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 service counter at Vietcombank's head office. Photo: Tran Viet/TTXVN

Most recently, Vietnam Joint Stock Commercial Bank for Industry and Trade ( VietinBank ) launched a promotional program for customers depositing savings, lasting until October 31, 2025. Accordingly, individual customers depositing 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, for deposits of 200 million VND or more, with terms of 1-36 months, depositors will receive gifts worth 50,000 - 80,000 VND, depending on the deposit amount and interest payment method. Especially, customers depositing 200 million VND or more, with a minimum term of 6 months, will also receive a premium account number worth 5 million VND.

Furthermore, VietinBank is doubling Loyalty points for customers who deposit savings online from 1 million VND with a term of 6 months or more, equivalent to 20 points for every million VND deposited, double the usual rate.

Simultaneously, the bank also added an extra 0.3 to 1% per year interest rate for customers depositing savings online for terms of 1-10 months, bringing VietinBank's online interest rate to the same level as the Vietnam Investment and Development Bank ( BIDV ), reaching 2% per year for terms of 1-2 months, 2.3% per year for terms of 3-5 months, and 3.3% per year for terms of 6-10 months.

Previously, Vietnam Foreign Trade Commercial Bank (Vietcombank) also launched a major promotional program to attract deposits. Specifically, customers depositing 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, for savings deposits of 30 million VND or more, with a term of 6 or 12 months, depositors will receive a lucky draw code to participate in a program with prizes worth billions of VND, including 1 grand prize of 1 billion VND, 10 first prizes of 100 million VND each, and 20 second prizes of 50 million VND each.

Not only the Big4 banks, but many other joint-stock commercial banks are also participating in the "race" to increase interest rates. Vikki Bank, a digital bank, is prioritizing female customers with an additional 0.2% interest rate per year for online deposits from October 20th to November 2nd, and is also organizing a lucky draw program with the top prize being 10 SJC gold bars. Meanwhile, Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) is giving away gifts and lucky draw codes with a grand prize worth 500 million VND, applicable to deposits from 25 million VND, with terms of 1-36 months.

Techcombank (Vietnam Technological and Commercial Bank) is adding up to 1% per year to its “Phat Loc Online” product with terms of 3, 6, and 12 months, applicable to deposits of 20 million VND or more, valid until October 31st. GPBank (Prosperity Era Commercial Bank) is implementing a program adding 0.8% per year to term deposits, running from October 13th to November 13th.

Southeast Asia Commercial Joint Stock Bank (SeABank) continues to maintain its policy of adding 0.5% per year to online savings deposits of 100 million VND or more, with terms of 6, 12, or 13 months.

Notably, Bac A Bank increased interest rates twice in the same month. In the second adjustment, Bac A Bank raised rates 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 adjustments, interest rates for customers depositing less than 1 billion VND at Bac A Bank range from 5.6% to 6.1% per year, while customers depositing 1 billion VND or more enjoy rates of 5.8% - 6.3% per year - currently the highest in the system.

In addition to regular programs, some banks are offering special interest rates of 6.5% - 9% per year, but these only apply to customers with very large deposits or who meet specific conditions. Vietnam Public Commercial Bank (PVcomBank) is leading the market with 9% per year for a minimum deposit of VND 2,000 billion, with a term of 12-13 months. Ho Chi Minh City Development Commercial Bank (HDBank) lists 8.1% per year for a 13-month term and 7.7% per year for a 12-month term, requiring a minimum balance of VND 500 billion…

According to experts, the simultaneous increase in deposit interest rates by many banks in October reflects the growing 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 major commercial banks is projected by the Economic and Financial Market Analysis Department of Techcombank to increase only slightly by about 20 basis points, but will still remain low, contributing to boosting 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