A series of banks continue to adjust deposit interest rates upward.

Many mid-range banks list interest rates for individual customers from 6%/year or more for long terms, opening up better profit opportunities, while large banks offer incentives for VIP customers.

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In the last weeks of October, the deposit market continued to be active when a series of banks adjusted their deposit interest rates upward, especially in the medium and long term groups. This development shows that the capital mobilization demand of the credit institution system is increasing strongly before the peak credit season at the end of the year.

Deposit interest rates are continuously rising.

TPBank is the latest bank to adjust interest rates in October. According to the newly published interest rate schedule, TPBank applies deposit interest rates at the counter ranging from 0.5% to 5.8% per year, depending on the term.

Short-term maturities of 1-3 weeks remained at 0.5%/year; maturities of 1-3 months reached 3.6-3.9%/year. However, in the group of maturities of 6 months or more, the return increased significantly: 4.7%/year for 6 months, 5%/year for 9 months, 5.5%/year for 18 months, and 5.8%/year for 36 months.

Notably, customers who deposit savings online through the TPBank EBank app enjoy higher interest rates ranging from 0.1 to 0.2 percentage points. Specifically, terms from 6 months to 36 months are listed at 4.9 - 5.9% per year, with 5.9% per year being TPBank's highest interest rate this month.

To date, at least seven banks have increased deposit interest rates since the beginning of October, including GPBank, NCB, Vikki Bank, Bac A Bank , VCBNeo, HDBank, and TPBank. Among them, Bac A Bank has adjusted its rates twice in just half a month.

Banks launch incentives and gifts to attract cash flow

Alongside raising listed interest rates, many banks are simultaneously launching programs offering additional interest, reward points, or gifts to attract customers.

Techcombank and VietinBank are currently adding 0.3-1%/year to online deposits with terms from 1 to 10 months.

Vietcombank - a member of the Big4 group - also applies the VCB Loyalty points reward program for customers depositing 1 billion VND or more at the counter during the period from September 25th to October 31st.

In addition, banks such as MB, Vikki Bank, and VietBank are also launching a series of promotions such as "bonus interest rates" or "lucky draws" to retain depositors.

Among mid-sized banks, Bac A Bank and HDBank are maintaining deposit interest rates from 6 - 6.3%/year, while Viet A Bank is attracting attention with its "Dac Tai Savings" package offering a maximum interest rate of 6.8%/year for an 18-month term.

Highest interest rate up to 9%/year, but not easy to access

Generally speaking, the highest deposit interest rates currently range from 7.5% to 9% per year, but these are only applicable to corporate clients or individuals with very large deposit amounts.

PVcomBank holds the record with an interest rate of 9% per year for 12-13 month terms, requiring a minimum balance of VND 2,000 billion. HDBank ranks second with 8.1% per year for a 13-month term and 7.7% per year for a 12-month term, requiring a minimum balance of VND 500 billion.

Vikki Bank is offering an interest rate of 7.5% per annum for terms of 13 months or more, with a minimum deposit of VND 999 billion. Meanwhile, Bac A Bank – after two interest rate increases this month – currently lists a maximum rate of 6.3% per annum for terms of 18-36 months.

LPBank is also paying 6.5%/year to customers depositing 300 billion VND or more, receiving interest at the end of the term.

According to experts, the simultaneous adjustment of deposit interest rates by many banks in October indicates widespread pressure to increase capital, especially as credit demand typically surges at the end of the year.

While deposit interest rates haven't yet seen a significant breakthrough, there's a clear upward trend, particularly for terms of 6-18 months. If deposit flows continue to shift towards banks offering higher incentives, the interest rate race is likely to continue into November.

According to VNA

Source: https://baohaiphong.vn/hang- loạt-ngan-hang-tiep-tuc-dieu-chinh-tang-lai-suat-huy-dong-524729.html