A bank increased its deposit rate to more than 7%/year.

At the beginning of 2024, while banks continuously adjusted their deposit interest rates down, the National Citizen Bank (NCB) made a comeback, following Asia Commercial Joint Stock Bank (ACB ) in adjusting deposit interest rates up for many terms.

Accordingly, in this bank's online interest rate table, interest rates for 1-5 month terms increased by 0.5 percentage points to 4.75%/year.

In particular, the bank adjusted the interest rate for 6-7 month deposits up by 1.85 percentage points to 7.2%/year and for 8-9 month deposits up by 7.3%/year; and increased the interest rate for 10-11 month deposits by 1.9 percentage points to 7.35%/year.

At the same time, NCB also increased the interest rate for 12 and 13 month terms by 1.8 percentage points to 7.5%/year. Accordingly, the interest rate for these two terms became the highest mobilization interest rate at NCB.

For 15-18 month terms, interest rates increased by 1.4% to 7.4%/year. Interest rates for 24-30 month terms are 7.3%/year and for 36 and 60 month terms are 7.2% and 7.1%/year respectively.

Thus, with the current interest rate, when many banks are competing to reduce interest rates to below 5%/year, NCB is far ahead of the common interest rate level of 2-2.5%/year.

Not only online interest rates, NCB's counter interest rates also recorded an upward adjustment. Specifically, the interest rate for the 1-5 term is 4.75%/year.

Deposit interest rates increased from 5.2% to 7.05%/year for 6-7 month terms; increased to 7.15%/year for 8-9 month terms.

Interest rate for 10-11 month term is 7.2%/year, 12-13 month is 7.35%/year, 15-18 month is 7.25%/year, 24-30 month term is 7.15%/year, 36 month is 7.05%/year and 60 month is 6.95%/year.

On the same day, An Binh Commercial Joint Stock Bank (ABBank) also adjusted interest rates up for many terms except for the 1-11 month term.

Specifically, the bank has reduced the interest rate for 1-5 month term by 0.05 percentage points. Accordingly, the interest rate is 3.15% for 1 month term, 3.25%/year for 2 month term, 3-5 month term is 3.35%/year.

For 6-11 month terms, the bank reduced the interest rate by 0.1-0.3 percentage points, 6-month interest rate to 5%/year, 7-8 months 4.8%/year and 9-11 months 4.4%/year.

For the remaining terms, the bank increased the interest rates by 0.3 - 0.8 percentage points, the 12-month term interest rate increased by 0.1%/year, 13-36 months increased by 0.3%/year and 48-60 months increased by 0.8%/year to 4.4%/year.

On the other hand, continuing the downward trend at banks, on January 9, the International Commercial Joint Stock Bank (VIB ) adjusted the mobilization interest rates down for many terms. Accordingly, in the online mobilization interest rate table on January 9 of this bank, the deposit interest rate for the 1-month term decreased by 0.2 percentage points to only 3.2%/year.

Deposit interest rates decreased by 0.3 percentage points for 2-month terms to 3.2%/year, while 3-5 month terms decreased by 0.1 percentage points to 3.4%/year.

At the same time, VIB also slightly adjusted the interest rate for 6-11 month terms down by 0.1 percentage point to 4.6%/year.

The bank kept the mobilization interest rate unchanged at 5.1%/year for terms of 15-18 months, and 5.3%/year for terms of 24-36 months.

Thus, from the beginning of January 2024 to now, 11 banks have reduced deposit interest rates including: BaoViet Bank, Bac A Bank, KienLong Bank, LPBank, ABBank, GPBank, Eximbank,SHB , OCB, VIB, TPBank .

Source