BIDV adjusts savings interest rates down from March 19

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has recently made a move to reduce deposit interest rates at many terms.

Specifically, in the online deposit interest rate table, BIDV has reduced the deposit interest rates for terms from 1-11 months and from 24-36 months by 0.2 percentage points. The bank also reduced the deposit interest rates for terms from 12-18 months by 0.1 percentage points.

Accordingly, the mobilization interest rate is 1.8%/year for 1-2 month term, 2.1%/year for 3-5 month term, 3.1%/year for 7-11 month term, 4.7%/year for 12-18 month term and 4.8%/year for 24-36 month term.

After BIDV adjusted its interest rates, VietinBank is now the bank with higher deposit interest rates than the other 3 banks in the Big4 group: Agribank, BIDV and Vietcombank.

On the same day, Saigon Bank for Industry and Trade (Saigonbank) also adjusted its deposit interest rates. Notably, this bank only reduced its deposit interest rates for short terms, while its deposit interest rates for long terms were increased.

Accordingly, in Saigonbank's online interest rate table, interest rates for 1-5 month terms decreased by 0.2%. Specifically, the interest rate is 2.3%/year for 1 month term, 2 month term decreased to 2.4%/year, 3 month term decreased to 2.5%/year, 4 month term decreased to 2.7%/year and 5 month term decreased to 2.8%/year.

SaigonBank reduced its deposit interest rate by 0.1% for a 6-month term to 3.8% per year. Similarly, SaigonBank also reduced its deposit interest rate by 0.1 percentage point for a 7-8 month term to 3.9% per year and its deposit interest rate for a 13-month term to 5.2% per year.

Meanwhile, Saigonbank increased the interest rate for 18-month term deposits by 0.2 percentage points to 5.4%/year; the interest rate increased by 0.3 percentage points for 24-month term deposits to 5.7%/year and the interest rate for 36-month term deposits increased by 0.4 percentage points to 5.8%/year.

Thus, since the beginning of March until now, a total of 17 banks have reduced deposit interest rates including: ACB, MB, Techcombank, SCB, Saigonbank, PGBank, BVBank, Agribank, Agribank, VPBank, PVCombank, Dong A Bank, BaoViet Bank, GPBank, NCB, KienLong Bank, BIDV.

Previously, Saigon Commercial Joint Stock Bank (SCB) also reduced the interest rate for 1-5 month terms by 0.1 percentage points. This bank has reduced the online interest rate for 1-2 month terms to 1.65%/year and for 3-5 month terms to only 1.95%/year.

SCB keeps deposit interest rates unchanged for the remaining terms. The 6-11 month term is 3.05%/year, only 0.05 percentage points higher than the interest rates for the same term at Agribank and Vietcombank, but lower than other banks.

According to Bao Viet Securities (BVSC), the interest rate level has decreased, and the amount of capital mobilized in the economy has also decreased by 0.7% in the first two months of this year, which may increase the demand for finding other profitable assets instead of savings .

Source