The Vietnam Bank for Agriculture and Rural Development (Agribank) has just adjusted its deposit interest rates down. This is the second time this month that Agribank has reduced interest rates.
Accordingly, for the 1-2 month term, Agribank's interest rate decreased by 0.5 percentage points to 2.2%/year. The mobilization interest rate for the 3-5 month term decreased by 0.8 percentage points to 2.5%/year.
Agribank also adjusted the interest rate for terms from 6-9 months down by 0.6 percentage points to only 3.6%/year. For terms from 12-18 months, Agribank kept the interest rate at 5%/year and for terms from 24-36 months at 5.5%/year.
On the same day, Lien Viet Post Joint Stock Commercial Bank (LPBank) also reduced deposit interest rates for all terms from 1 to 60 months by 0.3 percentage points. This is the first time this bank has reduced deposit interest rates since October.
Accordingly, LPBank's 1-month term interest rate is 3.5%/year, 2-month term is 3.5%/year and 3-month term interest rate is 3.7%/year. Interest rates for 4-5-month term deposits have decreased to 3.8% and 3.9%/year, respectively.
LPBank also reduced interest rates to 4.8%/year for terms of 6-8 months, and 4.9%/year for terms of 12 months.
For terms of 10 months or more, the bank still maintains an interest rate of over 5%/year. Of which, the interest rate for a 10-month term is 5% and for a 11-month term is 5.1%/year. The 12-month term is 5.3%/year and from 13 to 16 months is 5.4%/year. For an 18-month term, LPBank's interest rate is 5.7%/year.
Notably, the highest interest rate at LPBank is 6.1%/year for a term of 24 - 60 months. In the context of banks continuously reducing interest rates to below 5% at present, although it has been reduced by 0.3 percentage points, this interest rate is still high compared to the general level.
Vietnam International Commercial Joint Stock Bank (VIB) has adjusted down 0.2 percentage points for interest rates for terms from 1-36 months. For 1-month term, bank interest rates are at 3.4%/year and 3.5%/year for terms from 2-5 months.
The interest rate for deposits from 6-11 months at the bank is 4.7%/year and from 15-18 months is 5.1%/year. The highest interest rate at VIB is 5.3%/year for terms of 24-36 months.
For the third time in December, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) reduced deposit interest rates for some terms.
VPBank has adjusted down 0.2 percentage points to 3.3%/year for 1-2 month term, down 0.3 percentage points to 3.4%/year for 3-5 month term. And for 6-11 month term, down 0.2 percentage points to 4.3%/year.
Thus, up to now, more than 20 banks have reduced deposit interest rates including: HDBank, Techcombank, Eximbank, KienLongBank, SCB, PGBank, MB, MSB, NamA Bank, ABBank, Vietcombank, BIDV, VIB, VPBank, TPBank, Saigonbank, VietBank, ACB, VietinBank, Agribank, LPBank .
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