Bank interest rates on November 4: MB opens the race to increase deposit interest rates in November

Entering November, the mobilization interest rate level continued to increase after a strong adjustment period in October.

The Military Commercial Joint Stock Bank (MB) has just become the first bank to announce an increase in deposit interest rates - a move seen as the opening shot for the new month.

According to the online deposit interest rate table updated on November 4, MB raised interest rates from 0.3 to 0.5 percentage points/year for most terms.

Specifically, the 1-3 month term increased by 0.4 percentage points, to 3.9%/year, 4%/year and 4.2%/year respectively. The 4-5 month term increased sharply by 0.5 percentage points, to 4.3%/year, while the 6-11 month term group adjusted to 4.9%/year.

For 12-month online deposits, MB increased by 0.3 percentage points, reaching 5.2%/year; 13-18 month terms increased by 0.4 percentage points, to 5.3%/year. Particularly, long-term 24-36 month terms were kept at 5.8%/year - the highest level in the current interest rate table of this bank.

Interest rates continue to rise after the hottest October since the beginning of the year

MB’s move comes as the deposit market has just experienced an unusually vibrant October. According to statistics, up to 10 commercial banks simultaneously increased deposit interest rates last month – the highest number since the beginning of the year.

If January had recorded a similar amount of adjustments but still had some reductions, then in October, no bank lowered interest rates. The list of banks participating in the race includes Sacombank, GPBank, NCB, Vikki Bank, Bac A Bank, VCBNeo, HDBank, VIB, Techcombank andSHB , with an increase range of 0.1 to 0.7%. In particular, Sacombank attracted attention with the strongest increase in the short-term group from 1-5 months.

Entering November, the upward trend has not stopped. Many private banks continue to adjust their listings or launch more incentives to attract deposits.

Bac A Bank - which increased interest rates three times in October - is currently leading the market with many terms exceeding 6%/year. At the same time, VietinBank, Vietcombank, Vikki Bank, MB, Techcombank, VietBank and LPBank all launched programs to add interest, give gifts or reward points to new customers.

Big 4 group is out of the race

In contrast to the excitement of the private sector, the group of state-owned banks - including Vietcombank, VietinBank, BIDV and Agribank - have kept the listed interest rates unchanged since the end of October until now.

At Vietcombank, interest rates for 6-9 month terms remain at 2.9% per year, 12 month terms are 4.6% per year and 24 month terms or more are 4.7% per year.

VietinBank and BIDV respectively listed 3%/year for 6-9 month term, 4.7% for 12 months and 4.8% for 24 month term; Agribank commonly listed at 3-4.8%/year.

Keeping interest rates low helps the Big 4 group maintain a stable monetary policy orientation, supporting capital costs for businesses and the real economy.

However, the widening gap between interest rates of private banks and Big 4 banks can create new shifts in the flow of residential deposits, especially at the end of the year - when capital demand and mobilization both increase.

vietnamplus.vn

Source: https://baolaocai.vn/lai-suat-ngan-hang-ngay-411-mb-mo-man-cuoc-dua-tang-lai-suat-huy-dong-thang-11-post886021.html