More banks apply interest rate of 1.9%/year

BIDV and Vietinbank reduced savings interest rates by 0.4 - 0.5% compared to the previous level, 1 - 2 month term reduced to 2.2%/year, 3 - 5 month term reduced to 2.5%/year, 6 - 9 month term applied 3.5%/year, 12 - 18 month term kept at 5%/year, 24 month term and above also kept at 5.3%/year. These are 2 state-owned banks that reduced their mobilization interest rates after Vietcombank and Agribank adjusted their interest rates.

SCB reduces savings interest rates to 1.9%/year

Vietcombank is the first bank to reduce its deposit interest rate to 1.9%/year. Recently, SCB has also sharply reduced its deposit interest rate from 0.2 - 1.8%/year. Accordingly, the deposit interest rate of this bank for 1 - 2 months is down to 1.9%/year; 2 - 5 months is at 2.2%/year; 6 - 11 months is at 3.2%/year; from 12 months and up is at 4.8%/year.

According to Rong Viet Securities Corporation (VDSC), deposit interest rates are currently very low, largely due to weak capital demand in the economy, which does not put much pressure on banks to mobilize capital. However, VDSC forecasts that deposit interest rates may gradually increase in 2024, following the recovery of economic activities. Some forecasts suggest that 12-month deposit interest rates of major commercial banks may increase by 0.25 - 0.5%, returning to 5.25 - 5.5% in 2024.

Savings interest rates are currently at their lowest level compared to the time before the Covid-19 pandemic. Maintaining low deposit interest rates for a long enough period of time is also a necessary condition to pull down lending interest rates.

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