According to the market on the morning of May 26, many banks continued to adjust their deposit interest rates down.
After many days of keeping the deposit interest rate at the highest level in the banking system, up to 9.2%/year, An Binh Bank ( ABBank ) has just sharply reduced the interest rate, up to 0.8%.
According to the savings interest rate table on online channels and applications, the interest rate for 6-10 month deposits is now only 8.2% after decreasing by 0.3% and 0.5% respectively from today.
Interest rates for 12-13 month terms decreased by 0.5% to 8.3%/year.
Notably, the interest rate for terms of 15 months or more, which ABBank has listed at 9.2%/year for many days now, the highest deposit interest rate in the banking system, has now been sharply reduced to 8.4%/year for terms of 15 months or more (down 0.8%) and 8.5%/year for terms of 18 months or more (down 0.7%).
For savings at the counter, the highest rate also decreased to 8.3%/year for terms after 12 months, while the 6-month term was only 7.8%/year.
Thus, ABBank is the next bank in a series of more than 20 banks to reduce deposit interest rates on a large scale since the beginning of May.
Also this morning, Vietnam Thuong Tin Commercial Joint Stock Bank ( VietBank ) surprised everyone with its fourth consecutive interest rate cut since the beginning of May.
According to the latest online savings interest rate table, the 6-7 month term deposit interest rate at VietBank is 7.8%/year, down 0.2% compared to yesterday.
Interest rates for 8-11 month terms were also reduced by 0.4% to 7.7%/year by this bank.
Interest rates for 12-month terms decreased by 0.3% to 7.8%/year. Interest rates for 13-15-month terms decreased by 0.1% to 7.9%/year. Interest rates for 18-month terms and above decreased by 0.3% to 7.8%/year.
Saigon Thuong Tin Bank ( Sacombank ) also continues to reduce deposit interest rates from today, with a reduction of 0.1-0.4% interest rates for some terms.
Specifically, the online mobilization interest rate for 6-month term decreased by 0.4% to 6.8%/year, 7-month term decreased by 0.3% to 6.9%/year. 8-month term decreased by 0.2% to 7%/year, 9-month term decreased by 0.1% to 7.1%/year.
Sacombank kept the interest rate for 10-11 month terms at 7.2%/year, while the 12-month term decreased by 0.2% to 7.4%/year. The interest rate for terms of 15 months or more remained the same, from 7.6% - 7.8%/year.
This is the third time since the beginning of the month that Sacombank has reduced deposit interest rates.
Also participating in the reduction of deposit interest rates today is Asia Commercial Bank ( ACB ). Currently, the 6-month deposit interest rate at ACB has decreased by 0.3% to 6.2%/year, and the 9-month deposit interest rate has decreased by 0.2% to 6.4%/year.
Notably, the 12-month term has dropped sharply by 0.6% to only 6.6%/year. For deposits with a term of 13 months or more, ACB applies an interest rate of 6.7%/year, however, for deposits of VND200 billion or more, the interest rate will be 7.9%/year.
Notably, the banks in the “Big 4” group also continued to reduce deposit interest rates from today. This is the second interest rate reduction (for terms over 5 months) since the beginning of the month by the group of 4 banks BIDV, VietinBank, Vietcombank, and Agribank.
Specifically, BIDV Bank continues to reduce 0.4% of interest rates for all terms. Online interest rates for terms from 6 months to 11 months are applied by this bank at a "uniform" rate of 6.2%/year.
The 12-month term is currently the highest interest rate deposit term at BIDV, at 6.9%/year. The bank sets the interest rate for terms of 13 months or more at 6.8%/year.
VietinBank also reduced interest rates by 0.4-0.7% for all terms. For deposits with terms of 6-9 months, the reduction is up to 0.7%, down to only 6%/year.
Interest rates for terms of 12 months or more were also reduced by 0.4% to 6.8%/year by VietinBank.
At Agribank , the decrease is 0.3% - 0.4%. Interest rates for 6-9 month terms decreased by 0.3% to 6.6%/year. 12 month terms decreased by 0.4% to 6.8%/year, while terms of 13 months or more also decreased by 0.4% to 6.6%/year.
Meanwhile, Vietcombank reduced 0.5% for electronic savings with a term of 6-9 months, down to only 6%/year. For a term of 12-24 months, this bank reduced the interest rate by 0.4%, down to 6.8%/year.
According to Vietnamnet statistics from the beginning of May until now, banks that have reduced deposit interest rates include: VietA Bank, VIB, OCB, Eximbank, MSB, VPBank, TPBank, Vietcombank, Agribank, VietinBank, BIDV, KienLongBank, NamA Bank, NCB, Saigonbank, PVCombank, HDBank, OceanBank, Sacombank, Techcombank, BacA Bank, SCB, DongA Bank, VietBank, MB, SeABank, ACB and BaoViet Bank.
Banks that reduced interest rates twice during this period are NCB, Eximbank, VPBank, BIDV, VietinBank, Vietcombank, Agribank, KienLong Bank and Saigonbank, TPBank, BacA Bank, OCB, MSB and Techcombank.
OCB and Sacombank have reduced deposit interest rates three times in less than a month.
VietBank alone has reduced deposit interest rates four times since the beginning of May.
| HIGHEST DEPOSIT INTEREST RATE ON MAY 26 (%/year) | |||||
| BANK | 6 MONTHS | 9 MONTHS | 12 MONTHS | 15 MONTHS | 18 MONTHS |
| GPBANK | 8.3 | 8.4 | 8.5 | 8.6 | 8.6 |
| VIETA BANK | 8.3 | 8.4 | 8.5 | 8.5 | 8.5 |
| ABBANK | 8.2 | 8.2 | 8.3 | 8.4 | 8.5 |
| NCB | 8.2 | 8.2 | 8.25 | 8.15 | 8.15 |
| PVCOMBANK | 7.5 | 7.9 | 8.2 | 8.3 | |
| NAMA BANK | 8.5 | 8.1 | 8.2 | 8.1 | 8.1 |
| OCB | 8 | 8.1 | 8.1 | 8.1 | 7.9 |
| BAOVIETBANK | 7.7 | 7.8 | 8.1 | 7.9 | 7.8 |
| HDBANK | 8.1 | 6.9 | 8.1 | 7 | 7.1 |
| VIETCAPITAL BANK | 7.4 | 7.7 | 8 | 8.2 | 8.3 |
| BACA BANK | 7.7 | 7.8 | 7.9 | 8 | 8.1 |
| SHB | 7.5 | 7.5 | 7.9 | 8 | 8 |
| SCB | 7.8 | 7.8 | 7.85 | 7.65 | 7.65 |
| VIETBANK | 7.8 | 7.7 | 7.8 | 7.9 | 7.8 |
| LPBANK | 7.7 | 7.7 | 7.8 | 8.2 | 8.2 |
| KIENLONGBANK | 7.7 | 7.9 | 7.8 | 7.6 | 7.6 |
| SAIGONBANK | 7.4 | 7.5 | 7.8 | 7.4 | |
| OCEANBANK | 7.6 | 7.7 | 7.8 | 7.8 | 8.1 |
| TPBANK | 7.6 | 7.7 | 7.5 | ||
| VPBANK | 7.7 | 7.9 | 7.7 | 6.9 | 6.9 |
| EXIMBANK | 7.5 | 7.5 | 7.6 | 7.6 | 7.6 |
| CBBANK | 7.2 | 7.3 | 7.5 | 7.55 | 7.55 |
| MSB | 7.3 | 7.3 | 7.4 | 7.4 | 7.4 |
| SACOMBANK | 6.8 | 7.1 | 7.4 | 7.6 | 7.7 |
| SEABANK | 7.1 | 7.19 | 7.4 | 7.55 | 7.6 |
| MB | 6.5 | 6.6 | 7.2 | 7.3 | 7.3 |
| BIDV | 6.2 | 6.2 | 6.9 | 6.8 | 6.8 |
| TECHCOMBANK | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 |
| VIETINBANK | 6 | 6 | 6.8 | 6.8 | |
| AGRIBANK | 6.6 | 6.6 | 6.8 | 6.6 | 6.6 |
| VIETCOMBANK | 6 | 6 | 6.8 | ||
| DONGA BANK | 6.35 | 6.45 | 6.7 | 6.9 | |
| ACB | 6.2 | 6.4 | 6.6 | 6.7 | 6.7 |
| VIB | 7.7 | 7.8 | 7.9 | 7.9 | |
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