The two Big4 banks have lowered deposit interest rates.

VietNamNet•29/11/2023

The Vietnam Investment and Development Bank ( BIDV ) has just announced a reduction in deposit interest rates for terms of 6-36 months, effective from today. This is the first time BIDV has reduced deposit interest rates since the beginning of November.

Specifically, BIDV reduced interest rates by 0.1%/year for terms of 6-11 months, to 4.5%/year. The bank also reduced online deposit rates by 0.2%/year for terms of 12-36 months, down to 5.3%/year.

BIDV maintains the same interest rates for terms from 1-5 months. Currently, the interest rate for 1-2 month terms is 3.2%/year, and for 3-5 month terms is 3.5%/year.

Notably, BIDV is one of the three banks that increased deposit interest rates this month. On November 14th, the bank unexpectedly raised interest rates for terms from 6-36 months by 0.2% per year.

Another bank in the Big4 group that has also recently reduced deposit interest rates is Vietnam Joint Stock Commercial Bank for Industry and Trade ( VietinBank ).

With online deposits effective from today, interest rates for 1-2 month terms have decreased by 0.2%/year to 3.2%/year. Interest rates for 3-5 month terms have decreased by 0.15%/year to just 3.6%/year.

VietinBank has adjusted interest rates down by 0.1%/year for 6-9 month terms, to 4.5%/year. Interest rates for 12-18 month terms remain unchanged at 5.3%/year and for 24-36 month terms remain unchanged at 5.5%/year.

Currently, among the Big4 banks ( Agribank , BIDV, VietinBank, and Vietcombank), Vietcombank offers the lowest interest rate for 6-9 month term deposits, at only 3.9% per year. BIDV and VietinBank maintain 4.5% per year, while Agribank offers 4.7% per year.

For terms of 12-18 months, Vietcombank offers the lowest interest rate at 5% per year, while BIDV and VietinBank apply 5.3% per year, and Agribank at 5.5% per year.

ONLINE DEPOSIT INTEREST RATE CHART AT BIG4 BANKS
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
AGRIBANK	3.4	3.85	4.7	4.7	5.5	5.5
MB	3.2	3.5	4.5	4.5	5.3	5.3
VIETINBANK	3.2	3.6	4.5	4.5	5.3	5.3
VIETCOMBANK	2.6	2.9	3.9	3.9	5	5

Also today, Techcombank The bank continues to lower deposit interest rates. This is the bank that has reduced deposit interest rates three times this month.

Techcombank has adjusted interest rates downwards for terms ranging from 6 to 36 months, with a reduction of 0.1% per year.

For newly opened savings accounts under 1 billion VND, the interest rate for 6-8 month terms is currently 4.65%/year. The interest rate for 9-11 month terms is 4.7%/year, and for 12-36 month terms it is 5.05%/year.

For deposits between 1 and 3 billion VND, customers receive an additional 0.05% per year compared to the interest rate for deposits under 1 billion VND for the corresponding terms.

The bank applies a uniform interest rate to all types of term deposits from 1-5 months. The rate for 1-2 month terms is 3.55%/year, and for 3-5 month terms it is 3.75%/year.

Since the beginning of November, 29 banks have reduced deposit interest rates: Sacombank, NCB, VIB, BaoVietBank, Nam A Bank, VPBank, VietBank, SHB, Techcombank, Bac A Bank, KienLongBank, ACB, Dong A Bank, PG Bank, PVCombank, VietA Bank, SCB, Eximbank, OceanBank, BVBank, OCB, TPBank, CBBank, HDBank, SeABank, GPBank, Saigonbank, BIDV, VietinBank.

Among them, VietBank, Dong A Bank, VIB, NCB, OCB, Bac A Bank, Sacombank, BaoVietBank, and BVBank are the banks that have reduced interest rates twice this November.

Techcombank alone has reduced interest rates three times.

Conversely, VIB, OCB, and BIDV increased deposit interest rates. OCB raised interest rates for terms from 18-36 months. Meanwhile, BIDV increased rates for terms from 6-36 months, and VIB increased rates for terms from 2-5 months.

TABLE OF HIGHEST DEPOSIT INTEREST RATES ON NOVEMBER 29 (%/year)
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
HDBANK	3.85	3.85	5.7	5.5	5.9	6.5
PVCOMBANK	3.65	3.65	5,6	5,6	5.7	6
OCEANBANK	4.3	4.5	5.5	5,6	5.8	5.8
VIETBANK	3.8	4	5.4	5.5	5.8	6.2
KIENLONGBANK	4.55	4.75	5.4	5,6	5.7	6.2
VIET A BANK	4.4	4.4	5.4	5.4	5.7	6.1
NCB	4.25	4.25	5.35	5.45	5.7	6
BAOVIETBANK	4.2	4.55	5.3	5.4	5,6	6
GPBank	4.05	4.05	5.25	5.35	5.45	5.55
SHB	3.5	3.8	5.2	5.4	5,6	6.1
BAC A BANK	3.8	4	5.2	5.3	5.5	5.85
LPBANK	3.8	4	5.1	5.2	5,6	6
OCB	3.8	4	5.1	5.2	5.4	6.1
CBBANK	4.2	4.3	5.1	5.2	5.4	5.5
MB	3.5	3.8	5.1	5.2	5.4	6.1
VIB	3.8	4	5.1	5.2		5,6
BVBANK	3.8	3.9	5.05	5.2	5.5	5.55
EXIMBANK	3.6	3.9	5	5.3	5,6	5.7
MSB	3.8	3.8	5	5.4	5.5	6.2
VPBANK	3.7	3.8	5	5	5.3	5.1
SCB	3.75	3.95	4.95	5.05	5.45	5.45
NAMA BANK	3.6	4.2	4.9	5.2	5.7	6.1
SAIGONBANK	3.3	3.5	4.9	5.1	5.4	5,6
PGBANK	3.4	3.6	4.9	5.3	5.4	6.2
DONG A BANK	3.9	3.9	4.9	5.1	5.4	5,6
ABBANK	3.7	4	4.9	4.9	4.7	4.4
TPBANK	3.6	3.8	4.8		5.35	5.7
AGRIBANK	3.4	3.85	4.7	4.7	5.5	5.5
SACOMBANK	3.6	3.8	4.7	4.95	5	5.1
TECHCOMBANK	3.55	3.75	4.65	4.7	5.05	5.05
SEABANK	3.8	4	4.6	4.75	5.1	5.1
ACB	3.3	3.5	4.6	4.65	4.7
MB	3.2	3.5	4.5	4.5	5.3	5.3
VIETINBANK	3.2	3.6	4.5	4.5	5.3	5.3
VIETCOMBANK	2.6	2.9	3.9	3.9	5	5