Vietcombank interest rates drop sharply

Interest rates for 1-month deposits have dropped to 2.4%, and for 3-month deposits to 2.7% per year - the lowest in the system and also a record for Vietcombank .

This is the third time in just the past two months that Vietcombank has adjusted its deposit interest rate downward. In the latest adjustment, Vietcombank's savings interest rate has reached a record low and is also the lowest in the banking system.

Short-term deposits from 1 month to 3 months enjoyed interest rates of up to 6% per year in early March, but now they are less than half. Specifically, the interest rate for 1-month deposits at Vietcombank has decreased to 2.4%, and for 3-month deposits to 2.7% per year.

Interest rates for longer term deposits, from 12 months to 24 months, are now also lower than those for 1-3 month deposits at the beginning of the year. With a term of 12 months to 24 months, the highest interest rate at Vietcombank is 4.8% while at the beginning of the year it was 7-8% per year.
Compared to the beginning of the year, Vietcombank's deposit interest rates for all terms have decreased by 3-3.5% compared to the first quarter. In addition, this bank no longer adds interest when depositing online but applies the same rate when depositing at the counter and online.

Vietcombank is one of four state-owned banks with a deposit balance of over 1 quadrillion VND, the largest in the banking system. This year, this "giant" is in the group with the most difficulty in credit growth.

By the end of September, while customer deposits at Vietcombank increased by 7%, outstanding loans increased by only 2.7%, much lower than the industry average.

While Vietcombank has decreased, the remaining three state-owned banks, Agribank , BIDV and VietinBank, are still keeping their interest rates unchanged compared to the most recent adjustment in late October and early November.

Quynh Trang

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