A series of banks join the race to increase deposit interest rates

After increasing interest rates for 1-12 month terms in May, Bao Viet Commercial Joint Stock Bank (BVBank) has continued to increase interest rates for all terms from today (June 11) with the highest increase of up to 0.75%/year.

The online deposit interest rate table just posted by BVBank shows that the 1-month deposit interest rate increased by 0.4%/year to 3.4%/year, the 2-month deposit increased by 0.35%/year to 3.45%/year, the 3-month deposit increased by 0.3%/year to 3.5%/year, the 4-month deposit increased by 0.25%/year to 3.55%/year, and the 5-month deposit increased by 0.2%/year to 3.6%/year.

Notably, BVBank adjusted the 6-month term bank interest rate up by 0.65%/year, to 4.9%/year.

The 10-month, 11-month and 12-month deposit terms increased by 0.45%, 0.3% and 0.75% per year, respectively. Thereby, the interest rates for these terms officially exceeded the 5% per year threshold, reaching 5.1%, 5.15% and 5.6% per year, respectively.

Interest rates for the remaining terms also increased, with the 15-month term having an interest rate of up to 5.7%/year (an increase of 0.65%/year).

The 18-24 month term currently has the highest interest rate of 5.8%/year after BVBank increased the 18-month term deposit interest rate by 0.55%/year and the 24-month term deposit interest rate by 0.45%/year.

Today, the market also witnessed the first two banks to increase interest rates for the second time in June, namely Global Petroleum Commercial Joint Stock Bank (GPBank) and Vietnam International Commercial Joint Stock Bank (VIB). Previously, these two banks had increased interest rates for all terms, respectively on June 3-4.

At GPBank, savings interest rates for terms from 1-36 months have increased by 0.4%/year from today, June 11.

According to the online deposit interest rate table just updated by GPBank, the 1-month term interest rate is currently at 3%/year, 2-month term is 3.5%/year, 3-month term is 3.5%/year, 4-month term is 3.54%/year, and 5-month term has a new interest rate of 3.55%/year.

Bank interest rates for 6-7 month terms are 4.85% and 4.95%/year respectively.
Notably, online deposit interest rates for 8-month and 9-month terms have exceeded the 5% mark, listed at 5.1% and 5.2% per year, respectively.

The 12-month deposit interest rate at GPBank is listed at 5.75%/year, while the 13-36 month terms are listed at 5.85%/year, the highest interest rate at this bank.

Meanwhile, VIB increased its online deposit interest rate for 1-2 month terms by 0.3% per year to 3.1% per year. Its 3-5 month term interest rate increased by 0.2% per year to 3.3% per year.

Interest rates for 6-8 month terms were slightly increased by VIB by 0.1%/year to 4.4%/year, and for 9-11 month terms by 0.2%/year to 4.5%/year.

Interest rates for 15-18 month deposits also increased by 0.2% per year and officially reached 5.1% per year. Interest rates for 24-36 month deposits also increased similarly and reached the highest interest rate of 5.3% per year.

Also joining the race to increase deposit interest rates is the National Commercial Joint Stock Bank (NCB), which simultaneously increased deposit interest rates for all terms, thereby becoming the new "champion" of the market in terms of deposit interest rates after 12 months.

NCB has adjusted the online deposit interest rate for 1-5 month terms to increase by 0.3%/year. Specifically, the 1-month term increased to 3.5%/year, the 2-month term increased to 3.7%/year, the 3-month term increased to 3.8%/year, the 4-month term increased to 3.9%/year, and the 5-month term increased to 4%/year.

NCB has become a rare bank to list interest rates for deposits under 6 months at 4%/year.

Meanwhile, the online deposit interest rate for a 6-month term is 5.05%/year after increasing by 0.4%/year; the 7-month term reached 5.1%/year after increasing by 0.4%/year.

Deposit terms of 8-9 months increased by 0.3%/year, up to 5.25%/year.

10-11 month term increased by 0.4%/year, to 5.3%/year and 5.35%/year.

Interest rates for 12-13-15 month terms are 5.6% - 5.7% - 5.8%/year respectively. These are among the top interest rates in the market for the same term at this time.

Notably, interest rates for 18-60 month deposit terms at NCB simultaneously reached 6.1%/year, the highest mobilization interest rate in the market today, after increasing by 0.4%/year.

With a series of banks adjusting interest rates, since the beginning of June, 16 commercial banks have increased their deposit interest rates, including: VietinBank, TPBank, VIB, GPBank, BaoViet Bank, LPBank, Nam A Bank, OceanBank, ABBank, Bac A Bank, MSB, MB, Eximbank, OCB, BVBank, NCB. Of which, GPBank and VIB have increased their deposit interest rates twice since the beginning of June.

On the other hand, Eximbank increased the interest rate for 1-9 month terms but reduced it by 0.1% per year for 15-36 month terms. TPBank increased the interest rate at the beginning of the month but then adjusted it down to bring the interest rate back to the old level.

Techcombank's interest rates increased for 12- and 24-month terms, from 4.7% to 4.9%. A few days ago, the bank also increased interest rates for 3, 6, 12, and 24-month terms. The 3-month term increased from 2.9% to 3.3%; the 6-month term increased from 3.8% to 4.1%; the 12- and 24-month terms both increased from 4.7% to 4.9%.

TPBank has sharply increased interest rates for terms of 3, 6 and 24 months. Of which, the 3-month term increased from 3.1% to 3.3%; the 6-month term increased from 4% to 4.2%; and the 24-month term increased from 5.2% to 5.6%.

VIB increased interest rates for 3-month and 6-month terms. Accordingly, the 3-month term increased from 2.7% to 2.9%; the 6-month term increased from 3.9% to 4%.

PvcomBank's interest rate is currently at its highest, at 9.5%/year for a 12-13 month deposit term with a minimum deposit of VND2,000 billion.

Next is HDBank with a fairly high interest rate, 8.1%/year for a 13-month term and 7.7% for a 12-month term, with the condition of maintaining a minimum balance of 500 billion VND.

MSB also applies a fairly high interest rate with interest rates at bank counters of up to 8%/year for a term of 13 months. The applicable conditions are that the savings book is newly opened or the savings book is opened from January 1, 2018, automatically renewed with a term of 12 months, 13 months and the deposit amount is from 500 billion VND.

Dong A Bank has a deposit interest rate, term of 13 months or more, end-of-term interest with deposits of 200 billion VND or more, applying an interest rate of 7.5%/year.

OCB applies an interest rate of 6% for a 36-month term; OceanBank also applies an interest rate of 6% for a 24-month term.

KHANH LINH (t/h)

Source: https://www.nguoiduatin.vn/loat-ngan-hang-gia-nhap-cuoc-dua-tang-lai-suat-huy-dong-a667868.html