Major banks are raising interest rates one after another.

VPBank raises interest rates today.

According to Lao Dong newspaper, on July 17, Vietnam Prosperity Commercial Bank (VPBank) issued a new interest rate schedule, increasing rates by 0.1 percentage point for some maturities.

The interest rate schedule for over-the-counter deposits at VPBank shows the following changes:

Interest rates for 1-month terms remain unchanged at 3.0-3.2% per annum.

Interest rates for 3-month terms increased by 0.1 percentage point, to 3.5-3.7% per year.

Interest rates for 6-9 month terms increased by 0.1 percentage point, to 4.7-4.9% per year.

Interest rates for 12-18 month terms increased by 0.2 percentage points, to 5.2-5.3% per year.

Interest rates for 36-month terms remain unchanged at 5.5-5.6% per annum.

Updated interest rate chart for over-the-counter deposits at VPBank. Screenshot.

VPBank's online deposit interest rate chart also recorded a similar increase, currently listed about 0.1 percentage point higher than the interest rate at the counter:

Interest rates for 1-month terms remain unchanged at 3.1-3.3% per annum.

Interest rates for 3-month terms increased by 0.1 percentage point, to 3.6-3.8% per year.

Interest rates for 6-9 month terms increased by 0.1 percentage point, to 4.8-5.0% per annum.

Interest rates for 12-18 month terms increased by 0.2 percentage points, to 5.3-5.4% per year.

Interest rates for 36-month terms remain unchanged at 5.6-5.7% per annum.

Updated online deposit interest rate table at VPBank. Screenshot.

Thus, since the beginning of July, the market has seen 12 banks increase interest rates, including: NCB, Eximbank, SeABank , VIB, BaovietBank, Saigonbank, VietBank, MB, BVBank, KienLong Bank, PVCombank, and VPBank.

Notably, Eximbank and VietBank have raised interest rates repeatedly since the beginning of the month.

Interest rates for 6-9 month terms surged above 5.0%/year.

In recent months, interest rates at commercial banks have been constantly fluctuating due to the upward trend. Deposit interest rates at banks have surged, especially for terms of 6-9 months. Notably, some banks have increased interest rates by nearly 1 percentage point in a single adjustment for these terms.

Since the beginning of July, the race to raise interest rates at banks has slowed down but continues. The ranking of interest rates for 6-9 month terms shows that as many as 8 banks are currently listing 6-month interest rates of 5.0%/year or higher – a rare rate for this term in the early months of 2024.

(See more banks with high interest rates HERE)

Details of deposit interest rates at various banks, updated July 17, 2024.