The wave of increasing bank interest rates spreads widely.

A wave of interest rate hikes is spreading in the last days of October. A series of banks, including the “Big 4” banks, have simultaneously launched incentive programs and interest rate policies to attract deposit flows during the peak period at the end of the year.

Customer transaction counter at Vietcombank Head Office. Photo: Tran Viet/VNA

Most recently, the Vietnam Joint Stock Commercial Bank for Industry and Trade ( VietinBank ) has launched a preferential program for customers making savings deposits, lasting until October 31, 2025. Accordingly, individual customers who deposit money at the counter have the opportunity to receive gifts in cash or in kind with a value of up to VND 800,000.

Specifically, with a deposit of 200 million VND, with a term of 1-36 months, the depositor will receive a gift worth 50,000 - 80,000 VND, depending on the deposit amount and the method of receiving interest. In particular, customers depositing 200 million VND or more, with a minimum term of 6 months, will also receive a beautiful account number worth 5 million VND.

Not stopping there, VietinBank also doubles Loyalty points (accumulated points) for customers who deposit online savings from 1 million VND, with a term of 6 months or more, equivalent to 20 points for every million VND deposited, double the normal rate.

At the same time, the bank also added 0.3 to 1%/year interest rate for customers making online savings deposits for 1-10 months, bringing VietinBank's online interest rate on par with Vietnam Joint Stock Commercial Bank for Investment and Development ( BIDV ) to 2%/year for 1-2 months, 2.3%/year for 3-5 months, and 3.3%/year for 6-10 months.

Previously, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) also launched a big incentive program to attract deposits. Specifically, customers who deposit savings of 1 billion VND or more at the counter will receive VCB Loyalty points equivalent to 0.1% of the deposit value. In addition, with savings of 30 million VND or more, with a term of 6 or 12 months, depositors will be given a prize code to participate in a prize program worth billions of VND, including 1 special prize worth 1 billion VND, 10 first prizes of 100 million VND each and 20 second prizes of 50 million VND each.

Not only the Big4 group, many other joint stock commercial banks also joined the "race" to increase interest rates. Vikki Bank digital bank prioritized female customers with an additional interest rate of 0.2%/year when depositing online from October 20 to November 2, and organized a lucky draw program with the highest prize of 10 taels of SJC gold. Meanwhile, Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) gave away gifts and a special prize code worth VND500 million, applicable to deposits from VND25 million, with a term of 1-36 months.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) adds up to 1%/year to the "Phat Loc Online" product with terms of 3, 6 and 12 months, applicable to amounts from 20 million VND, valid until October 31. Prosperity Era Commercial Limited Liability Bank (GPBank) implements a program of adding 0.8%/year to term deposits, lasting from October 13 to November 13.

Southeast Asia Commercial Joint Stock Bank (SeABank) continues to maintain the policy of adding 0.5%/year for online savings from 100 million VND, term of 6, 12 or 13 months.

Notably, Bac A Commercial Joint Stock Bank (Bac A Bank) increased interest rates twice in the same month. In the second adjustment, Bac A Bank increased by 0.2 percentage points per year for 6-11 month terms and 0.3 percentage points per year for 12-36 month terms.

After adjustment, interest rates for customers depositing less than 1 billion VND at Bac A Bank range from 5.6% to 6.1%/year, while customers depositing 1 billion VND or more enjoy 5.8 - 6.3%/year - currently the highest in the system.

In addition to regular programs, some banks also offer special interest rates of 6.5 - 9%/year, but only apply to customers with very large deposits or meeting specific conditions. Vietnam Public Joint Stock Commercial Bank (PVcomBank) is leading the market with 9%/year for a minimum deposit of VND2,000 billion, term of 12-13 months. Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) listed 8.1%/year for a term of 13 months and 7.7%/year for a term of 12 months, requiring a balance of VND500 billion...

According to experts, the fact that many banks simultaneously increased their deposit interest rates in October reflects the increasing demand for medium and long-term capital, especially in the context of the peak credit disbursement cycle at the end of the year and the recovery of purchasing power. The 6-month deposit interest rate at the group of 14 large commercial banks is forecast by the Economic and Financial Market Analysis Department of Vietnam Technological and Commercial Joint Stock Bank (Techcombank) to increase slightly by about 20 basis points, but still remain at a low level, contributing to promoting credit growth and supporting the economy.

Source: https://baotintuc.vn/tai-chinh-ngan-hang/lan-song-tang-lai-suat-ngan-hang-lan-rong-20251024144004374.htm