Highest 9.3%/year with 'huge' conditions

On the first day of the week, June 12, Vietnam International Bank (VIB) announced a reduction in deposit interest rates, with a reduction of 0.3 percentage points for all terms of 6 months or more.

Currently, the online mobilization interest rate at VIB is applied for a term of 6-8 months at 7.4%/year; a term of 9-10 months at 7.5%/year; a term of 15-18 months at 7.6%/year; a term of 24-36 months at 7.7%/year.

Similarly, Saigon Thuong Tin Commercial Bank (Sacombank) reduced interest rates by 0.2 percentage points for terms of 6 months or more.

Online deposit interest rates for 6-month term are 6.6%/year, 7-month term is 6.7%/year, 8-month term is 6.8%/year. 9-month term is 6.9%/year, 10-11-month term is 7%/year, 12-13-month term is 7.2%/year. In addition, 15-month term is 7.3%/year, 18-month term is 7.35%/year, 24-month term is 7.4%/year;…

HDBank also reduced its interest rate by 0.2 percentage points. Specifically, this bank lowered its interest rate for 6-month, 12-month and 13-month terms to 7.7%/year.

Notably, this is the second time since early June that HDBank has reduced its deposit interest rates, and all have been for terms of 6, 12 and 13 months, each time by 0.2 percentage points. Previously, the bank had reduced its deposit interest rates on June 2.

HDBank listed online deposit interest rates for the remaining terms as follows: 1-5 month term 5%/year; 7-11 month, 24 month and 36 month terms 6.9%/year; 15 month term 7%/year, and 18 month term 7.1%/year.

This is also the highest interest rate announced by HDBank for online deposits. Meanwhile, the highest interest rate announced for over-the-counter deposits is 9.3%/year for deposits of VND300 billion or more.

Notably, BIDV also slightly adjusted the deposit interest rate for 12-month term.

The latest online deposit interest rate for a 12-month term has slightly decreased by 0.1 percentage point to 6.8%/year, equal to the terms from 13-36 months. This is also the highest deposit interest rate at BIDV, while the terms from 6-11 months have an interest rate of 6%/year.

BIDV is also the only state-owned commercial bank to adjust deposit interest rates down on the first day of the week.

Since the beginning of June, the market has recorded 15 banks reducing deposit interest rates, including: BIDV, Sacombank, VIB, HDBank, NCB, OCB, BVBank, VPBank, SCB, VietA Bank, TPBank, SHB, HDBank, KienLongBank, and Saigonbank.

Of which, HDBank and SCB are the banks that have reduced interest rates twice since the beginning of the month.

HIGHEST DEPOSIT INTEREST RATES AT BANKS ON JUNE 12 (%/year)
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
GPBANK	5	5	8.3	8.4	8.5	8.6
ABBANK	5	5	8.2	8.2	8.3	8.5
HDBANK	5	5	7.7	6.9	7.7	7.1
NAMA BANK	5	5	7.9	7.8	7.8	7.6
CBBANK	4.8	4.9	7.85	7.95	8.15	8.25
OCB	4.8	4.95	7.8	7.9	7.9	7.7
NCB	5	5	7.8	7.8	8	7.9
VIETA BANK	5	5	7.8	7.8	8	8
VIETBANK	5	5	7.8	7.8	7.8	7.8
BAOVIETBANK	5	5	7.7	7.8	8.1	7.8
BACA BANK	5	5	7.7	7.8	7.9	8.1
VIB	5	5	7.4	7.5		7.6
OCEANBANK	5	5	7.6	7.7	7.8	8.1
PVCOMBANK	4.5	4.5	7.5	7.9	8.2	8.3
EXIMBANK	5	5	7.5	7.5	7.6	7.6
TPBANK	4.8	5	7.4		7.5	7.5
VPBANK	4.9	4.9	7.4	7.7	7.4	6.6
SEABANK	5	5	7.3	7.33	7.8	7.41
PGBANK	5	5	7.3	7.3	7.5	7.5
SCB	5	5	7.35	7.35	7.45	7.25
MSB	5	5	7.3	7.3	7.4	7.4
SHB	5	5	7.2	7.2	7.7	7.7
SAIGONBANK	5	5	7.2	7.3	7.6	7.4
LPBANK	4.8	4.8	7.2	7.2	7.3	7.9
VIETCAPITAL BANK	4.5	4.8	7.1	7.4	7.7	7.8
ACB	5	5	7	7.05	7.1
TECHCOMBANK	4.7	4.7	6.9	6.9	6.9	6.9
SACOMBANK	5	5	6.6	6.9	7.2	7.35
KIENLONGBANK	5	5	6.7	6.9	7.1	7.3
MB	4.8	4.8	6.5	6.6	7.2	7.3
AGRIBANK	4.7	4.9	6.6	6.6	6.8	6.6
BIDV	4.6	5	6.2	6.2	6.8	6.8
VIETINBANK	4.5	4.9	6	6	6.8	6.8
VIETCOMBANK	4.5	5	6	6	6.8