Bank deposit interest rates move 'strangely'

For the first time in the past 6 months, the deposit interest rate market has gone through two consecutive business days without any bank adjusting its deposit interest rates. This raises the question of whether deposit interest rates have hit "bottom".

Currently, the group of banks with the highest deposit interest rates still includes PVCombank, NCB, OceanBank, BaoVietBank, CBBank, HDBank , VietA Bank. Deposit interest rates at these banks, with terms from 6 to 36 months, fluctuate from 5.7% - 6.5% per year. Among them, PVCombank is the only bank that applies an interest rate of over 6% right from the 6-month deposit term.

Deposit interest rates are temporarily stable. (Illustration photo: Government Newspaper) — Deposit interest rates are temporarily stable. (Illustration: Government Newspaper)

The Big 4 group still maintains the lowest deposit interest rates, from 4.1% to 4.7% per year for term deposits from 6 to 11 months and from 5.1% to 5.5% per year for term deposits from 12 months or more.

Notably, the interest rate on 1-2 month deposits at Vietcombank has dropped to a record low of only 2.8% per year.

Some private joint stock commercial banks also maintain extremely low deposit interest rates, such as ABBank, SeABank, Nam A Bank. Even the deposit interest rate for 6-9 months in this group has dropped below 5% per year. Meanwhile, ABBank also maintains the deposit interest rate for 12 and 18 months at 4.7% and 4.4% per year, respectively.

The fact that no bank has adjusted its deposit interest rates for two consecutive days shows that the deposit interest rate level has stabilized again. Many opinions predict that this trend will continue in November.

Interest rates posted at bank counters on November 4:

Bank	Term 03 months	Term 06 months	12 month term	24 month term
Agribank	3.3	4.3	5.3	5.3
Vietcombank	3.1	4.1	5.1	5.1
Vietinbank	3.3	4.3	5.3	5.3
BIDV	3.3	4.3	5.3	5.3
AB Bank	3.65	4.4	4.2	4.1
ACB	3.5	4.8	5.3	5.4
North Asia Bank	4.45	5.4	5.6	5.9
Bao Viet Bank	4.75	5.5	5.9	6.2
CB Bank	4.2	5.6	5.9	6.0
Dong A Bank	4.44	5.42	5.77	5.77
HD Bank	3.55	5.5	5.7	6.2
GP Bank	4.25	5.2	5.4	5.5
Hong Leong Bank	2.0	3.5	3.5	3.5
Kien Long Bank	4.35	5.2	5.5	6.0
LP Bank	3.7	4.8	5.3	6.1
MSB	3.3	4.5	5.1	5.8
Nam A Bank	4.65	4.7	5.0	5.9
NCB	4.45	5.55	5.75	5.95
OCB	4.1	5.1	5.5	6.0
Oceanbank	4.6	5.7	6.0	6.4
PVCombank	3.95	5.6	5.7	6.0
Sacombank	3.7	5.1	6.0	6.3
Saigonbank	3.6	5.2	5.6	5.6
SCB	4.5	5.3	5.6	5.6
SHB	3.9	5.2	5.6	6.1
Techcombank	3.55	4.85	5.25	5.25
TPBank	4.0	4.8	6.0	6.3
VBBank	4.0	5.3	5.7	6.3
VIB	3.8	5.0	5.4	5.7
Viet A Bank	4.4	5.6	5.9	6.2
Vietcapitalbank	4.3	5.5	5.7	5.85
VPBank	3.75	4.8	5.3	4.9