According to the online deposit interest rate chart on Monday, December 25th, Vietcombank reduced interest rates by 0.3 percentage points for deposit terms from 1 month to 11 months.
Accordingly, deposit interest rates for 1 and 2-month terms are now only 1.9%/year, for 3-5 months only 2.2%/year, and for 6-11 month terms only 3.2%/year.
This is an unprecedented low deposit interest rate, even far from the expected inflation rate of 4.5% in 2023 and the ceiling interest rate of 4.75%/year prescribed by the State Bank.
Vietcombank maintains 4.8%/year for deposits with terms from 12 to 24 months. This is also the highest savings interest rate at this bank at the present time.
Following this adjustment, Vietcombank continues to hold the top position for offering the lowest deposit interest rates in the market.
Previously, Agribank had also reduced deposit interest rates twice since the beginning of the month, while VietinBank and BIDV have only adjusted them once.
Currently, deposit interest rates among the Big4 banks do not differ significantly, except for those at Vietcombank.
Agribank is applying 2.2%/year for 1-2 month term deposits, 2.5%/year for 3-5 month term deposits; 3.6%/year for 6-9 month term deposits; 5.5%/year for 12-18 month term deposits and 5.5%/year for 24 month term deposits.
Meanwhile, interest rates for 1-5 month terms at BIDV and VietinBank are currently the same, ranging from 2.6-3% per year.
For term deposits of 6-11 months, BIDV and VietinBank have a slight advantage over the other two banks in the Big4 group with an interest rate of 4% per year.
For term deposits of 24 to 36 months, BIDV and VietinBank are currently applying an interest rate of 5.3% per year.
Apart from Vietcombank, the remaining banks did not make any adjustments to deposit interest rates on the first day of the week.
| COMPARISON OF ONLINE DEPOSIT INTEREST RATES AT 4 STATE-OWNED COMMERCIAL BANKS ON DECEMBER 25 | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| VIETINBANK | 2.6 | 3 | 4 | 4 | 5 | 5 |
| BIDV | 2.6 | 3 | 4 | 4 | 5 | 5 |
| AGRIBANK | 2.2 | 2.5 | 3.6 | 3.6 | 5 | 5 |
| VIETCOMBANK | 1.9 | 2.2 | 3.2 | 3.2 | 4.8 | 4.8 |
According to VietNamNet statistics, since the beginning of the month, 21 banks have reduced deposit interest rates, namely HDBank, Techcombank, Eximbank, KienLongBank, SCB, PGBank, MB, MSB, NamA Bank, ABBank, Vietcombank, BIDV, VIB, VPBank, TPBank, Saigonbank, VietBank, ACB, VietinBank, Agribank, LPBank.
Among them, MB, Eximbank, SCB, Techcombank, VPBank, KienlongBank, Agribank, and Vietcombank are the banks that have reduced interest rates twice since the beginning of the month.
In particular, BIDV and VPBank have adjusted their deposit interest rates downwards three times this month, while VIB has reduced interest rates four times.
Talking to VietNamNet , stock analyst Tong Minh Tuan said that commercial banks still have room to continue reducing interest rates.
According to Mr. Tuan, although the mobilization interest rate is at a low level, the demand of the economy is still weak. The demand for capital is only tense in debt restructuring activities, especially real estate.
Meanwhile, in the manufacturing sector, the decline in investment demand in the domestic and international markets has led to a decrease in credit demand in most sectors, causing banks' demand for mobilization to also decrease. That is the reason why interest rates still have room to be lowered further.
In addition, the FED has stopped raising interest rates and forecasts that next year there will be further monetary easing, which will eliminate the need for exchange rate tensions. This will create ample room for the State Bank of Vietnam to continue to lower interest rates, giving commercial banks room to reduce deposit interest rates.
| TABLE OF HIGHEST DEPOSIT INTEREST RATES AT BANKS ON DECEMBER 25TH | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| HDBANK | 3.65 | 3.65 | 5.5 | 5.2 | 5.7 | 6.5 |
| OCEANBANK | 4.3 | 4.5 | 5.5 | 5,6 | 5.8 | 5.8 |
| KIENLONGBANK | 3.95 | 3.95 | 5.4 | 5,6 | 5.7 | 6.2 |
| NCB | 4.25 | 4.25 | 5.35 | 5.45 | 5.7 | 6 |
| VIETBANK | 3.8 | 4 | 5.3 | 5.4 | 5.7 | 6.1 |
| BAOVIETBANK | 4.2 | 4.55 | 5.3 | 5.4 | 5,6 | 6 |
| VIET A BANK | 4.3 | 4.3 | 5.3 | 5.3 | 5,6 | 6 |
| PVCOMBANK | 3.35 | 3.35 | 5.3 | 5.3 | 5.4 | 5.7 |
| GPBANK | 4.05 | 4.05 | 5.25 | 5.35 | 5.45 | 5.55 |
| ABBANK | 3.2 | 3.5 | 5.2 | 4.5 | 4.3 | 4 |
| BAC A BANK | 3.8 | 4 | 5.2 | 5.3 | 5.5 | 5.85 |
| SHB | 3.5 | 3.8 | 5.2 | 5.4 | 5,6 | 6.1 |
| CBBANK | 4.2 | 4.3 | 5.1 | 5.2 | 5.4 | 5.5 |
| LPBANK | 3.5 | 3.7 | 4.8 | 4.9 | 5.3 | 5.7 |
| OCB | 3.8 | 4 | 5.1 | 5.2 | 5.4 | 6.1 |
| BVBANK | 3.8 | 3.9 | 5.05 | 5.2 | 5.5 | 5.55 |
| DONG A BANK | 3.9 | 3.9 | 4.9 | 5.1 | 5.4 | 5,6 |
| NAMA BANK | 3.3 | 4 | 4.9 | 5.2 | 5.7 | 6.1 |
| VIB | 3.4 | 3.5 | 4.7 | 4.7 | 5.1 | |
| EXIMBANK | 3.5 | 3.8 | 4.7 | 5.1 | 5.2 | 5,6 |
| MSB | 3.8 | 3.8 | 4.7 | 5.4 | 5.5 | 6.2 |
| SACOMBANK | 3.6 | 3.8 | 4.7 | 4.95 | 5 | 5.1 |
| SAIGONBANK | 3.2 | 3.4 | 4.6 | 4.8 | 5.1 | 5,6 |
| PGBANK | 3.1 | 3.5 | 4.6 | 5 | 5.5 | 5.8 |
| SEABANK | 3.8 | 4 | 4.6 | 4.75 | 5.1 | 5.1 |
| TPBANK | 3.4 | 3.6 | 4.6 | 5.15 | 5.5 | |
| ACB | 3.2 | 3.4 | 4.5 | 4.6 | 4.7 | |
| TECHCOMBANK | 3.45 | 3.65 | 4.45 | 4.5 | 4.75 | 4.75 |
| MB | 2.9 | 3.2 | 4.4 | 4.6 | 4.9 | 5.4 |
| VPBANK | 3.3 | 3.4 | 4.3 | 4.3 | 5.1 | 5.1 |
| VIETINBANK | 2.6 | 3 | 4 | 4 | 5 | 5 |
| BIDV | 2.6 | 3 | 4 | 4 | 5 | 5 |
| AGRIBANK | 2.2 | 2.5 | 3.6 | 3.6 | 5 | 5 |
| SCB | 2.25 | 2.55 | 3.55 | 3.55 | 4.85 | 4.85 |
| VIETCOMBANK | 1.9 | 2.2 | 3.2 | 3.2 | 4.8 | 4.8 |
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