At the end of September, people's deposits at banks continued to reach a new record of nearly 6.45 million billion VND, an increase of nearly 10% compared to the beginning of the year.
According to the latest data from the State Bank, in September, people "net deposited" more than 15,900 billion VND into the system. This monthly increase is higher than the same period three years ago, but lower than before the Covid-19 pandemic.
Compared to the beginning of the year, individual deposits increased by 9.95%, the highest increase since 2018.
Deposits from the public have been flowing into the banking system since October last year, following a race by banks to raise interest rates. The race during this period has pushed deposit interest rates up day by day, at times exceeding 10% per year. High-interest deposits, usually with terms of one year or more, will gradually mature from October this year to early 2024.
Meanwhile, interest rates on new deposits are now at a record low, below 6% per year. However, according to bank leaders and experts, people's cash flow will not shift massively to other investment channels such as real estate or stocks... after the recent series of fluctuations.
With the organizational block including enterprises and economic organizations ..., this group had 6.23 quadrillion VND in deposits in the banking system as of the end of September, an increase of 4.65% compared to the beginning of the year.
In general, deposits from individuals and organizations flowing into the banking system by the end of the third quarter reached VND12.68 trillion, up nearly 7.3% compared to the beginning of the year. Total means of payment (including valuable papers) held by banks by the end of September reached more than VND15 trillion, up more than 5.6% compared to the beginning of the year.
Quynh Trang
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