If I deposit 300 million VND, how much interest will I receive?

Illustration photo: Phan Anh

Latest interest rates for Agribank , VietinBank, Vietcombank, and BIDV

According to observations by reporters from Lao Dong newspaper with four banks – Vietcombank, Agribank, VietinBank, and BIDV – on August 25, 2024, deposit interest rates are currently listed around 1.6-4.8% per year.

Among them, VietinBank offers the highest interest rate (4.8% for terms over 24 months); Agribank's rates range from 1.6-4.8%/year. Following closely behind are BIDV's rates, currently ranging from 1.7-4.7%/year, and Vietcombank's rates, currently ranging from 1.6-4.7%/year.

Here are the latest details on interest rates from the Big 4 banks:

Comparison of interest rates at the Big 4 banks. Unit: %/year. Chart: Khuong Duy

Below is a detailed update on interest rates for the Big 4 banks:

Updated Vietcombank interest rate schedule as of August 25, 2024.

Updated interest rate schedule for BIDV as of August 25, 2024.

VietinBank's interest rate schedule updated on August 25, 2024.

Updated interest rate schedule of Agribank as of August 25, 2024.

Additionally, readers can refer to the interest rates of some other banks through the following table:

Data recorded on August 24, 2024. Table: Mai Anh

What interest rate would I receive if I deposited 300 million VND at a Big 4 bank?

To calculate the interest earned on a savings deposit at a bank, you can use the following formula:

Interest = Deposit amount x Interest rate %/12 x Number of months deposited

For example, if you deposit 300 million VND for a 24-month term at Bank A with an interest rate of 4.7%/year, you could receive: 300 million VND x 4.7%/12 x 24 = 28.2 million VND.

With the same amount and term, if you deposit your savings at Bank B with an interest rate of 4.8%, the interest you will receive will be: 300 million VND x 4.8%/12 x 24 = 28.8 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/bien-dong-lai-suat-big-4-gui-300-trieu-nhan-lai-ra-sao-1383518.ldo