A bank increased its deposit interest rate to 8.3% per year.

According to the updated online savings interest rate schedule for individual customers with interest paid at the end of the term, recently released by PVCombank, the interest rate for terms of 1-5 months has been raised to 4.75%/year, which is also the maximum rate allowed by the State Bank of Vietnam for deposits under 6 months.

Compared to the previous interest rate schedule, the interest rate for a 1-month term at this bank increased by 0.8%, the 2-month term by 0.7%, the 3-month term by 0.65%, the 4-month term by 0.55%, and the 5-month term by 0.45%.

For deposit terms of 6-11 months, this bank also increased savings deposit interest rates by 0.6%, to 5.8% per year.

Notably, deposit interest rates for terms of 12 months or more at PVCombank have exceeded 6% per annum, after a simultaneous increase of 0.5%. Specifically, interest rates for 12-month and 13-month terms reached 6.1% per annum and 6.3% per annum respectively; while the 15-36 month term is listed at 6.8% per annum, the highest rate in the current published interest rate schedule of banks.

A bank raised interest rates to 8.3% per year. (Illustrative image).

In addition, PVCombank is also implementing a promotional program offering an additional interest rate of up to 1.5% per year for customers who deposit savings online on Fridays in December. Accordingly, individual customers who open a new online deposit account on the PVConnect platform, with a term of 12 months or more and a minimum deposit of 100 million VND, will enjoy this additional interest rate.

Therefore, if all conditions are met, the actual interest rate received by customers at PVCombank can reach 7.6%/year for a 12-month term, 7.8%/year for a 13-month term, and 8.3%/year for deposits with terms of 15-36 months, the highest rate on the market in the past two years.

PVcomBank is the 18th bank to increase deposit interest rates since the beginning of December. Prior to this, 17 banks had adjusted their interest rates upwards, including: Techcombank, MB, NCB, BVBank, Saigonbank, ACB, Bac A Bank, OCB, KienlongBank, Sacombank,SHB , PGBank, VIB, Vikki Bank, VCBNeo, BIDV, VPBank, and PVcomBank. Of these, NCB, VPBank, and Techcombank have adjusted their interest rates twice.

Previously, the market saw 21 banks increase deposit interest rates, including Sacombank, VPBank, MB, HDBank, GPBank, BVBank, Techcombank, BaoViet Bank, PVcomBank, LPBank, KienlongBank, MBV, Bac A Bank , Vikki Bank, Nam A Bank, NCB, VIB, TPBank, OCB, VCBNeo, and VietinBank. Of these, four banks increased interest rates 2-3 times within the month: BaoViet Bank, Techcombank, LPBank, and VPBank.

Currently, among state-owned banks ( Agribank , BIDV, VietinBank, Vietcombank), which maintain the lowest interest rates in the system, VietinBank and BIDV are two of the rare institutions that have recently adjusted their deposit interest rates upwards.

According to economist Dr. Nguyen Tri Hieu, the main reason for the rapid increase in deposit interest rates is the fast-growing economy, which leads to high demand for credit, forcing banks to raise interest rates to attract more capital.

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