Personal and corporate deposits continue to 'pour' into banks

According to the State Bank, deposits from residents and businesses continue to 'pour' into banks - Photo: Q.DINH

Specifically, according to statistics from the State Bank, by the end of May, people's deposits in the banking system reached 6,347 trillion VND, while deposits of economic organizations reached 5,748 trillion VND.

Thus, people's deposits continued to increase from September last year to the end of May 2023.

It is worth mentioning that despite the cooling down of deposit interest rates in the market since the beginning of March, people's deposits in banks continue to increase.

By the end of May, deposit interest rates had fallen sharply compared to the peak in the fourth quarter of last year. Almost no banks listed deposit interest rates of 9%/year, while in November and December last year, interest rates of 10%/year, even 11%/year were quite common.

Compared to the end of December 2022, people's money deposited in banks increased by 8.21%, equivalent to 481,788 billion VND. The figure of 6,347 trillion VND is the highest level ever.

As for economic organizations, bank deposits at the end of May increased again compared to April by about VND94,000 billion, reaching VND5,748 trillion.

According to economic experts, although deposit interest rates have been on a downward trend for the past few months, deposits from residents and businesses are still pouring into banks, showing that production and business activities are facing difficulties. Therefore, people choosing to deposit money in banks at this time shows that savings channels are not only profitable but also a safe haven.

According to Tuoi Tre Online, deposit interest rates have decreased rapidly since mid-July. The highest mobilization interest rate applied for a 12-month term is listed by banks at around 6.3-6.5%/year.

The interest rate difference between terms is insignificant, many banks even keep the interest rates for 6 to 12 months at the same level./.

To help resolve difficulties for businesses and people, the Government recently directed banks to reduce interest rates, especially lending rates, by 1.5-2% per year.

According to TTO

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