Major banks continue to increase interest rates

VPBank increased interest rates today

According to Lao Dong, on July 17, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) issued a new interest rate schedule, increasing 0.1% for some terms.

VPBank's counter deposit interest rate table records the following changes:

1-month term interest rate remains at 3.0-3.2%/year.

3-month term interest rate increased by 0.1 percentage point, to 3.5-3.7%/year.

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

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

Interest rate for 36-month term remains at 5.5-5.6%/year.

Newly updated interest rate table for deposits at VPBank's counter. Screenshot.

VPBank's online deposit interest rate table also recorded a similar increase, currently listed about 0.1% higher than the counter interest rate:

1-month term interest rate remains at 3.1-3.3%/year.

3-month term interest rate increased by 0.1 percentage point, to 3.6-3.8%/year.

Interest rates for 6-9 month terms increased by 0.1 percentage points, to 4.8-5.0%/year.

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

Interest rate for 36-month term remains at 5.6-5.7%/year.

Newly updated online deposit interest rate table at VPBank. Screenshot.

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

Notably, Eximbank and VietBank have increased interest rates many times in a row since the beginning of the month.

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

In recent months, the interest rate tables of commercial banks have been constantly boiling due to the trend of increasing interest rates. Deposit interest rates at banks have recorded a sharp increase, especially for terms of 6-9 months. Notably, some banks have increased interest rates by nearly 1% in just one adjustment for these terms.

Since early July, the race to raise interest rates at banks has slowed down but continues. The interest rate rankings for 6-9 month terms show that up to 8 banks are currently listing 6-month term interest rates from 5.0%/year or higher - a rare interest rate mark for this term in the first months of 2024.

(See more banks with high interest rates HERE)

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