Savings interest rates up to 8% per year.

Transactions at a commercial bank, November 2022. Photo: *Giang Huy*

Since the beginning of March, some banks, especially smaller ones, have been offering high interest rate programs to attract depositors. Many branch employees are running programs offering an 8% annual interest rate for customers depositing savings for 6 months or more, with minimum deposit amounts ranging from 50 million to 200 million VND.

Specifically, at SeABank , customers depositing 100 million VND or more for a term of 6 months or longer will receive an interest rate of 8% per year.

Vikki Bank also launched an online deposit program with employee referral codes. Deposits under 100 million VND earn interest rates of approximately 7.9% - 8.1% per year, while savings accounts of 200 million VND receive interest rates of 8.3% - 8.5%, applicable for terms of 6 months or more.

Similarly, NCB also applies an interest rate of 8% - 8.2% per year for terms of 6 months, with a minimum deposit of 50 million VND. Some other banks such as MBV and GPBank offer preferential interest rates around 8% with minimum deposits of several hundred million VND.

The actual interest rates in the market are currently higher than the publicly listed rates, thanks to promotional programs or discount codes offered by bank branch staff.

Currently, the highest listed interest rate at this bank is around 7.5% per year (no minimum deposit amount required or need to be a VIP customer).

For a 12-month term, five banks listed interest rates of 7% or higher:SHB , PGBank, Oceanbank, UOB, and LPBank. Nearly 20 banks had the highest listed interest rates ranging from 6% to under 7%. The remaining 17 banks (including state-owned banks, a few private and foreign banks) paid interest rates below 6% per year.

For terms under 6 months, many banks currently pay the permitted ceiling of 4.75% per year, including SHB, PGBank, UOB, VPBank, OCB, BVBank, TPBank, PVCombank, and LPBank .

The upward trend in savings interest rates began at the end of last year, alongside rising interest rates in the interbank market. Mr. Dinh Duc Quang, Director of Currency Trading at UOB Vietnam, believes this development stems from high credit demand in the market. According to him, other factors also impact Vietnamese Dong liquidity, such as continued net selling by foreign investors in the stock market, leading to a withdrawal of real capital.

Furthermore, the policy of tightening tax management for household businesses has initially impacted the amount of money held in the banking system, while the disbursement of public investment aimed at bringing "real money" back into the economy remains slow.

Below are the officially listed bank savings interest rates, arranged from highest to lowest (for deposits under 1 billion VND), excluding actual agreements made by banks with regular customers, VIPs, or those depositing large sums of money.

According to vnexpress.net

Source: https://baodongthap.vn/lai-suat-tiet-kiem-len-8-nam-a238372.html