Banks accelerate the year-end fundraising race.

Entering November, interest rates continued to rise as a series of banks sharply increased deposit rates, with some exceeding 6% per year, indicating that the race to attract capital is heating up.

Customers conducting transactions at Vietnam Prosperity Commercial Bank ( VPBank ). Photo: VNA

Entering November, the deposit market continued to be active as many banks extended the interest rate hikes that began in October.

Interest rates have now exceeded 6% per annum for many maturities, even reaching 9% per annum in some special programs, clearly reflecting the pressure to raise capital before the peak credit season at the end of the year.

Interest rates rose sharply across the board after a "hot" October.

Statistics show that in October, as many as 10 commercial banks increased deposit interest rates – the highest number since the beginning of the year. While January saw 10 banks adjust interest rates, with some even lowering them, October saw no banks lowering interest rates.

Banks that adjusted their rates upwards include Sacombank, GPBank, NCB, Vikki Bank, Bac A Bank, VCBNeo, HDBank, VIB, Techcombank, andSHB . The increases ranged from 0.1 to 0.7 percentage points, with Sacombank attracting attention with the strongest increase in short-term maturities from 1-5 months.

Entering the beginning of November, deposit interest rates generally continued to rise, especially at private banks. Bac A Bank - which increased interest rates three times in October alone - currently maintains the highest rates in the market, with many terms exceeding 6% per year.

Along with adjusting their listing rates, a number of banks have launched additional incentive policies to attract deposits: VietinBank, Vietcombank, Vikki Bank, MB, Techcombank, VietBank, and LPBank are all implementing programs to add interest rates or offer gifts and reward points to new customers.

The Big 4 banks are maintaining low interest rates.

Contrary to the upward trend in the private sector, the group of state-owned banks including Vietcombank, VietinBank, BIDV, and Agribank have maintained their interest rates unchanged since the end of October.

Specifically, at Vietcombank, deposit interest rates for terms of 6-9 months are 2.9%/year, 12 months are 4.6%/year, and 24 months or more are 4.7%/year.

VietinBank and BIDV also maintain rates of 3% for 6-9 month terms, 4.7% for 12 months, and 4.8% for 24-month terms, respectively. Agribank's rates are commonly 3-4.8% per year.

The fact that the Big 4 firms continue to stay out of the interest rate hike race shows a stable policy direction, prioritizing the goal of supporting the economy and keeping capital costs low.

The highest interest rate reached 9% per year, but with special conditions.

According to the latest updates, the highest deposit interest rates on the market currently range from 6% to 9% per year, depending on the term and accompanying conditions.

Among joint-stock commercial banks, PVcomBank offers the highest rate of 9% per year for 12-13 month terms, but only for customers depositing at the counter with a minimum balance of 2,000 billion VND.

HDBank also offers interest rates of 8.1% for a 13-month term and 7.7% for a 12-month term, applicable to customers with balances of VND 500 billion or more.

Vikki Bank currently offers 7.5% per year for deposits of VND 999 billion or more; Bac A Bank lists the highest rate at 6.5% per year for 18-36 month terms, 6.3% for 13-15 month terms, and 6.2% for 12-month terms. IVB applies 6.15% per year for a 36-month term with deposits of VND 1,500 billion or more.

Meanwhile, Viet A Bank attracted attention with its "Dac Tai Savings" product, offering interest rates of up to 6.8% per year for an 18-month term.

Customers need to deposit a minimum of 100 million VND at the counter, with interest paid at the end of the term. LPBank also implements a flexible policy with an interest rate of 6.5% per year for customers depositing 300 billion VND or more.

The pressure to raise capital will continue in the fourth quarter.

According to analysts, the increase in deposit interest rates at the beginning of November indicates a strong demand for additional medium and long-term capital from banks, especially as lending activity picks up towards the end of the year.

However, the likelihood of interest rates continuing to rise sharply in the fourth quarter is not high, as monetary policy remains on an accommodative footing and liquidity in the banking system is currently relatively abundant.

Interest rates are expected to remain around their current levels until the end of 2025, before potentially cooling down slightly at the beginning of next year.

According to VNA

Source: https://baohaiphong.vn/ngan-hang-tang-toc-cuoc-dua-huy-dong-von-cuoi-nam-525456.html