More banks reduce deposit interest rates from June

Entering June, the interest rate level for savings deposits continued to show a cooling trend as many commercial banks announced further reductions.

According to the survey, many banks have further reduced deposit interest rates for individual customers such as HDBank, SHB , Saigonbank, Kienlongbank...

Specifically, HDBank 's new deposit interest rate table has further reduced the interest rate by 0.2 percentage points for terms of 6 months or more on the online channel. Accordingly, the interest rate applied by this bank for terms of 6 months, 12 months and 13 months has decreased to 7.9%/year from the previous level of 8.1%/year.

For deposit terms of 15-36 months, HDBank still maintains interest rates of 6.9-7.1%/year and for deposit terms of less than 6 months, interest rates are paid at 5%/year.

For the form of savings at the counter, HDBank has not changed the interest rate table. The interest rate for 1-5 month term is still at 5%/year; 6-month term is 6.6%/year; 12-month is 7%/year and for term over 12 months, the interest rate paid by this bank fluctuates in the range of 6.8-7.55%/year.

On June 1, SHB also announced a reduction in deposit interest rates by 0.2-0.6 percentage points for terms over 6 months in the form of online deposits and step-by-step savings by amount.

In the form of online deposits, the 6-month deposit term has been reduced by this bank from 7.5%/year to 7.2%/year; the 12-month term has been reduced from 7.9%/year to 7.7%/year; for terms longer than 12 months, the interest rate offered by SHB has been reduced from 8%/year to 7.7%/year.

Similarly, in the ladder savings interest rate table by amount, this bank is also adjusting the interest rate for 6-month term from 7%/year to 6.8%/year; 12-month term from 7.5%/year to 7.3%/year; and over 12-month term from 7.6-8%/year to 7.3-7.4%/year.

Two small-scale banks, Saigonbank and Kienlongbank, also continued to reduce deposit interest rates by 0.2-0.3 percentage points for terms of 6 months or more.

In particular, Saigonbank reduced 0.2% interest rates for over-the-counter and online deposits, applicable to terms of 6 months, 12 months, 13 months, currently listed at 7.2%/year; 7.6%/year and 8.2%/year respectively. Terms over 13 months are still kept at 7.4%/year by the bank; terms of 1-5 months are listed unchanged at 5%/year.

More banks reduce deposit interest rates from June - February — Since the beginning of June, four more banks have continued to lower deposit interest rates for individual customers. Photo: Chi Hung.

As for Kienlongbank, this bank has sharply reduced interest rates for online deposits. Particularly, the 6-month term has decreased by 1%, down to 6.7%/year; the 12-month term has decreased by 0.7% to 7.1%/year; the term over 12 months has decreased by 0.2-0.3% to 7.3-7.4%/year.

At PVComBank, the latest savings interest rate table also recorded a decrease compared to last month.

Specifically, for over-the-counter and online deposits, this bank has adjusted down for terms of 6 months or more by 0.5-0.7 percentage points/year.

At the counter channel, PVComBank's mass deposits with interest paid after 6 months have decreased from 7.7%/year to 7%/year, equivalent to a decrease of 0.7 percentage points. Similarly, deposits with a term of 12 months or more, which previously paid interest at 8.3%/year, have now also decreased to 7.8%/year.

On the online channel, banks are currently paying interest rates of 7.5-8%/year for deposits with terms of 6-11 months, down 0.5-0.7 percentage points compared to the previous rate of 8.2-8.5%/year. For terms of 12 months or more, banks are currently applying interest rates of 8.2-8.3%/year, also lower than the rate of 8.7%/year a month ago.

Although it has decreased compared to a month ago, PVComBank's current deposit interest rate is still competitive compared to the general market.

For short-term deposits, this bank also reduced the mobilization interest rate by about 0.2%. In particular, PVComBank has reduced the interest rate for 1-5 month term from 5.2%/year to 4.5%/year, applied to both counter and online deposits. This is currently also the mobilization interest rate among the lowest in the market for this term.

(Source: Zing News)

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