Some banks continue to lower interest rates.

Accordingly, Global Petroleum Commercial Bank (GPBank) has uniformly adjusted interest rates for terms ranging from 12 months to 36 months down to below 6% per year.

Specifically, interest rates for 12-month terms decreased to 5.95%/year, down 0.1%/year; for terms from 13 months to 36 months: 9.95%/year, down 0.2%/year. For short-term deposits, interest rates are 3.75%/year for 1 and 2 months; 4.1%/year for 4 and 5 months; 5.65%/year for 6 to 8 months; and 5.75%/year for 9 months.

Deposit interest rates continue to be adjusted downwards by banks. Photo:OCB

Along with GPBank, Orient Commercial Bank (OCB) also reduced interest rates for all deposit terms from 1 to 36 months, including both over-the-counter and online savings deposits.

Specifically, interest rates for 1-month and 2-month terms decreased by 0.3% and 0.4%/year respectively, to 3.6%/year; 3-month rates decreased by 0.3%/year to 3.8%/year; 4-month rates decreased to 4%/year, a decrease of 0.1 percentage points; and 5-month rates decreased by 0.3%/year to 4.2%/year.

Interest rates for terms of 6 to 11 months decreased by 0.4%/year to 4.6%/year; for terms of 12 to 15 months, it decreased by 0.4%/year to 4.7%/year; and for 18 months, it decreased by 0.4%/year to 4.8%/year. Specifically, the rates for 21 and 24-month terms dropped sharply by 0.65%/year and 0.75%/year respectively, to 4.85%/year; and the rate for 36 months decreased sharply by 1.05%/year, to only 4.75%/year.

Online deposit interest rates at OCB also saw the biggest reductions, with the 18-month term decreasing by 0.5%/year to 4.9%/year; the 21-month and 24-month terms decreased by 0.55%/year and 0.65%/year respectively, to 4.95%/year; and the 36-month term decreased by 0.95%/year to 4.85%/year.

Thus, with the exception of a few banks, most banks have lowered their highest deposit interest rates to below 6% per year. However, for customers with special deposits, banks still apply significantly higher interest rates than the regular rates.

For example, An Binh Commercial Joint Stock Bank (ABBank) applies a regular interest rate of 5.3%/year for a 13-month term, but if customers open new or renew 13-month term savings deposits with a deposit amount of VND 1,500 billion or more, they will receive an interest rate of 9.65%/year.

At Vietnam Public Commercial Bank (PVCombank), for regular customers' over-the-counter savings deposits, the applicable interest rate is 4.8% per year for a 12-month term and 5.0% per year for a 13-month term. However, for customers with balances of VND 2,000 billion or more, the special interest rate will be 9% per year for both terms.

Meanwhile, Ho Chi Minh City Development Commercial Bank ( HDBank ) offers an interest rate of 7.7%/year for customers depositing 500 billion VND or more, with interest paid at the end of the term for a 12-month deposit; for a 13-month term, also with a deposit of 500 billion VND or more, the applicable interest rate is 8.10%/year.

Source: https://hanoimoi.vn/mot-so-ngan-hang-tiep-tiep-giam-lai-suat-699241.html