Deposit interest rates continue to increase, Big 4 group has strange developments

Bank deposit interest rates continued to increase in the final days of this year. However, interest rates at the group of state-owned commercial banks (Big 4) moved in opposite directions.

Big 4 group in reverse interest rate

According to statistics, there are more than 10 bank The banks that have increased deposit interest rates since the beginning of December include: Techcombank, BVBank, CB, Dong A Bank, VPBank, VIB, OCB , MSB, GPBank, TPBank, ABBank and IVB... Of which, ABBank is the first bank to increase interest rates twice in a month. After increasing interest rates, a series of banks pushed up interest rate The highest interest rate exceeds 6%/year. Interest rates above 6%/year are being listed by many banks for long-term deposits but do not require a minimum deposit amount.

For the Big 4 group, Agribank 's interest rate for 1-2 month term is currently 2.4%/year, up 0.4%/year compared to the beginning of the year; interest rate for 3-5 month term deposits is 2.9%/year, up 0.4%/year.

The interest rate for 6-11 month terms at Agribank is 3.6%/year, unchanged from the interest rate table. mobilize at the beginning of the year. However, Agribank reduced the mobilization interest rate for the remaining terms. Agribank's interest rate for terms from 12-18 months is 4.8%/year, down 0.2%/year compared to the beginning of the year. The interest rate for deposits from 24-36 months is 4.9%/year, down 0.1%/year compared to the beginning of the year.

State-owned banks have strange movements in deposit interest rates compared to the market (photo: Nhu Y).

Meanwhile, VietinBank reduced from 0.2-0.3%/year for term deposits from 1 month to 18 months. In which, interest rates save 1-2 month term is 2%/year, down 0.2%/year compared to the beginning of the year.

With the same reduction, the savings interest rate for 3-5 month terms is 2.3%/year, while the interest rate for 6-11 month terms is 3.3%/year.

For deposit interest rates for terms from 12 to 18 months, VietinBank reduced 0.3%/year compared to the beginning of the year, to 4.7%/year.

At BIDV, deposit interest rates generally decreased by 0.1-0.3%/year in the past year. Of which, interest rates for 1-18 month terms decreased by 0.3%/year and for 24-36 month terms decreased by 0.1%/year.

Interest rate The highest at Vietcombank is 4.7%/year, applied to 24-month term deposits. The mobilization interest rate for 12-18 month terms is 4.6%/year. Compared to the beginning of 2024, the mobilization interest rate at Vietcombank has decreased by 0.2%/year for terms from 12-24 months.

In the Big 4 group, Agribank is the bank with the highest listed deposit interest rate compared to the other 3 banks, while BIDV and VietinBank have quite similar deposit interest rate schedules.

Which bank has high interest rates?

In a macro report reviewing the developments of the currency market in 2024, Dragon Capital Securities (VDSC) said that compared to the end of 2023, the average interest rate for 1-month, 6-month and 12-month terms increased by about 0.1 - 0.15%. Compared to the lowest interest rate recorded at the end of the first quarter of this year, the average interest rate for 1-month, 6-month and 9-month terms increased by about 0.9%.

By banking group, state-owned banks have maintained low interest rates from the end of the first quarter until the end of the year, with 12-month deposit interest rates of this banking group decreasing by about 0.25% compared to the beginning of 2023.

Meanwhile, interest rate competition is also differentiated among private joint stock bank groups, for example, the average deposit interest rate of small banks (group 3 - ABBank, Nam A Bank, PGBank, VietBank, Bac A Bank, BaoViet Bank, Kienlong Bank, SaiGon Bank, VietA Bank) increased by about 0.3% compared to the beginning of the year.

The group of mid-sized joint stock banks (group 2 - LPBank, Eximbank, MSB, HDBank, TPBank, VIB, SeaBank, OCB) increased by 0.1% and the group of large joint stock banks (group 1 - MB, Techcombank, Sacombank, ACB, VPBank, SHB) increased by 0.2%.

The group of zero-dong banks and those under special control (group 4) also had an average increase in deposit interest rates of about 0.15% compared to the beginning of the year.

According to VDSC, credit growth in the first months of this year was much weaker than in the previous three years, but credit demand began to increase sharply from May 2024. The credit growth trend is also similar to that of the previous year, increasing sharply in the last month of each quarter.

As of November 30, credit growth reached 11.9% compared to the beginning of the year, higher than the 9.3% increase in the same period in 2023. In the latest announcement, economic credit as of December 7 reached about 12.5%.

“If the growth trend is maintained similar to December of previous years, credit for the whole year of 2024 is estimated to increase by about 16%,” VDSC forecasts.

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