Banks accelerate the race to lower savings interest rates.

VTC News•14/05/2023

On May 12-13, as many as 11 banks reduced deposit interest rates, including the "Big 4" banks. Since the beginning of May, the total number of banks that have reduced interest rates has reached 15.

Orient Commercial Bank (OCB ) has significantly reduced online deposit interest rates for various terms. Previously, the maximum rate allowed by the State Bank of Vietnam (SBV) was 5.5% per year for terms of 1-3 months. Now, the interest rate is 5.3% per year for 1-month deposits and 5.45% per year for 3-month deposits.

Having been listed at 8.5%/year for several months, OCB has adjusted the interest rate for 6-month term deposits to 8.1%/year.

Interest rates for 9-11 month terms also decreased from 8.6% to 8.2% per year. Similarly, the 12-13 month term rate decreased from 8.5% to 8.2% per year. This is also the interest rate for the 15-month term, which the bank previously listed at up to 9.1% per year.

Interest rates on 18-month deposits have dropped sharply from 9.1% to just 7.9% per year. This is also the current interest rate for deposits with terms of 18 months or more.

Banks accelerate the race to lower savings interest rates - 1 — Many banks are adjusting interest rates. (Photo: Hoang Ha)

From being among the banks with the highest deposit interest rates, OCB's interest rates have now fallen to an average level compared to the general market.

Similarly, VietBank announced a reduction in deposit interest rates for terms of 13 months or more. Interest rates for these terms decreased slightly by 0.1%, from 8.7% to 8.6% per year.

Eximbank has reduced deposit interest rates for terms of 12 months or more. The 12-month interest rate decreased from 7.8% to 7.6% per year. Interest rates for terms of 15 months or more also decreased uniformly from 8% to 7.6% per year.

According to Eximbank's latest interest rate schedule, terms from 6 to 9 months have an interest rate of 7.5%, and terms of 12 months or more also have the same interest rate of 7.6%/year.

MSB Bank has drastically reduced interest rates across a range of maturities. Online deposit interest rates for 6-9 month terms have dropped from 8% to just 7.2% per year. Previously listed at 8.1% per year, deposit rates for 12 months or more are now only 7.3% per year.

VPBank has also joined the wave of interest rate cuts. This bank announced a reduction in deposit interest rates effective May 12th across all maturities.

Online deposit interest rates for terms of 1-5 months decreased from 5.5% to 5.4% per year. For terms of 6-7 months, rates decreased from 8.2% to 7.9% per year; and for terms of 8-9 months, rates decreased from 8.2% to 8.1% per year.

Meanwhile, deposit interest rates for terms of 10 to 13 months decreased from 8.4% to just 7.9% per year. Interest rates for terms of 15 months or more also decreased slightly from 7.2% to 7.1% per year.

TPBank also reduced deposit interest rates by 0.1% for 6-month terms to 7.7%/year. Interest rates for 12-month terms decreased by 0.2% to 7.8%/year. Interest rates for terms after 12 months were also reduced by 0.2% to 7.6%/year.

At PVCombank, the deposit interest rate for a 6-month term decreased by 0.2% to 7.5% per year. The interest rates for other terms remained unchanged.

The "Big 4" banks have also recently reduced deposit interest rates, although the reductions are not significant. Specifically, Vietcombank reduced the interest rate for 12-month term deposits by 0.2%, to 7.2% per year.

VietinBank has reduced the deposit interest rate for 12-month terms from 7.4% to 7.2% per year. In addition, the bank has further reduced interest rates for other terms. The 6-9 month term rate decreased from 7.2% to 6.7% per year.

BIDV has uniformly reduced interest rates for terms from 6 to 11 months to just 6.6%/year, a decrease of 0.6% compared to before. The 12-month term has also seen a 0.2% reduction, now at 7.3%/year. Interest rates for terms after 12 months remain unchanged at 7.2%/year.

Agribank reduced interest rates for terms after 12 months but increased interest rates for shorter terms.

Interest rates for deposits with maturities of 6-9 months increased from 6.8% to 6.9% per year. Interest rates for 12-month maturities were slightly reduced by 0.1% to 7.2% per year. Rates for maturities of 13 months or more were reduced from 7.2% to 7% per year.

Earlier in May, NamA Bank, KienLong Bank, Saigonbank, NCB, VietBank, and Eximbank began reducing interest rates. Of these, VietBank and Eximbank reduced interest rates twice since the beginning of the month.

(Source: Vietnamnet)

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