, with an interest rate of 1.9%, the interest earned would be calculated as follows: 300 million VND x 1.9%/12 x 1 month = 475 VND.

With the same amount of money and the same bank, if you deposit it in a 12-month term savings account with an interest rate of 4.8%/year, the amount you could receive would be: 300 million VND x 4.8%/12 x 12 months = 14.4 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.

Source: https://laodong.vn/tien-te-dau-tu/tron-bo-lai-suat-vietinbank-moi-nhat-gui-300-trieu-dong-nhan-lai-bao-nhieu-1310513.ldo