Several banks have recently continued to reduce deposit interest rates for Vietnamese Dong by 1.25 - 3% per year compared to the beginning of the year. Interest rates of 9% per year or higher have almost disappeared from banks' interest rate boards, and even 8% per year rates are only sporadically available at a few banks. Cake by VPBank, a digital bank, recently reduced deposit interest rates by 0.2 - 0.3% per year. Specifically, interest rates for savings deposits under 6 months are 4.75% per year, 6-11 months are 7.9%, 12 months are 8.2%, 13 months are 8.3%, and from 15 months onwards, the rate is only 7.2% per year.
Banks continue to lower deposit interest rates.
LPBank has reduced deposit interest rates by 0.2 - 0.8% per year across various maturities. Accordingly, interest rates for maturities under 6 months are lower than the ceiling allowed by the State Bank of Vietnam, down to 4.53 - 4.65% per year; 6-month maturities are at 5.82%, 12 months at 6.1%, and 13 months at 6.24%. The highest interest rate is for the 18-month maturity at 6.49% per year. However, longer maturities have significantly lower interest rates, with maturities from 36 to 60 months down to 5.29% per year.
ABBANK reduced interest rates by 0.25 - 0.6% per year across various deposit terms. Interest rates for 1-5 months are now 4.5 - 4.75% per year, 6-7 months up to 7.2%, 10-13 months up to 7.3%, and 15 months or more up to 7.4%.
Interest rates in the interbank market rose slightly for short-term maturities at the end of last week, but are still lower than at the beginning of June, by 1.4-3% per year. Specifically, on June 22nd, overnight rates were 0.91%, 1 week 1.05%, 2 weeks 1.77%, 1 month 3.41%, and 3 months 4.75% per year. Interest rates for 6-month and 9-month maturities remained high, at 7.58% and 8.53% per year, respectively.
Source link
Comment (0)