Banks accelerate the race to reduce savings interest rates

On May 12-13, 11 banks reduced their deposit interest rates, including the "Big 4" group. Since the beginning of May, the total number of banks reducing interest rates has reached 15.

Orient Commercial Bank (OCB ) has sharply reduced online deposit interest rates for all terms. Term from 1 to 3 months, previously at the maximum rate regulated by the State Bank of Vietnam was 5.5%/year. Now, the 1-month term has an interest rate of 5.3%/year and 5.45%/year for 3-month term deposits.

For many months, the 6-month deposit interest rate has been listed at 8.5%/year, OCB has adjusted it to 8.1%/year.

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

The 18-month deposit interest rate has dropped sharply from 9.1% to only 7.9% per year. This is also the deposit interest rate for terms of 18 months or more.

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

From a bank in the group with the highest interest rates, OCB's interest rates are now only average compared to the general level.

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%/year.

Eximbank reduced interest rates for deposits with terms of 12 months or more. The interest rate for 12-month terms decreased from 7.8% to 7.6% per year. The interest rate for terms of 15 months or more also decreased 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%, terms from 12 months or more also have the same interest rate of 7.6%/year.

MSB Bank has sharply reduced interest rates for a series of terms. Online deposit interest rates for terms of 6-9 months have dropped from 8% to only 7.2%/year. Deposit terms of 12 months or more, previously listed at 8.1%/year, are now only 7.3%/year.

VPBank also joined the wave of interest rate cuts. This bank announced a reduction in deposit interest rates from May 12 for all terms.

Online deposit interest rates for 1-5 month terms decreased from 5.5% to 5.4%/year. 6-7 month terms decreased from 8.2% to 7.9%/year; 8-9 month terms decreased from 8.2% to 8.1%/year.

Meanwhile, the interest rate for 10-13 month deposits decreased from 8.4% to only 7.9%/year. The interest rate for 15 months or more decreased slightly from 7.2% to 7.1%/year.

TPBank also reduced the 6-month deposit interest rate by 0.1% to 7.7%/year. The 12-month deposit rate decreased by 0.2% to 7.8%/year. The interest rate for terms after 12 months was also reduced by 0.2% to 7.6%/year.

At PVCombank, the 6-month deposit interest rate decreased by 0.2% to 7.5%/year. The bank kept the remaining terms at the old level.

The “Big 4” group has also recently reduced deposit interest rates, although the reduction is not large. Specifically, Vietcombank reduced the interest rate for 12-month deposits by 0.2%, to 7.2%/year.

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

BIDV reduced the term from 6 to 11 months to only 6.6%/year, down 0.6% compared to before. BIDV reduced the term of 12 months by 0.2% to 7.3%/year. The interest rate for terms after 12 months remained at 7.2%/year.

Agribank reduces interest rates for 12-month terms but increases interest rates for short terms.

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

Previously, in early May, NamA Bank, KienLong Bank, Saigonbank, NCB, VietBank, and Eximbank began to reduce interest rates. Of which, VietBank and Eximbank have reduced interest rates twice since the beginning of the month.

(Source: Vietnamnet)

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