Banks speed up the race for year-end deposit interest rates

(Dan Tri) - Pressure to mobilize capital at the end of the year and competition with gold and stocks has caused many banks to raise deposit interest rates beyond 7%/year, even reaching 9%/year.

On November 4, the bank interest rate market continued its upward trend, as many banks simultaneously raised their deposit interest rates to over 7%/year.

Some banks raise special deposit interest rates up to 9%/year

According to records, PVcomBank is leading the market with the highest interest rate of up to 9%/year for a term of 12-13 months, applied when customers deposit money at the counter. However, to enjoy this "record" interest rate, customers must maintain a minimum deposit balance of VND 2,000 billion.

Next is HDBank , with interest rates of 8.1%/year for 13-month term and 7.7%/year for 12-month term, requiring a minimum deposit balance of VND 500 billion.

Vikki Bank applies an interest rate of 7.5%/year for term deposits of 13 months or more, with a minimum deposit amount of VND 999 billion.

In addition, Viet A Bank also joined the race to raise interest rates with the product "Savings for Wealth", in which the 18-month term reached the highest rate of 6.8%/year.

Competition on interest rates is becoming fiercer in the final months of the year, especially in the large and long-term deposit segment, reflecting the increased capital mobilization demand of credit institutions.

Currently, deposit interest rates at many banks have exceeded 6.5%/year for terms of 18-36 months, applied to amounts of 300 billion VND or more.

In the term deposit segment of the people, commercial banks also adjusted the interest rates slightly, but the increase was not as strong as the group of customers depositing hundreds of billions to thousands of billions of dong.

A survey by Dan Tri reporters shows that the Big 4 State-owned banks including Agribank , BIDV, Vietcombank and VietinBank are listing the highest interest rate at 4.8%/year, while the lowest is only 1.6%/year.

At joint stock commercial banks, 1-month deposit interest rates range 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.

Some units have raised interest rates beyond 6%/year, such as Bac A Bank and HDBank (6.1%/year for 18-month term), Vikki Bank (6.2%/year for 12 and 18-month term), Cake by VPBank (6%/year for 12-36-month term).

On the lending side, banks are also starting to adjust interest rates up. Ms. H. Van (HCMC) said that when she contacted some banks in the Big 4 group (BIDV, Vietcombank, VietinBank, Agribank) to ask about loan interest rates, she was informed that from the end of this month, loan interest rates will start to increase again.

Currently, personal loan interest rates (except for preferential packages for social housing or people under 35 years old) at BIDV, Vietcombank... are fluctuating at 5.5-6.5%/year in the first year. From the second year onwards, the interest rate is adjusted according to the floating interest rate of the market.

Interest rates at many banks exceed 7%/year (Photo: DT).

Expert: There will be "disorders" in the currency market

Sharing with Dan Tri reporter, Dr. Chau Dinh Linh - financial economic expert - commented that the increase in deposit and lending interest rates is a normal development, stemming from the pressure of profit growth of banks in the last months of the year.

“Banks must step up capital mobilization to meet business targets. At the same time, the demand for medium and long-term capital is increasing rapidly – ​​especially in the real estate and public investment sectors – making liquidity an important issue,” said Mr. Linh.

According to experts, the pressure on medium and long-term capital forces banks to raise deposit interest rates to attract cash flow. In addition, the interbank market is also experiencing strong liquidity fluctuations, causing many banks to proactively increase deposit interest rates.

In addition, banks also have to compete with other investment channels such as stocks and gold, so raising interest rates is also a way to retain capital flows.

Mr. Linh forecasts that the interest rate for long-term deposits (over 12 months) will continue to increase slightly, at a reasonable level from now until the end of the year. However, this development may create temporary "disorders" in the currency market, so the State Bank needs to monitor closely to have a timely response scenario.

However, the expert also emphasized that the US Federal Reserve's (Fed) interest rate cut is creating favorable conditions for Vietnam to maintain a stable monetary policy, reducing pressure on increasing domestic interest rates.

Source: https://dantri.com.vn/kinh-doanh/ngan-hang-tang-toc-dua-lai-suat-tien-gui-cuoi-nam-20251104103406128.htm