People increase their bank deposits despite low interest rates

At the end of August, the amount of money people deposited in the banking system continued to reach a new record, with more than 6.43 million billion VND, an increase of 9.68% compared to the end of last year.

According to the State Bank, in August, people deposited more than 43,700 billion VND into the banking system. This is the highest monthly increase compared to the same period in many years.

People's deposits in banks are still increasing sharply in the context of continuously decreasing deposit interest rates. As of mid-August, about a dozen banks listed the highest interest rates for deposits under 1 billion VND, over 7% per year. More than 20 remaining banks listed the highest interest rates (usually for one-year terms) from 6% to under 7% per year. By the end of August, interest rates continued to decrease, with many major banks bringing them to levels lower than during the Covid-19 period.

For the organizational sector including enterprises, agencies, unions ..., this group deposited more than 103,000 billion VND into the banking system in August, after a month of net withdrawal of more than 74,000 billion VND. Compared to the beginning of the year, the amount of deposits of the organizational sector increased slightly, only about 1%, reaching more than 6 million billion VND.

The low interest rate environment during the Covid-19 period caused cash flow to shift strongly to investment channels such as stocks, real estate, etc. However, according to bank leaders, this trend will not repeat itself at the present time. Consumption and production activities are no longer interrupted by Covid-19, the real estate market is also gloomy after a series of adjustments, making cash flow seeking profits more cautious.

Quynh Trang

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