Short-term savings interest rates have hit their upper limit at many banks.

Many commercial banks have raised short-term savings interest rates to the maximum regulated rate of 4.75% per year. Photo: Viet Linh.

Entering December, many commercial banks continued to raise short-term savings interest rates (under 6 months) to the maximum level of 4.75%/year as stipulated by the State Bank of Vietnam, extending the wave of deposit interest rate increases that began in September, amidst increasing liquidity pressure in the system towards the end of the year.

Among the banks that have recently adjusted savings interest rates,OCB stands out by accepting deposits of 500 million VND or more with a term of 2-5 months at an interest rate of 4.75% per year.

Sacombank has also officially implemented a new interest rate schedule for individual customers, bringing the interest rate for online deposits with terms of 3-5 months to a ceiling of 4.75%/year; the 1-month term increased to 4.6%/year and the 2-month term to 4.7%/year.

BVBank also announced a new adjusted interest rate schedule from the beginning of December, in which the interest rate for terms of 92-183 days (3-6 months) increased to 4.7%/year, applicable to deposits from 1 to less than 100 million VND; while for deposits of 100 million VND or more, the interest rate is applied at the ceiling of 4.75%/year.

From December 8th, NCB also raised the interest rate on online deposits for a 5-month term to 4.75% per year.

Previously, from mid to late November, many banks such asVIB , NamABank, ABBank, MBV, and CIMB applied a ceiling interest rate of 4.75%/year for terms under 6 months.

Alongside raising interest rates, banks are also launching a series of promotional programs, offering additional interest or giving cash and gifts to attract savings during the year-end period.

Regarding the operating basis, on November 1, 2024, the Governor of the State Bank of Vietnam issued Decision 2411/QD-NHNN stipulating the maximum interest rate for VND deposits according to Circular 48/2024/TT-NHNN. Specifically, the ceiling for terms of 1 to less than 6 months is 4.75% per annum.

At the November government press conference, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha stated that as of November 27th, credit to the economy had reached over 18.2 million billion VND , an increase of 16.56% compared to the end of 2024; of which approximately 70% flowed into the service sector, 24% into industry and construction, and 6% into agriculture, forestry, and fisheries.

According to experts, the renewed interest rate competition not only reflects liquidity pressure during the peak credit season but also indicates a clear shift of funds into the banking system.

According to the latest data from the State Bank of Vietnam, by the end of September, household deposits had exceeded... 7.83 million billion VND , an increase of 10.86% compared to the beginning of the year, setting a new record. Previously, the Q3/2025 financial reports of 27 listed banks showed that total customer deposits had reached 12.27 million billion VND , an increase of over 1.13 trillion VND Compared to the end of 2024, this is equivalent to a growth rate of 10%.

Company Report Stock Rong Viet Securities (VDSC) assesses that the banking system has entered a peak period of disbursement. However, unlike the usual practice in previous years, the State Bank of Vietnam (SBV) has not relaxed the credit growth limit in October-November, causing the loan-to-deposit ratio of many large banks to approach 85%. With limited "room" and continued credit demand, banks are forced to consolidate cheap capital from the public.

Therefore, VDSC believes that interest rates are likely to remain high for the remainder of the fourth quarter. Banks with strong deposit bases will have a competitive advantage, while smaller banks will be forced to accept higher interest rates to maintain cash flow.

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