Banks increase savings deposit promotions

Entering the peak credit season of the fourth quarter, banks are launching deposit promotion programs and promoting the issuance and sale of deposit certificates with the aim of increasing mobilization attraction while still sticking to the direction of stabilizing interest rates, avoiding putting pressure on loan interest rates.

BVBank announced deposit interest rates for November, highlighting the "10 golden days of interest" promotion program with the highest interest rate of 6.8%/year for a 12-month term deposited online. Other terms also have competitive interest rates and diverse terms to help customers optimize profits on idle money. Specifically, from November 3 to 13, customers have the opportunity to receive additional interest rates of up to 1.2%/year, applicable to terms of 1 month 4.75%/year, 6 months 6.5%/year, 12 months 6.8%/year. In November, BVBank launched online deposit certificates with high interest rates and flexible terms of 6 months, 9 months, 12 months, 15 months with the final interest rate of up to 6.3%/year. In addition to preferential interest rates for individual customers, corporate customers choosing online savings have an interest rate of 3.95% for a 1-month term, 4.0% for a 2-month term, and 4.15% for a 3-month term...

Banks increase interest rates on some terms to attract year-end depositors

Previously, VietinBank focused on attracting customers to deposit money with the package "Profitable savings - Instant gifts". This program applies to the entire VietinBank system, lasting until the end of March 2026. Accordingly, customers who open new term savings accounts will receive gifts in cash, in kind or beautiful account numbers (worth up to 5 million VND), and at the same time, their loyalty points will be doubled when depositing money through digital banking channels.

Similarly, other banks have recently launched incentive packages for depositors with many attractive promotions. For example, VietABank launched the product "Savings for Wealth" with interest rates from 6-6.8%/year for many terms. VIB has introduced a policy of adding 0.1%/year to the interest rate when customers deposit online savings from 1 million VND, with terms from 1 week to 36 months. Meanwhile, Cake by VPBank maintains the Accumulated Deposit product, allowing customers to deposit principal monthly from 100,000 VND/time with interest rates of 4.6-6.5%/year...

In general, since the beginning of November, the deposit interest rates have been adjusted upward by banks. Currently, there are more than 10 banks that have increased the deposit interest rates for all terms.

On average, in the group of joint stock commercial banks, the interest rate for 1-month deposits ranges from 1.6-4.1%/year; 3-month deposits range from 1.9-4.4%/year; 6-month deposits range from 2.9-5.3%/year; 12-month deposits range from 4.7-5.3%/year. With long-term deposits of 18-24 months or more, most banks pay interest rates of 5.8-5.95%/year, depending on deposit conditions.

In addition to slightly increasing deposit interest rates and increasing customer promotions, in the beginning of the fourth quarter, many banks also focused on issuing deposit certificate products such as: MB's deposit certificates for businesses, issued on the Biz MBBank 2.0 application platform; BIDV 's deposit certificates for individual customers with a minimum face value of VND 50 million, term of 1-24 months; VietinBank's Flexi deposit certificates (term of 12 months, face value of VND 100 million/certificate); NamABank's VND 1,000 billion deposit certificate package, interest rate from 6-6.7%/year, lasting until January; BVBank's deposit certificates (interest rate of 5.8-6.3% for terms from 6 months to 15 months)...

According to experts' analysis, the slight increase in deposit interest rates in recent weeks is a normal development, stemming from banks' efforts to mobilize capital to meet the year-end seasonal lending demand. MBS Research forecasts that deposit interest rates of banks may continue to increase slightly in the last weeks of the year; local liquidity pressure will be higher at some banks with rapid credit growth.

Dr. Chau Dinh Linh - lecturer at the Banking University of Ho Chi Minh City said that the slight increase in deposit interest rates by banks has an insignificant impact on the output interest rate level. Due to the seasonal business factor at the end of the year, the recovery of the real estate and housing market, some commercial banks may slightly increase lending interest rates in some terms and sectors. However, up to now, the average lending interest rate of the whole system has decreased to 6.53%/year and many banks are still maintaining preferential credit packages with a reduction of 0.5-1.5% interest rate. Not to mention, the US Federal Reserve's (Fed) interest rate reduction is also creating favorable conditions for Vietnam to maintain a stable monetary policy, reducing pressure on increasing domestic interest rates.

UOB Bank believes that with strong economic growth in the first 9 months of the year and no signs of slowing down, the State Bank of Vietnam will keep interest rates unchanged for the time being.

Source: https://thoibaonganhang.vn/ngan-hang-tang-khuyen-mai-tien-gui-tiet-kiem-173378.html