Bank deposit interest rates in Ha Tinh continue to fall sharply

Credit institutions in Ha Tinh are continuing to reduce capital mobilization interest rates, the lowest being 4.6%/year.

In May 2023, Bac A Bank's deposit interest rates continued to decrease with the highest deposit interest rate being 8.6%/year for 18-month and 24-month terms. In addition, the 12-month term has now dropped to 8.3%/year. Compared to the beginning of the year, the interest rate range at Bac A Bank has decreased sharply by about 1%/year. However, according to the assessment, this interest rate is still quite attractive and has not affected the deposit capacity of local people.

Customers come to deposit money at Bac A Bank Ha Tinh Branch.

Ms. Phan Thi Minh Thai - Head of Customer Service - Treasury (Bac A Bank Ha Tinh Branch) said: "Although the branch's capital mobilization interest rate has decreased, compared to the current level, this is still an ideal interest rate, so the number of customers coming to make deposit transactions is still high. Since the beginning of the year, the branch's capital mobilization has increased by over 300 billion VND; creating more resources to accompany investment projects for socio -economic development in the area".

If at the beginning of 2023, Techcombank Ha Tinh Branch listed deposit interest rates at 9.7%/year, now deposit interest rates have decreased sharply after many adjustments.

According to Ms. Duong Thu Huong - Head of Customer Service Department of Techcombank Ha Tinh Branch, currently, the highest deposit interest rate at the unit is only 7.6%/year (for terms of 6 - 12 months and terms over 12 months); with terms of 1 - 3 months, it has now decreased to 5.5%/year. The sharp decrease in interest rates has led to a decrease in customers' demand for deposits in recent days compared to the previous period.

From May 9, 2023, HDBank also reduced the mobilization interest rate by 0.3% for terms of 6, 12 and 13 months. Currently, the highest mobilization interest rate applied by this bank is 8.7%/year for a term of 13 months in the form of online savings.

Bank deposit interest rates in Ha Tinh continue to fall sharply

The highest deposit interest rate at Techcombank Ha Tinh Branch is currently 7.6%/year.

For terms of 1 - 5 months, HDBank currently offers the highest interest rate allowed by the State Bank at 5.5%/year, applicable to both counter and online channels; for terms of 6 - 11 months, the interest rate for deposits at the counter is fixed at 6.8%/year and for online deposits is 6.9 - 8.3%/year; for terms of 18 months or more, the interest rates for counter and online channels at HDBank are 6.8 - 7%/year and 6.9 - 7.1%/year, respectively.

VPBank has also just announced the latest listed interest rate schedule applicable from May 12, 2023 for terms over 12 months, which has decreased by 0.2%. In particular, the highest interest rate applied for terms of 12 - 13 months is only 8%/year, terms from 15 months to 36 months are reduced to 7.2%/year.

Not only joint-stock commercial banks but also state-owned banks have changed their deposit interest rates. For example, from May 11, 2023, the deposit interest rate applied to terms over 12 months at Agribank will decrease by 0.2%, down to 7%/year. This bank also reduced the deposit interest rate by 0.3% for terms from 1 month to less than 6 months.

Bank deposit interest rates in Ha Tinh continue to fall sharply

Agribank Ha Tinh II Branch "attracts" a large amount of deposits thanks to the prize-winning savings program.

According to records, although Agribank's interest rates are not high, it still attracts a large amount of residential deposits thanks to the prize-winning savings program. Specifically, from January 3, 2023, Agribank Ha Tinh II Branch opened a prize-winning savings package to celebrate its 5th anniversary with a structure of 674 prizes with a total value of over 1.2 billion VND, of which the special prize is a Toyota Cross car worth 854 million VND.

According to Mr. Vo Minh Manh - Deputy Director of Agribank Ha Tinh II Branch, the prize savings are a "catalyst" for the branch to increase mobilized capital. From January 3, 2023 to May 10, 2023, the program attracted nearly 1,070 billion VND in deposits from residents. Up to this point, the branch's mobilized capital has reached 12,238 billion VND, an increase of 550 billion compared to the beginning of the year.

Also on May 12, Vietcombank announced a new interest rate schedule for individual customers, which showed a downward trend in many terms. Specifically, for over-the-counter savings, the bank's 3-month interest rate has decreased from 5.4%/year to 5.1%/year; the 1-2 month term deposit interest rate has decreased from 4.9%/year to 4.6%/year. For online savings, the 12-month term interest rate has been adjusted down by 0.2%, to 7.2%/year.

Bank deposit interest rates in Ha Tinh continue to fall sharply

Reducing deposit interest rates will create room to reduce lending interest rates, supporting the economy.

As of April 30, 2023, the total mobilized capital of credit institutions in Ha Tinh reached VND 89,350 billion, an increase of 6.03% compared to the end of 2022. According to economic experts, although mobilization interest rates have decreased, capital mobilization of banks has still increased, because investment channels such as real estate, securities, gold, foreign currency... do not bring high profits and safety like savings deposits. And the fact that banks continuously reduce savings interest rates is the basis for reducing lending interest rates, contributing to economic recovery and development.

Mr. Ho Van Cat - Deputy Director of TAAD Ha Tinh Production, Investment and Trade Joint Stock Company shared: "To recover and develop after the COVID-19 pandemic, businesses and individuals in the area need large capital sources to serve reinvestment in production and business. We hope that banks will continue to reduce capital mobilization interest rates to have room to sharply reduce lending interest rates, supporting the economy".

Thu Phuong

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