Many commercial banks have begun to reduce interest rates.

(HNMO) - Following the move to reduce operating interest rates from the management agency, from May 25, many commercial banks have adjusted to reduce deposit interest rates.

Bank interest rates began to fall.

For the group of state-owned commercial banks, the Bank for Agriculture and Rural Development of Vietnam ( Agribank ), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Joint Stock Commercial Bank for Industry and Trade of Vietnam (VietinBank) reduced the 3-month term interest rate from 5.1%/year to 4.6%/year.

In particular, the Joint Stock Commercial Bank for Investment and Development of Vietnam ( BIDV ) adjusted down from 5.1%/year to 5%/year. BIDV also reduced the 12-month term interest rate from 7.2%/year to 6.9%/year, and the 24-month term from 7.2%/year to 6.8%/year.

In the group of joint stock commercial banks, at An Binh Joint Stock Commercial Bank (ABBank), the highest interest rate is only 8.5%/year, instead of the previous level of more than 9%/year, applied to online deposits of 18 months or more. Other terms also decreased simultaneously, the interest rate for deposits under 6 months decreased to 5%/year, the term of 6-9 months fluctuated between 7.8-7.9%/year; the term of 12 months was 8.1%/year.

At Orient Commercial Joint Stock Bank (OCB), the interest rate for terms from 1 to under 6 months is 4.7-4.9%/year; 6-9 month term is 7.4-7.6%/year; 12 month term is 7.9%/year. The highest interest rate applied at OCB is currently 8.5%/year when depositing online for a term of 12 months with an amount from 50 billion VND.

Meanwhile, many other commercial banks also reduced short-term interest rates by 0.3-0.7%/year compared to before. Specifically, Asia Commercial Joint Stock Bank (ACB) reduced interest rates from 4.8%/year to 4.1%/year for a 3-month term. Techcombank reduced from 5%/year to 4.7%/year. Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), National Commercial Joint Stock Bank (NCB)... also applied interest rates for this term to 5%/year.

Regarding lending interest rates, Agribank has announced the fifth consecutive reduction in lending interest rates, applicable from now until September 30, 2023. During this period, Agribank continues to reduce lending interest rates by 0.5%/year for existing medium and long-term loans of customers. It is estimated that about 2 million customers will be supported with a total amount reduced under this program of more than VND 1,000 billion. For short-term credit, Agribank is also implementing many preferential interest rate programs, the lowest level is only from 4.5%/year depending on the loan term and borrower.

Vietcombank also reduced VND lending interest rates by up to 0.5% per year for all loans of individual and corporate customers for a period of 3 months. The program does not apply to securities loans, real estate business loans, loans secured by valuable papers, overdrafts, etc. It is estimated that more than VND 600,000 billion of Vietcombank's outstanding loans with about 110,000 customers will have their lending interest rates further reduced during this period.

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