By the end of October, bank interest rates continued to hit rock bottom.

At the end of October, the lowest deposit interest rate of banks was recorded at 2.8% for 1-month term of Vietcombank .

This is the bank with the lowest deposit interest rates on the market up to now. Specifically, the deposit interest rates for 6 and 9 month terms are both at 4.1%/year. The two terms of 12 and 18 months are also listed at 5.1%/year.

In the Big4 group, only Agribank lists the highest interest rate, at 5.5%/year for 12 and 18 month terms.

On the last day of October, contrary to the downward trend, MSB suddenly increased the interest rate for deposits with terms from 15 to 36 months, recording an increase from 5.5%/year to 6.2%/year. The remaining terms remained unchanged.

Also today, two banks continued to adjust deposit interest rates down, namely NCB and Viet A Bank.

Specifically, at NCB, the 1-5 month term has been reduced to 4.45%/year. The 6-8 month term has been reduced to 5.7%/year. Similarly, the bank interest rate for the 9-11 month term is now only 5.9%/year.

At Viet A Bank, in this adjustment, Viet A Bank only reduced the mobilization interest rates for terms from 6 to 13 months. The bank interest rate for online deposits with terms of 6 to 11 months decreased by 0.2 percentage points to 5.6%/year. The 12 to 13 month term only decreased slightly by 0.1 percentage points, so the mobilization interest rate for these terms remained at 6%/year.

According to statistics from the beginning of October, 25 banks have reduced deposit interest rates, including: BVBank, PVCombank, VIB, Sacombank, VietBank, SCB, VPBank, SHB , BIDV, VietinBank, HDBank, BaoViet Bank, Techcombank, SeABank, Viet A Bank, PG Bank, Dong A Bank, Vietcombank, LPBank, Nam A Bank, CBBank, ACB, Bac A Bank, and NCB.

Of which, VietBank, Viet A Bank and Bac A Bank reduced interest rates for the third time this month. CBBank, VIB, Vietcombank, SHB, Dong A Bank, PG Bank, Nam A Bank, HDBank, LPBank, and NCB are the banks that reduced deposit interest rates twice this month.

Currently, the highest mobilization interest rate is 6.5%/year recorded for 18-month term at PVCombank, OceanBank, HDBank.

At the 12-month term, the 6.5%/year interest rate mark left the market, giving way to 6.2%/year to become the highest interest rate at this term.

Experts say that the reason why banks have recently lowered their deposit interest rates is partly because banks have too much excess money and are forced to lower deposit interest rates to limit depositors. When deposit interest rates are reduced, lending interest rates are also reduced.

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