Despite low interest rates, residential deposits continued to set a new record of more than VND6.7 million billion in April, an increase of more than VND120,000 billion in April.
State Bank of Vietnam just released statistics related to total means of payment and deposit of customers at credit institutions in April.
Accordingly, total means of payment by the end of April reached more than 16 million billion VND, up 0.13% over the beginning of the year. Customer deposits at the system credit institution reached more than 13.4 million billion VND, an increase of more than 120,000 billion in April.
Both economic and residential deposits grew positively in April. Specifically, deposits from economic organizations increased by more than VND81,000 billion in April, reaching more than VND6.7 million billion. However, due to a sharp decline in January and February, in the four months, economic organizations' deposits still recorded a decrease of more than VND133,000 billion (equivalent to a decrease of 1.95%).
Deposits from residents also increased by more than VND39,700 billion in April, reaching more than VND6.7 million billion, a new record. Accumulated from the beginning of the year, residential deposits increased by more than VND183,000 billion (equivalent to an increase of 2.8%).
Regardless record low interest rates In the first quarter of the year, deposits in the banking system continued to grow, but the growth rate was still lower than that of credit. Specifically, customer deposits in the system increased by 0.91% in the first four months of the year, while credit growth was 2.01%.
The July macroeconomic update report of MB Securities Company (MBS) just released shows that in June, commercial banks simultaneously adjusted deposit interest rates with increases ranging from 0.1% - 0.5%.
The move to increase input interest rates by commercial banks comes as the State Bank announced that credit as of June 24 increased sharply by 4.45%, from 2.4% at the end of May. This has prompted banks to increase savings interest rates to attract deposits to meet capital needs that have gradually improved over the months.
On the other hand, the group of state-owned banks kept the average 12-month term interest rate at 4.7%. Notably, VietinBank was the only bank to adjust its deposit interest rate in June, making its interest rate superior to the rest of the banks in the group, with interest rates increasing by 0.2%/year for terms from -11 months and 24-36 months.
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