Sacombank shockingly reduces deposit interest rates

Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ) has just announced a shocking reduction in deposit interest rates for terms from 6 to 36 months, from 0.3 to 0.7 percentage points. This is also the second time this bank has reduced deposit interest rates since the beginning of the month.

According to Sacombank's online interest rate table, the bank interest rate for 6-8 month terms has decreased by 0.3 percentage points. Accordingly, the 6-month term is only 4.7%/year; the 7-month term is 4.8%/year, and the 8-month term is 4.9%/year.

Sacombank reduced the 9-month deposit interest rate by 0.35 percentage points to 4.95%/year. The 10-11 month terms also now have interest rates of 4.95%/year after being reduced by 0.54 and 0.55 percentage points, respectively.

Meanwhile, Sacombank's 12-13 month term deposit interest rate was sharply reduced by 0.6 percentage points to only 5%/year.

Even the 15-month term interest rate decreased by 0.65 percentage points to 5.05%/year; the 18-month and 24-month terms also decreased by 0.65 percentage points, to 5.1%/year and 5.15%/year, respectively.

The biggest decrease is the 36-month deposit interest rate, which has been brought down to 5.2%/year, down 0.7 percentage points.

This bank keeps the same interest rate for deposits with terms from 1 to 5 months. The interest rate for 1 month is currently only 3.6%/year, 2 month is 3.7%/year, 3 month is 3.8%/year, 4 month is 3.9%/year, and 5 month is 3.95%/year.

Also today, Bac A Commercial Joint Stock Bank ( Bac A Bank ) posted a new interest rate schedule with a reduction in all terms. This is the second time Bac A Bank has reduced interest rates since the beginning of the month.

According to the old deposit interest rate schedule, Bac A Bank listed the general interest rate for deposits with terms of 1-5 months at 4.35%/year. From today, the new deposit interest rate will be adjusted for the following terms: 1-2 month term is 3.8%/year, 3 month term is 4%/year, 4 month term is 4.2%/year, and 5 month term is 4.4%/year.

For interest rates for the remaining terms, Bac A Bank reduced the interest rate for 6-8 month deposits by 0.2 percentage points to 5.2%/year; for 9-11 month deposits, the interest rate also decreased by a similar amount to 5.3%/year.

Meanwhile, interest rates for 12-13 month terms decreased slightly by 0.1 percentage points to 5.5%/year. The 15 month term also decreased by 0.1 percentage points to 5.55%/year.

A similar reduction occurred for 18-36 month term deposits after the bank interest rate for these terms dropped to 5.85%/year. This is also the highest bank interest rate at Bac A Bank.

Also today, Orient Commercial Joint Stock Bank ( OCB ) reduced deposit interest rates for the second time since the beginning of the month after the first time on November 8.

Notably, OCB is also a rare bank that has increased deposit interest rates when on November 14, this bank raised interest rates for terms of 18 - 36 months.

According to OCB's online deposit interest rate table on November 23, the deposit interest rate for 1-2 month terms remains unchanged at 3.8% and 3.9%/year, respectively.

The change began to take place at terms of 3 months or more when deposit interest rates for terms from 3 to 36 months simultaneously decreased by 0.1 percentage points.

Accordingly, the interest rate for online deposits with a term of 3-5 months is 4%/year; for a term of 6-8 months is 5.1%/year; for a term of 9-11 months is 5.2%/year; for a term of 12-15 months is 5.4%/year; for a term of 18-21 months is 6.1%/year; for a term of 24 months is 6.2%/year; and for a term of 36 months is 6.3%/year.

Thus, the interest rate for deposits with terms from 18 to 36 months at OCB is still at the highest level of over 6%/year. In which, the interest rate for a 36-month term is up to 6.3%/year, which is the highest interest rate for deposits at this bank.

HIGHEST DEPOSITS INTEREST RATE TABLE ON NOVEMBER 23 (%/year)
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
HDBANK	3.85	3.85	5.7	5.5	5.9	6.5
PVCOMBANK	3.65	3.65	5.6	5.6	5.7	6
OCEANBANK	4.3	4.5	5.5	5.6	5.8	5.8
BAOVIETBANK	4.4	4.75	5.5	5.6	5.9	6.2
VIETBANK	3.8	4	5.4	5.5	5.8	6.2
KIENLONGBANK	4.55	4.75	5.4	5.6	5.7	6.2
VIET A BANK	4.4	4.4	5.4	5.4	5.7	6.1
NCB	4.25	4.25	5.35	5.45	5.7	6
GPBANK	4.05	4.05	5.25	5.35	5.45	5.55
BVBANK	4	4.15	5.25	5.4	5.5	5.55
BAC A BANK	3.8	4	5.2	5.3	5.5	5.85
SHB	3.5	3.8	5.2	5.4	5.6	6.1
SAIGONBANK	3.4	3.6	5.2	5.4	5.6	5.6
OCB	3.8	4	5.1	5.2	5.4	6.1
LPBANK	3.8	4	5.1	5.2	5.6	6
CBBANK	4.2	4.3	5.1	5.2	5.4	5.5
MB	3.5	3.8	5.1	5.2	5.4	6.1
VIB	3.8	4	5.1	5.2		5.6
MSB	3.8	3.8	5	5.4	5.5	6.2
EXIMBANK	3.6	3.9	5	5.3	5.6	5.7
VPBANK	3.7	3.8	5	5	5.3	5.1
SCB	3.75	3.95	4.95	5.05	5.45	5.45
PG BANK	3.4	3.6	4.9	5.3	5.4	6.2
NAMA BANK	3.6	4.2	4.9	5.2	5.7	6.1
DONG A BANK	3.9	3.9	4.9	5.1	5.4	5.6
ABBANK	3.7	4	4.9	4.9	4.7	4.4
TPBANK	3.6	3.8	4.8		5.35	5.7
TECHCOMBANK	3.55	3.75	4.75	4.8	5.15	5.15
SACOMBANK	3.6	3.8	4.7	4.95	5	5.1
AGRIBANK	3.4	3.85	4.7	4.7	5.5	5.5
BIDV	3.2	3.5	4.6	4.6	5.5	5.5
VIETINBANK	3.4	3.75	4.6	4.6	5.3	5.3
SEABANK	3.8	4	4.6	4.75	5.1	5.1
ACB	3.3	3.5	4.6	4.65	4.7
VIETCOMBANK	2.6	2.9	3.9	3.9	5	5

Since the beginning of November, 26 banks have reduced deposit interest rates, including Sacombank, NCB, VIB, BaoVietBank, Nam A Bank, VPBank, VietBank, SHB, Techcombank, Bac A Bank, KienLongBank, ACB, Dong A Bank, PG Bank, PVCombank, VietA Bank, SCB, Eximbank, OceanBank, BVBank, OCB, TPBank, CBBank, HDBank, SeABank, GPBank.

Of which, VietBank, Dong A Bank, VIB, NCB, Techcombank, OCB, Bac A Bank, Sacombank are the banks that have reduced interest rates twice this November.

On the contrary, VIB, OCB and BIDV are the banks that have increased their deposit interest rates since the beginning of the month. With OCB, the bank increased interest rates for terms from 18-36 months. Meanwhile, BIDV increased interest rates for terms from 6-36 months, and VIB increased interest rates for terms from 2-5 months.

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