Banks simultaneously lower deposit interest rates

NDO - After the State Bank thoroughly grasped and directed the entire system of credit institutions to implement solutions to stabilize deposit interest rates and reduce lending interest rates according to the Prime Minister's direction, credit institutions have simultaneously adjusted to reduce deposit interest rates; at the same time, launched many preferential credit programs with reasonable interest rates.

According to the latest statistics from the State Bank, as of March 4, 12 commercial banks have adjusted deposit interest rates down by 0.1-0.7% per year and for most terms.

Specifically: BVBank reduced 0.1-0.4%/year for terms from 6 to 60 months; MSB reduced 0.2%/year for terms from 13 to 36 months; VietBank reduced 0.1-0.4%/year for terms from 1 to 9 months and 12 months; SaiGonBank reduced 0.2%/year for terms from 12 to 36 months; KienlongBank reduced 0.2-0.7%/year for terms from 1 to 60 months; VIB reduced 0.1%/year for terms from 1 to 36 months; BaoViet Bank reduced 0.1-0.3%/year for terms from 12 to 36 months; Bac A Bank reduced 0.1-0.2%/year for terms from 1 to 36 months; VietABank reduced 0.1% for terms from 12 to 36 months; PGbank reduced 0.2% for terms from 24 and 36 months; Eximbank reduces interest rates by 0.1-0.3%/year depending on the term in some programs; LPbank reduces 0.1% for terms from 1-60 months.

In addition, credit institutions have also launched many product packages with preferential interest rates to stimulate credit demand such as: ACB launched the preferential loan interest rate package "First home" for customers aged 18-35 with preferential interest rates from only 5.5%/year, loan term up to 30 years. Or LPBank launched the package "Easy settlement - stable future" for young customers to borrow to buy or repair houses with interest rates from only 3.88%/year, loan term up to 35 years.

HDBank also announced a preferential credit package worth VND30,000 billion, applicable to individuals and households wishing to buy houses in 24 major cities, especially young people, with interest rates starting from only 4.5%/year, loan terms up to 50 years, principal grace period up to 5 years, helping customers easily balance their finances. Meanwhile, SHB launched a preferential credit package worth VND16,000 billion to serve the home buying needs of customers, especially young people, with interest rates starting from only 3.99%/year, principal repayment exemption for up to the first 60 months.

This shows that credit institutions have been actively implementing interest rate reductions under the direction of the Government, the Prime Minister and the State Bank, contributing to supporting businesses and people in borrowing capital for production, business and consumption.

Along with the implementation of credit institutions on interest rate reduction, to implement the direction of the Government and the Prime Minister on interest rate management in Official Dispatch No. 19/CD-TTg dated February 24, 2025, the State Bank has resolutely implemented management solutions, including proactive and flexible open market operations to reduce the interbank market interest rate level, thereby supporting credit institutions to access low-cost capital sources from the State Bank to have conditions to continue reducing lending interest rates in accordance with the orientation and policies of the Government and the Prime Minister.

Accordingly, the State Bank continuously conducts daily term purchase offers for valuable papers, diversifies and extends the term of purchase offers, and increases the volume of purchase offers to promptly and fully meet the liquidity needs of credit institutions and stabilize market sentiment.

At the same time, the State Bank conducted a purchase offer for valuable papers with maturities of up to 91 days to inject longer-term liquidity into the system, thereby supporting the credit institution system to promptly supply capital to serve the production and business activities of the economy, contributing to reducing the market interest rate level.

Notably, the State Bank has continuously reduced the interest rate on issuing State Bank bills from 4.0% to 3.1%/year (March 4), while gradually reducing the volume and moving towards stopping the issuance of bills from March 5, thereby sending a strong and positive signal about the State Bank's direction in reducing the market interest rate level.

As a result, the liquidity of the credit institution system is guaranteed and abundant, the sentiment of the monetary market is strengthened, and the interbank interest rate tends to decrease. The short-term trading interest rate on the interbank market on March 5 decreased and is currently around 4.0/year, closely following the interest rate offered to buy valuable papers of the State Bank.

Source: https://nhandan.vn/cac-ngan-hang-dong-loat-ha-lai-suat-tien-gui-post863214.html