Following Agribank's adjustment of deposit interest rates last weekend, attention has shifted to the remaining three banks in the Big4 group (Vietcombank, VietinBank, and BIDV). However, none of these three major banks made any moves on Monday, March 18th.
This morning, Saigon Commercial Bank (SCB) reduced deposit interest rates by 0.1 percentage point for deposits with terms of 1-5 months.
Accordingly, online deposit interest rates for 1-2 month terms are now only 1.65%/year and for 3-5 month terms are only 1.95%/year.
With this reduction, SCB's interest rates for 1-5 month terms are now among the lowest in the market, only 0.05 percentage points higher than Agribank.
SCB maintains the same deposit interest rates for remaining terms. The 6-11 month term is 3.05%/year, only 0.05 percentage points higher than the interest rate for the same term at Agribank and Vietcombank , and lower than all other banks.
The interest rate for 12-36 month deposits at SCB is currently 4.05%/year, the lowest in the market, 0.55-0.75 percentage points lower than deposit interest rates at the Big 4 banks.
Currently, deposit interest rates at banks have fallen to their lowest levels in many years. The current interest rates for 12-month deposits for institutional customers among commercial banks no longer show significant differences, recorded at 4.3%/year at the four state-owned commercial banks, 4.7%/year at major joint-stock commercial banks, and 4.8%/year at other joint-stock commercial banks.
According to SSI Research, compared to 2021, deposit interest rates at state-owned commercial banks and other joint-stock commercial banks are much lower, while those at large joint-stock commercial banks are still about 10 basis points higher than in 2021.
However, some banks still apply a "special interest rate" policy, including Dong A Bank, HDBank, MSB,ACB , PVCombank, etc.
According to the survey, Dong A Bank is still maintaining a "special interest rate" of 7.5% per year for term deposits of 13 months or more with deposit amounts of 200 billion VND or more.
At ACB, the "special interest rate" applied to 13-month term deposits is 5.6% for accounts with deposits of VND 200 billion or more (while the regular interest rate for this term is 4.5%/year).
At PV Combank, the over-the-counter deposit interest rate for regular customers with a 12-13 month term is 4.5%-4.7% per year. However, a "special interest rate" of up to 10% per year (the highest currently available) applies to deposit accounts of 2,000 billion VND or more.
At MSB, the announced deposit interest rate at the counter for a 12-13 month term is only 4% per year. However, for customers depositing 500 billion VND or more, the applicable interest rate is 8.5% per year.
Meanwhile, at HDBank, special interest rates applied to over-the-counter deposits with terms of 12 and 13 months are 7.7% and 8.1% per year, respectively. This interest rate policy is only available for deposit accounts of 500 billion VND or more, while the regular interest rate for the same term is only 4.7-4.9% per year.
However, a "mystery factor" never announced a "special interest rate" in the Deposit Interest Rate Schedule but maintained this rate at 9.65%/year, which is only lower than the "special interest rate" of 10%/year at PVCombank.
That's An Binh Commercial Joint Stock Bank (ABBank). This bank is currently maintaining the highest online savings interest rate, at only 4.4% per year. However, ABBank uses the base lending interest rate for individual customers (applied from February 24th) of 9.65% per year to apply to deposit interest rates for savings deposits of VND 1,500 billion or more.
ABBank offers a savings interest rate of 9.65% per year for customers with a 13-month term deposit, with interest paid at the end of the term, and requires approval from the general director.
| TABLE OF HIGHEST DEPOSIT INTEREST RATES AT BANKS ON MARCH 18 (%/year) | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| ABBANK | 3 | 3.2 | 4.7 | 4.3 | 4.3 | 4.4 |
| VIETBANK | 3.1 | 3.5 | 4.6 | 4.8 | 5.3 | 5.8 |
| HDBANK | 2.95 | 2.95 | 4.6 | 4.4 | 4.8 | 5.7 |
| OCB | 3 | 3.2 | 4.6 | 4.7 | 4.9 | 5.4 |
| NCB | 3.3 | 3.5 | 4.55 | 4.65 | 5 | 5.5 |
| NAM A BANK | 2.9 | 3.4 | 4.5 | 4.8 | 5.3 | 5.7 |
| VIET A BANK | 3.1 | 3.4 | 4.5 | 4.5 | 5 | 5.3 |
| CBBANK | 3.6 | 3.8 | 4.5 | 4.45 | 4.65 | 4.9 |
| OCEANBANK | 3.1 | 3.3 | 4.4 | 4.6 | 5.1 | 5.5 |
| DONG A BANK | 3.3 | 3.3 | 4.3 | 4.5 | 4.8 | 5 |
| BAOVIETBANK | 3 | 3.25 | 4.3 | 4.4 | 4.7 | 5.5 |
| PVCOMBANK | 2.85 | 2.85 | 4.3 | 4.3 | 4.8 | 5.1 |
| KIENLONGBANK | 3 | 3 | 4.2 | 4.6 | 4.8 | 5.3 |
| BVBANK | 3 | 3.2 | 4.2 | 4.5 | 4.8 | 5.5 |
| BAC A BANK | 2.8 | 3 | 4.2 | 4.3 | 4.6 | 5.1 |
| SHB | 2.6 | 3 | 4.2 | 4.4 | 4.8 | 5.1 |
| VIB | 2.7 | 3 | 4.1 | 4.1 | 4.9 | |
| PGBANK | 2.6 | 3 | 4 | 4 | 4.3 | 4.8 |
| LPBANK | 2.6 | 2.7 | 4 | 4.1 | 5 | 5,6 |
| TPBANK | 2.8 | 3 | 4 | 4.8 | 5 | |
| VPBANK | 2.3 | 2.5 | 4 | 4 | 4.3 | 4.3 |
| GPBank | 2.3 | 2.82 | 3.95 | 4.2 | 4.65 | 4.75 |
| SACOMBANK | 2.6 | 2.9 | 3.9 | 4.2 | 5 | 5,6 |
| SAIGONBANK | 2.5 | 2.7 | 3.9 | 4.1 | 5 | 5.4 |
| EXIMBANK | 2.8 | 3.1 | 3.9 | 3.9 | 4.9 | 5.1 |
| MSB | 3.5 | 3.5 | 3.9 | 3.9 | 4.3 | 4.3 |
| SEABANK | 2.9 | 3.1 | 3.7 | 3.9 | 4.25 | 4.8 |
| ACB | 2.5 | 2.8 | 3.7 | 3.9 | 4.7 | |
| TECHCOMBANK | 2.45 | 2.55 | 3.65 | 3.7 | 4.55 | 4.55 |
| MB | 2.2 | 2.6 | 3.6 | 3.7 | 4.6 | 4.7 |
| MB | 2 | 2.3 | 3.3 | 3.3 | 4.8 | 4.8 |
| VIETINBANK | 1.9 | 2.2 | 3.2 | 3.2 | 4.8 | 4.8 |
| SCB | 1.65 | 1.95 | 3.05 | 3.05 | 4.05 | 4.05 |
| AGRIBANK | 1.6 | 1.9 | 3 | 3 | 4.7 | 4.7 |
| VIETCOMBANK | 1.7 | 2 | 3 | 3 | 4.7 | 4.7 |
According to Bao Viet Securities (BVSC), the decline in deposit interest rates and the 0.7% decrease in capital mobilization in the economy during the first two months of this year may lead to increased demand for other income-generating assets instead of savings. Observations of past data show a correlation between the difference in domestic and international gold prices and the movement of the USD/VND exchange rate.
The State Bank of Vietnam's proposal to the Government regarding solutions for managing the gold market may reduce the difference between domestic and international gold prices in the near future. At the same time, the State Bank's liquidity withdrawal (on March 11th) will also reduce the interest rate differential between Vietnam and the world.
According to BVSC, in the medium term, the Vietnamese Dong (VNĐ) still has internal supporting factors such as positive FDI inflows and recovering exports. Regarding external pressure, with the Fed planning to cut interest rates in 2024, the pressure on the DXY Index will be less than last year. Overall, the upward pressure on the USD/VNĐ exchange rate in the near future will lessen.
The State Bank of Vietnam's net withdrawal of funds on March 11th also sends a message that the central bank is ready to intervene to prevent excessive fluctuations in the exchange rate. The tightening of liquidity will also help interbank interest rates rise again, thereby reducing the VND-USD interest rate differential.
With more positive factors compared to previous years, BVSC believes that the current fluctuations in the USD/VND exchange rate are only short-term. It forecasts that the VND will maintain a fluctuation range of ± 2-3% throughout this year.
According to BVSC, economic growth still needs significant support, and credit growth remains challenging. We believe that monetary policy will remain loose, with the policy interest rate maintained at a low level in 2024. Lending interest rates will still have room to decrease in the near future.
| Since the beginning of March, 15 commercial banks have reduced deposit interest rates, including: PGBank, BVBank, BaoViet Bank, GPBank, ACB, Agribank, VPBank, PVCombank, Dong A Bank, MB, Techcombank, NCB, KienLong Bank, Agribank, and SCB. Specifically, BaoViet Bank, GPBank, BVBank, and PGBank have reduced deposit interest rates twice since the beginning of the month. |
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