Vietcombank reduces interest rates to record low

The “big guy” Vietcombank has just adjusted its deposit interest rates further downwards starting today. Accordingly, the 1-2 month term has been reduced by another 0.2 percentage points, to only 2.8%/year. This is the only deposit term below 3%/year.

Vietcombank also reduced 0.2 percentage points for 3-5 month term deposits to only 3.1%/year.

For deposit terms from 6 to 11 months, interest rates also decreased by 0.2 percentage points to only 4.1%/year.

With a similar reduction, Vietcombank reduced interest rates for terms from 12 to 24 months to 5.1%/year.

Meanwhile, the remaining 3 banks in the Big 4 group, Agribank , BIDV and VietinBank, have not made any new moves. Therefore, the mobilization interest rate at Vietcombank, which was already the lowest in the market, is now even lower.

Previously, Vietcombank reduced deposit interest rates on October 4.

Dong A Commercial Joint Stock Bank (Dong A Bank) has just adjusted its deposit interest rates down by 0.2 percentage points for deposit terms from 6 to 36 months. This is the second time in October that Dong A Bank has reduced its deposit interest rates.

According to the bank interest rate schedule applied from October 20, the interest rate for 6-8 month term deposits is currently 5.5%/year after the reduction.

Interest rates for 9-11 month deposits have also dropped to 5.6% per year. 12 month deposits are now at 5.85% per year, officially leaving the 6% per year mark from today.

Interest rates for 18-36 month terms also decreased from 6.05% to 5.85%/year.

Currently, only the 13-month savings term maintains the highest rate of 6.1%/year.

However, this bank said that customers who deposit money for a term of 13 months or more, if choosing to receive interest at the end of the term, and deposits of VND200 billion or more, will be subject to an interest rate of up to 8%/year.

Meanwhile, bank interest rates for terms from 1 to 5 months remain at the old rate of 4.5%/year.

Saigon - Hanoi Commercial Joint Stock Bank ( SHB ) also continued to lower deposit interest rates for the second time since the beginning of October.

According to the online interest rate table for individual customers, bank interest rates for all terms have decreased by 0.1 percentage points.

Specifically, the interest rate for 1-month deposits is only 3.8%/year, 2-month deposits is 4%/year, 3-month deposits is 4.1%/year, 4-month deposits is 4.2%/year, and 5-month deposits has an interest rate of 4.3%/year.

For longer terms, SHB listed the interest rate for 6-8 month deposits at 5.4%/year, 9-11 month deposits at 5.6%/year, 12 month deposits at 5.8%/year, and 13 month deposits at 5.9%/year.

Currently, only deposit terms of 15 months or more are listed by SHB at over 6%, although interest rates for these terms have slightly decreased by 0.1 percentage points to 6.3%/year.

Since the beginning of October, 22 banks have reduced deposit interest rates, including: VIB, Sacombank, VietBank, SCB, VPBank, SHB, BIDV, VietinBank, HDBank, BaoViet Bank, Techcombank, SeABank, Viet A Bank, PG Bank, VietBank, Dong A Bank, Vietcombank, LPBank, Nam A Bank, CBBank, ACB and Bac A Bank.

Of which, Vietcombank, SHB, Dong A Bank, PG Bank, Nam A Bank, HDBank, VietBank, LPBank, Viet A Bank and Bac A Bank are the banks that reduced interest rates twice this month. On the contrary, there were two banks that increased deposit interest rates: GPBank on October 4 and SeABank on October 20.

HIGHEST DEPOSITS INTEREST RATE TABLE ON OCTOBER 20 (%/year)
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
PVCOMBANK	4.25	4.25	6.4	6.4	6.5	6.8
NCB	4.75	4.75	6.3	6.35	6.4	6.4
CBBANK	4.2	4.3	6	6.1	6.3	6.4
VIET A BANK	4.5	4.5	5.8	5.8	6.1	6.3
BAOVIETBANK	4.4	4.75	5.8	5.9	6.1	6.4
OCEANBANK	4.6	4.6	5.8	5.9	6.1	6.5
BAC A BANK	4.55	4.55	5.75	5.8	5.9	6.1
BVBANK	4.4	4.7	5.75	5.9	6.05	6.15
HDBANK	4.05	4.05	5.7	5.5	5.9	6.5
SAIGONBANK	3.6	4	5.7	5.7	5.9	5.9
VIETBANK	4.55	4.55	5.6	5.7	5.9	6.6
DONG A BANK	4.5	4.5	5.5	5.6	5.85	5.85
GPBANK	4.25	4.25	5.45	5.55	5.65	5.75
SHB	3.8	4.1	5.4	5.6	5.8	6.3
VIB	4	4.25	5.4	5.4		6
KIENLONGBANK	4.75	4.75	5.4	5.6	5.7	6.4
SCB	4.5	4.5	5.35	5.45	5.65	5.65
SACOMBANK	3.7	3.9	5.3	5.6	6.2	6.4
OCB	4.1	4.25	5.3	5.4	5.5	5.9
EXIMBANK	4	4	5.2	5.5	5.6	5.8
PG BANK	3.8	3.8	5.1	5.3	5.4	6.2
LPBANK	3.8	4	5.1	5.2	5.6	6.4
MB	3.5	3.8	5.1	5.2	5.4	6.1
VPBANK	3.9	3.95	5	5	5.3	5.1
ACB	3.5	3.7	5	5.1	5.5
TPBANK	3.8	4	5	5	5.55	6
MSB	3.8	3.8	5	5.4	5.5	5.5
TECHCOMBANK	3.55	3.75	4.95	5	5.35	5.35
SEABANK	4	4	4.8	4.95	5.1	5.1
NAMA BANK	4.65	4.65	4.9	5.2	5.7	6.1
ABBANK	3.7	3.9	4.9	4.9	4.7	4.4
AGRIBANK	3.4	3.85	4.7	4.7	5.5	5.5
VIETINBANK	3.4	3.75	4.6	4.6	5.3	5.3
BIDV	3.2	3.5	4.4	4.4	5.3	5.3
VIETCOMBANK	2.8	3.1	4.1	4.1	5.1	5.1