Sacombank (Saigon Thuong Tin Commercial Joint Stock Bank) became one of the first banks to lower deposit interest rates in February after having just adjusted interest rates across most deposit terms.

According to Sacombank's online deposit interest rate chart posted on February 1st, deposit interest rates for 1-3 month terms decreased by 0.4 percentage points, to 2.6% - 2.7% - 2.8%/year respectively.

Interest rates for 3- and 4-month terms decreased only slightly by 0.1 percentage points, to 3.1% and 3.2% per year, respectively.

Sacombank sharply reduced interest rates by 0.5 percentage points for deposits with terms of 6-8 months, to 4.2% - 4.3% - 4.4%/year respectively.

Bank interest rates for 9-month terms decreased by 0.45 percentage points to 4.5%/year, while those for 10-month terms decreased by 0.35 percentage points to 4.6%/year and for 11-month terms decreased by 0.25 percentage points to 4.7%/year.

The bank also reduced interest rates by 0.2 percentage points for 12-13 month term deposits, to 5%-5.2% per year, respectively.

Interest rates for the remaining terms remain unchanged: 5.5%/year for the 15-month term, 5.6%/year for the 18-month term, 5.7%/year for the 24-month term, and up to 6.2%/year for the 36-month term (the highest deposit interest rate at Sacombank).

Also lowering interest rates on the first day of February was Lien Viet Post Commercial Bank ( LPBank ).

According to the online deposit interest rate chart recently published by LPBank, interest rates for 1-2 month term deposits decreased by 0.2 percentage points, to 2.6% and 2.7% per year, respectively.

LPBank has significantly reduced interest rates on deposits with terms of 3-5 months, by up to 0.4 percentage points. Currently, the interest rate for a 3-month term is 2.7%/year, for a 4-month term is 2.8%/year, and for a 5-month term is 2.9%/year.

After a 0.3 percentage point reduction, LPBank brought the interest rate for 6-8 month term deposits down to 4%/year, the 9-month term to 4.1%/year, the 10-month term to 4.2%/year, and the 11-month term to 4.3%/year.

Interest rates on 12-month term deposits have also fallen to just 5% per year after a 0.3 percentage point reduction. This is also the same reduction for deposit interest rates for 13-month and 15-month terms, which are now 5.1% and 5.3% per year, respectively.

LPBank has slightly reduced interest rates for deposits with terms of 16-18 months by 0.1 percentage points. Currently, the interest rate for a 16-month term is 5.3%/year, and for an 18-month term is 5.6%/year.

Notably, LPBank significantly reduced interest rates for terms from 24-60 months by 0.5 percentage points, bringing them down to 5.6% per year. This is also the highest deposit interest rate at LPBank at this time.

Thus, LPBank becomes the next bank to no longer maintain interest rates above 6%.

Apart from Sacombank and LPBank, deposit interest rates at the remaining banks remain unchanged. Previously, both of these banks had reduced deposit interest rates once in January.

The fact that banks have been continuously lowering deposit interest rates recently indicates that liquidity in the system is very abundant.

Last week, overnight interbank interest rates decreased by 0.02% to 0.12%, the 1-week rate remained at 0.26%, while the 2-week rate increased slightly by 0.01% to 0.41%.

Trading volume in the interbank market increased slightly by 7%, reaching an average of 245 trillion VND/day, and interbank liquidity is predicted to experience more significant fluctuations in the two trading weeks before Tet (Lunar New Year) due to increased demand for cash.

The current interest rates for 12-month deposits for institutional clients among commercial banks no longer show significant differences, recorded at 4.3% for the four state-owned commercial banks, 4.7% for large joint-stock commercial banks, and 4.8% for other joint-stock commercial banks.

Thus, compared to 2021, deposit interest rates at state-owned commercial banks and other joint-stock commercial banks are much lower, while those at large joint-stock commercial banks are still about 10 basis points higher than in 2021.

TABLE OF HIGHEST DEPOSIT INTEREST RATES ON FEBRUARY 1ST
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
CBBANK 4.2 4.3 5.1 5.2 5.4 5.5
NCB 3.9 4.1 5.05 5.15 5.5 6
ABBANK 3.15 3.35 5 4.4 4.4 4.4
VIETBANK 3.5 3.7 4.9 5 5.3 5.8
BAC A BANK 3.6 3.8 4.9 5 5.2 5,6
DONG A BANK 3.9 3.9 4.9 5.1 5.4 5,6
BVBANK 3.65 3.75 4.85 5 5.15 5.55
HDBANK 3.15 3.15 4.8 4.6 5 5.9
PVCOMBANK 2.85 2.85 4.8 4.8 4.9 5.2
BAOVIETBANK 3.5 3.85 4.8 4.9 5.3 5.5
VIET A BANK 3.4 3.5 4.8 4.9 5.2 5,6
GPBank 2.9 3.42 4.75 4.9 4.95 5.05
SHB 2.9 3.3 4.6 4.8 5 5.2
OCB 3 3.2 4.6 4.7 4.9 5.4
NAMA BANK 2.9 3.4 4.6 4.9 5.4 5.8
KIENLONGBANK 3.75 3.75 4.6 4.8 4.9 5.4
PGBANK 3.1 3.5 4.5 4.7 5.2 5.4
VIB 3.2 3.4 4.5 4.5 5.2
EXIMBANK 3.2 3.5 4.4 4.4 4.9 5.1
OCEANBANK 3.1 3.3 4.4 4.6 5.1 5.5
VPBANK 3.1 3.3 4.4 4.4 5.1 5.2
SACOMBANK 2.6 2.8 4.2 4.5 5 5,6
SEABANK 3.4 3.6 4.15 4.3 4.75 5
LPBANK 2.6 2.7 4 4.1 5 5,6
TPBANK 2.8 3 4 4.8 5
MSB 3.5 3.5 3.9 3.9 4.3 4.3
SAIGONBANK 2.5 2.7 3.9 4.1 5 5.4
ACB 2.9 3.2 3.9 4.2 4.8
MB 2.6 2.9 3.9 4.1 4.8 5.2
TECHCOMBANK 2.75 3.15 3.75 3.8 4.75 4.75
MB 2 2.3 3.3 3.3 4.8 4.8
AGRIBANK 1.7 2 3.2 3.2 4.8 4.8
VIETINBANK 1.9 2.2 3.2 3.2 4.8 4.8
SCB 1.75 2.05 3.05 3.05 4.75 4.75
VIETCOMBANK 1.7 2 3 3 4.7 4.7