A series of banks competed to reduce interest rates before and after Tet, causing the interest rate level to drop, with only about 10 units maintaining interest rates above 5% per year.
A survey by VnExpress of 40 domestic and foreign banks as of February 15 showed that more than 20 banks have reduced their deposit interest rates in the past month. Many banks adjusted their interest rates right before and after the Lunar New Year holiday.
When making a deposit at a bank, terms of one year or less are often the choice of the majority of people. Currently, most banks list interest rates of no more than 5% for deposits of 12 months or less. There are only about 10 units willing to pay over 5% per year for depositors of these terms, including SeABank, HDBank, CBBank, NamABank, BaoVietBank, VietBank, SHB , DongABank, VietABank, Oceanbank and NCB.
In contrast to the period of capital mobilization, the interest rate gap between private and state-owned banks has narrowed to a very low level, only about 1-2%. In fact, many private banks such as VIB, MSB, ABBank, and Techcombank pay lower interest rates than state-owned banks.
For longer terms, from 15-24 months or more, there are still more than 20 banks paying interest rates of 5-6% to depositors to encourage long-term cash flow. The highest long-term interest rate in the system is 6.2% for a 15-month term, at HDBank .
Compared to domestic banks, foreign banks' deposit interest rates are often less competitive, but are highly regarded by industry insiders for their good security. Of the five foreign banks surveyed, Shinhan Bank and CIMB are the two with competitive interest rates compared to the domestic group.
Unprecedentedly low deposit interest rates are the result of banks having "excess money in their vaults". Abundant liquidity is good, but the strong flow of deposits into the system despite the sharp drop in interest rates, according to the deputy general director of a state-owned bank, is also a cause for concern when the cash flow does not circulate into production or investment. According to this leader, the economy's credit demand cannot improve anytime soon, so the deposit interest rate level will remain low until at least mid-2024.
This year, the State Bank has assigned a credit growth target of about 15% to banks. However, the management agency said that credit growth in early 2024 was quite low compared to recent years. Therefore, in the latest document, the agency requested to promote credit growth solutions to contribute to promoting economic growth.
Below are the bank savings interest rates arranged from high to low, officially listed (for amounts under 1 billion VND), not including the bank's actual agreements with regular customers, VIPs, and large-value deposits.
Quynh Trang
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