With rising interest rates, people are rushing to deposit money into banks.

(NLĐO) – In September alone, more than 9,000 billion VND of idle funds from individuals and businesses flowed into the banking system every day.

On November 2nd, the State Bank of Vietnam released the latest figures on customer deposits at credit institutions up to September 2024.

Accordingly, as of the end of September, deposits from economic organizations reached over 7.07 million billion VND, an increase of 3.43%; deposits from individuals reached over 6.95 million billion VND, an increase of 6.5% compared to the end of last year.

Compared to the end of last month, deposits from economic organizations increased by more than 238,000 billion VND, while deposits from individuals increased by more than 32,700 billion VND. Overall, in September alone, an average of more than 9,000 billion VND of idle funds flowed into the banking system each day.

Rising deposit interest rates are encouraging idle funds to flow into banks.

According to reports, idle funds from the public flowing into the banking system are approximately 7 million billion VND amidst the recent increase in interest rates.

Statistics from Maybank Securities show that as of September 2024, interest rates on 12-month term deposits had increased by an average of about 0.6 percentage points from their low point in March 2024, mainly driven by private banks. Meanwhile, state-owned banks such as Vietcombank, BIDV , and VietinBank continued to control the increase in deposit interest rates to maintain low interest rates to support economic growth.

Currently, the highest deposit interest rates at some banks for certain terms include: 1-month term at 3.95%/year at Bac A Bank ; 3-month term at 4.3%/year at Eximbank; 9-month term at 5.65% at NCB; and 24-month term reaching 6.3%/year at ABBANK…

VNBA forecasts that by the end of October 2024, capital mobilized into the banking system could exceed 15 million billion VND - the highest level ever.

Source: https://nld.com.vn/lai-suat-tang-nguoi-dan-un-un-gui-tien-vao-ngan-hang-196241202194820832.htm