Interest rates set new milestone

Vietnam Export Import Commercial Joint Stock Bank (Eximbank) is the bank that pays the highest interest rate on the market, up to 6.4%/year when customers deposit money online for a term of 24-36 months on weekends.

However, the interest rate mobilized all days of the week has just set a new milestone, up to 6.8%/year for customers depositing money online for a term of 24-36 months. This interest rate increased sharply by 0.7%/year for a term of 24 months and increased to 1.6%/year for a term of 36 months. This is the highest fluctuation in the market.

Not stopping there, Eximbank increased online deposit interest rates for 15 and 18-month terms by 0.8%/year, to 6.5% and 6.6%/year, respectively.

Thus, Eximbank is currently the bank paying the highest interest rates on the market with terms from 15-36 months.

Notably, the interest rate for deposits on weekends, with terms of 15-36 months, is now equal to the interest rate for deposits from Monday to Friday. However, the difference is in the remaining terms.

According to the online interest rate schedule just announced by Eximbank, interest rates for terms from 1-12 months remain unchanged.

Online interest rates for deposits from Monday to Friday, 1-2 month term are 3.9-4%/year; 3-month term 4.3%/year, 4-month term 4.7%/year, 5-month term 3.9%/year, 6-month term 5.2%/year, 9-month term 4.5%/year, and 12-month term 5.2%/year.

Online deposit interest rates applied on weekends are 0.05-0.6% higher per year. Specifically, the interest rate for 1-2 month terms is 4.5% per year, the highest interest rate for 3-5 month terms is up to 4.75% per year (equal to the maximum interest rate prescribed by the State Bank), 6 month terms are 5.5% per year, 9 month terms are 4.5% per year, and 12 month terms are 5.6% per year.

Meanwhile, Vietnam Technological and Commercial Joint Stock Bank ( Techcombank ) has just lowered interest rates for deposits with terms from 6 to 11 months by 0.1% per year.

According to the interest rate table for deposits under 1 billion VND, terms from 6 to 11 months have all decreased to 4.45%/year.

Interest rates for the remaining terms remain unchanged. Bank interest rates for 1-2 month terms are 3.55%/year; 3-5 month terms are 3.75%/year; 12-36 month terms are 4.85%/year.

Techcombank pays tiered interest rates for different deposit levels. Compared to the above interest rates, the deposit interest rate for individual customers depositing from VND1 billion to under VND3 billion is 0.1% higher per year for terms from 1-5 months, and 0.05% higher per year for terms from 6-36 months.

With a similar interest rate difference, Techcombank applies the highest interest rate to savings accounts of VND3 billion or more. Accordingly, the bank interest rate for a 1-2 month term is 3.75%/year, for a 3-5 month term is 3.95%/year, for a 6-11 month term is 4.55%/year, and for a 12-36 month term, the highest interest rate is 4.95%/year.

According to statistics from the beginning of January 2025 to now, 5 banks have increased their deposit interest rates, including: Agribank , Bac A Bank, NCB, MBV, Eximbank. However, NCB and Agribank also reduced interest rates for terms of 12-36 months. Also reducing interest rates are ABBank, SeABank, Nam A Bank, Techcombank.

Will check banks with "ambiguous" interest rates

Faced with the reality that many banks pay interest rates that are not in accordance with the listed interest rates, pay different interest rates to customers, and even the same bank has different interest rates at each branch, Mr. Pham Chi Quang - Director of the Monetary Policy Department, State Bank of Vietnam (SBV) - said that SBV only regulates the maximum interest rate for non-term deposits (0.5%/year) and deposits with terms of less than 6 months (4.75%/year).

Regarding interest rates for deposits with terms of 6 months or more, Mr. Pham Chi Quang said that interest rates are currently formed based on the supply and demand of capital in the market, agreed upon by credit institutions and customers.

However, the Director of the Monetary Policy Department said that Circular 47/2024/TT-NHNN and Circular 48/2024/TT-NHNN of the State Bank of Vietnam, effective from November 20, 2024, clearly stipulate the application of interest rates on deposits in Vietnamese Dong at credit institutions.

In particular, Clause 3 and Clause 4, Article 3 of Circular 48 stipulate that the maximum interest rate for deposits in Vietnamese Dong prescribed in this Circular includes promotional expenses in all forms, applicable to the end-of-term interest payment method and other interest payment methods converted according to the end-of-term interest payment method.

Credit institutions shall publicly post interest rates on deposits in Vietnamese Dong at legal transaction locations within the credit institution's network of operations and post them on the credit institution's website (if any). When receiving deposits, credit institutions shall not conduct promotions in any form (in cash, interest rates and other forms) that are not in accordance with the provisions of law.

“All banks must issue strict internal procedures, including specific regulations on interest rates. The State Bank will conduct a review. If any bank is found to be paying interest rates that are not in accordance with the listed interest rates, it will request clarification of that bank’s internal procedures in implementing interest rates,” said Mr. Pham Chi Quang.

INTEREST RATES AT BANKS ON JANUARY 8, 2025 (%/YEAR)
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
AGRIBANK 2.4 3 3.7 3.7 4.7 4.7
BIDV 2 2.3 3.3 3.3 4.7 4.7
VIETINBANK 2 2.3 3.3 3.3 4.7 4.7
VIETCOMBANK 1.6 1.9 2.9 2.9 4.6 4.6
ABBANK 3.2 3.8 5.6 5.7 5.9 5.6
ACB 3.1 3.5 4.2 4.3 4.9
BAC A BANK 3.9 4.2 5.35 5.45 5.8 6.2
BAOVIETBANK 3.3 4.35 5.2 5.4 5.8 6
BVBANK 3.9 4.05 5.4 5.7 6 6.3
CBBANK 4.15 4.35 5.85 5.8 6 6
DONG A BANK 4.1 4.3 5.55 5.7 5.8 6.1
EXIMBANK 3.9 4.3 5.2 4.5 5.2 6.6
GPBANK 3.5 4.02 5.35 5.7 6.05 6.15
HDBANK 3.85 3.95 5.3 5.7 5.6 6.1
IVB 4 4.35 5.35 5.35 5.95 6.05
KIENLONGBANK 3.9 3.9 5.4 5.3 5.7 5.7
LPBANK 3.6 3.9 5.1 5.1 5.5 5.8
MB 3.7 4 4.6 4.6 5.1 5.1
MBV 4.3 4.6 5.5 5.6 5.8 6.1
MSB 4.1 4.1 5 5 6.3 5.8
NAM A BANK 4.3 4.5 5 5.2 5.6 5.7
NCB 4.1 4.3 5.45 5.55 5.7 5.7
OCB 4 4.2 5.2 5.2 5.3 5.5
PGBANK 3.4 3.8 5 5 5.5 5.8
PVCOMBANK 3.3 3.6 4.5 4.7 5.1 5.8
SACOMBANK 3.3 3.6 4.9 4.9 5.4 5.6
SAIGONBANK 3.3 3.6 4.8 4.9 5.8 6
SCB 1.6 1.9 2.9 2.9 3.7 3.9
SEABANK 2.95 3.45 3.95 4.15 4.7 5.45
SHB 3.5 3.8 5 5.1 5.5 5.8
TECHCOMBANK 3.55 3.75 4.45 4.45 4.85 4.85
TPBANK 3.7 4 4.8 5.3 5.5
VIB 3.8 3.9 4.9 4.9 5.3
VIET A BANK 3.7 4 5.2 5.4 5.7 5.9
VIETBANK 3.9 4.1 5.2 5 5.6 5.9
VPBANK 3.8 4 5 5 5.5 5.5
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