Savings interest rates continue to fall

Some banks have recently continued to reduce interest rates on savings in VND by 1.25 - 3%/year compared to the beginning of the year. Interest rates of 9%/year or higher have almost disappeared from banks' interest rate tables, and 8%/year is only scattered in some banks. Digital bank Cake by VPBank has just reduced interest rates by 0.2 - 0.3%/year. Specifically, interest rates on savings for terms under 6 months are at 4.75%/year, 6 - 11 months at 7.9%, 12 months at 8.2%, 13 months at 8.3%, and 15 months or more at only 7.2%/year.

Banks continue to reduce deposit interest rates

LPBank reduced deposit interest rates by 0.2 - 0.8%/year for all terms. Accordingly, deposit interest rates for terms under 6 months are lower than the ceiling allowed by the State Bank, down to 4.53 - 4.65%/year, 6-month term has an interest rate of 5.82%, 12-month term 6.1%, 13-month term 6.24%. The highest interest rate for 18-month term is 6.49%/year. However, longer terms have much lower interest rates, with terms from 36 - 60 months down to 5.29%/year.

ABBANK reduced interest rates by 0.25 - 0.6%/year for all deposit terms. Deposit interest rates from 1 - 5 months are at 4.5 - 4.75%/year, 6 - 7 months up to 7.2%, 10 - 13 months up to 7.3%, 15 months and above 7.4%.

Interest rates on the interbank market increased slightly for short terms at the end of last week, but compared to the beginning of June, they are still 1.4 - 3% lower per year. Specifically, the interest rate on June 22 for overnight terms was 0.91%, 1 week 1.05%, 2 weeks 1.77%, 1 month 3.41%, 3 months 4.75% per year. The interest rates for 6 and 9 months are still high, at 7.58% and 8.53% per year, respectively.

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