The form of direct deposit has a more attractive interest rate than depositing cash at the counter. However, savings deposit interest rates at some banks continued to drop sharply for many terms.
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| Which bank's interest rate is the highest in June 6? (Source: Labor) |
Which bank has the highest interest rate?
The State Bank of Vietnam (SBV) announced to reduce the operating interest rate again from May 25. This measure is intended for banks to reduce deposit interest rates. Thereby, creating conditions to reduce lending interest rates, supporting the economy.
Accordingly, the maximum interest rate applicable to deposits with a term from 1 month to less than 6 months will be reduced from 5,5%/year to 5,0%/year. After the decision of the State Bank to reduce the operating interest rate, from May 25, a series of banks have adjusted the new deposit interest rate schedule with a sharp decrease in many terms.
Send at the counter
Savings deposit interest rates at some banks continued to fall sharply for many terms. As of the morning of May 25, the current highest savings interest rate for a 5-month term is 12%/year at VIB, followed by 8,2%/year at ABBank, Bao Viet, down 8,1. % compared to April.
SCB, which has always been the leader in terms of savings interest rates in the system, now has a sharp decrease in interest rates for 12-month terms to 7,8%/year.
For 6-month term, the highest bank interest rate currently applied is 7,8%/year at ABBank, GPBank; 7,75%/year at SCB; 7,7%/year at NCB.
For longer term from 18-24 months, the highest interest rate is 8,30%/year applied by ABBank and Timo.
Meanwhile, deposit interest rates at 4 big banks (hereinafter called Big4) including Agribank, BIDV, Vietcombank and VietinBank decreased by 0.5%/year for 1-3 month term and 0,3%/year for term of 6-24 months. term of 5-4 months compared to the beginning of May. The highest savings interest rate of these 6,8 banks is at 12%/year for terms of XNUMX months or more.
For a term of 6-9 months, the interest rate is listed at 5,5%/year.
Send online
With a 1-month term when depositing online, no other banks apply the 5,5% rate. The current highest bank interest rate is 5,50% listed by ABBank, Bac A, SCB, Nam A Bank, VIB... Similar to the 3-month term, most banks are listed in the bank. accounts from 4,0-5,0%.
Nam A Bank is the bank with the highest interest rate for the 6-month term today, at 8,5%, followed by ABBank at 8.2%.
For 12-month term, GPBank is the bank that applies the highest interest rate, at 8,50%/year. For longer terms from 18-24 months, GPBank is still the bank that applies bank interest rates, at 8,6%/year.
The form of direct deposit has a more attractive interest rate than depositing cash at the counter. Therefore, you can consider the form of deposit to enjoy the highest interest rates and incentives.
Money will flow out of the banking system
After 3 consecutive cuts by the SBV, the operating interest rate has dropped to pre-Covid-19 levels, the deposit rate ceiling has returned to pre-Covid-19 levels. But the average lending interest rate is still about 1% higher than before the epidemic.
Contrary to the race to raise deposit interest rates late last year, in recent months, the market has witnessed a race to reduce deposit rates.
Interest rates for 12-month term deposits at many banks have dropped to less than 8%/year. This interest rate compared to the "peak" of the interest rate race in December 12 has decreased by 2022-2%/year depending on the bank.
People still have the expectation of positive real interest rates. However, if interest rates fall deeply, it is possible that money will flow out of the banking system.
BIDV Chief Economist cum Director of BIDV Training and Research Institute, Dr. Can Van Luc commented: "If the reduction is too deep, the liquidity of the banking system will be difficult because people see that low-interest deposits will invest in other areas."
Lending interest rates tend to decrease but still at a high level. The average lending interest rate in VND newly incurred by commercial banks is still around 9,3%/year.
The current high lending rates are partly due to the fact that the bank has raised a large amount of capital at high costs since about the second half of last year. Many banks have mobilized high interest rates with long terms at the end of last year, so they are currently struggling with the goal of reducing lending rates.
Capital mobilization increased, while credit slowed down, making banks even more stuck with high deposit rates, making it difficult to reduce lending rates.
Lending interest rates are expected to drop to pre-epidemic levels in a few months, when commercial banks "absorb" all the previously high-priced capital.
Many experts said that although lending interest rates may decrease further in the coming time, with the weakening of business health and disbursing conditions, it is likely that credit will continue to increase slowly.
According to economic expert, Dr. Nguyen Tri Hieu interest rates are in a downward trend, but the risks of the economy are increasing, which means that banks will be more cautious when lending out, businesses will not be able to borrow easily. On the business side, even for healthy businesses, the demand for loans is only "moderate" due to difficult output, reduced market demand, and slow sales of goods. Only when the economy recovers better will businesses boldly borrow capital.
Many economic experts said that reducing interest rates alone cannot save businesses, but need more synchronous solutions such as tax reduction, social security increase, etc. to stimulate demand, increase aggregate demand for the economy, and compensate. part of the drop in external demand.
