Only 6 banks with interest rates from 8% for 6 months

This morning, June 2, SHB Bank of Mr. Hien announced a reduction of 0.2 - 0.3% in interest rates for deposits with terms of 6 months or more. This is the first time in the past month that SHB has reduced interest rates.

With a 0.3% reduction, the online deposit interest rate for 6-11 month terms at SHB is now 7.2%/year. Meanwhile, the 12-month deposit interest rate was reduced by SHB by 0.2% to 7.7%/year. The interest rates for the remaining terms all decreased by 0.3% and are currently at 7.7%/year.

HDBank also reduced interest rates. This is the second time this bank has reduced deposit interest rates within the past month.

Accordingly, HDBank reduced the interest rate for 6 and 12 month terms by 0.2% to 7.9%/year. This is also the highest interest rate at HDBank at the present time.

The bank maintains this interest rate for 6-month, 12-month and 13-month terms. The remaining terms (from 6 months and above) have interest rates from 6.9 - 7.1%/year.

Meanwhile, the remaining banks still keep the old interest rates.

Thus, since 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, LPBank, BaoViet Bank, and SHB.

Banks that reduced interest rates twice during this period are: Eximbank, VPBank, BIDV, VietinBank, Vietcombank, Agribank, TPBank, BacA Bank, OCB, MSB, NamA Bank, HDBank and Techcombank.

OCB, NCB, VietA Bank, KienLongBank, Saigonbank 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 RATES AT BANKS ON JUNE 2 (%/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
VIETA BANK	5	5	8	8	8.2	8.2
PVCOMBANK	5	5	7.5	7.9	8.2	8.3
NCB	5	5	8.1	8.1	8.15	8.05
OCB	4.8	4.95	8	8.1	8.1	7.9
BAOVIETBANK	5	5	7.7	7.8	8.1	7.8
VIETCAPITAL BANK	4.5	4.8	7.4	7.7	8	8.3
NAMA BANK	5	5	8	8.1	8	7.8
HDBANK	5	5	7.9	6.9	7.9	7.1
BACA BANK	5	5	7.7	7.8	7.9	8.1
SCB	5	5	7.8	7.8	7.85	7.65
VIETBANK	5	5	7.8	7.7	7.8	7.8
OCEANBANK	5	5	7.6	7.7	7.8	8.1
SHB	5	5	7.2	7.2	7.7	7.7
TPBANK	4.8	5	7.6		7.7	7.5
VPBANK	4.9	4.9	7.7	7.9	7.7	6.9
SAIGONBANK	5	5	7.2	7.3	7.6	7.4
EXIMBANK	5	5	7.5	7.5	7.6	7.6
CBBANK	3.9	3.95	7.2	7.3	7.5	7.55
PGBANK	5	5	7.3	7.3	7.5	7.5
MSB	5	5	7.3	7.3	7.4	7.4
SACOMBANK	5	5	6.8	7.1	7.4	7.7
SEABANK	5	5	7.1	7.19	7.4	7.6
LPBANK	4.8	4.8	7.2	7.2	7.3	7.9
MB	4.8	4.8	6.5	6.6	7.2	7.3
KIENLONGBANK	5	5	6.7	6.9	7.1	7.3
ACB	5	5	7	7.05	7.1
BIDV	4.6	5	6.2	6.2	6.9	6.8
TECHCOMBANK	4.7	4.7	6.9	6.9	6.9	6.9
VIETINBANK	4.5	4.9	6	6	6.8	6.8
VIETCOMBANK	4.5	5	6	6	6.8
AGRIBANK	4.7	4.9	6.6	6.6	6.8	6.6
DONGA BANK	4.5	4.5	6.35	6.45	6.7	6.9
VIB	5	5	7.7	7.8		7.9

Speaking before the National Assembly on June 1, Governor of the State Bank of Vietnam Nguyen Thi Hong said that the need to reduce interest rates has always been the desire of businesses when borrowing capital. The National Assembly and the Government have also paid close attention to this direction and the State Bank of Vietnam also wishes and cares about it. However, interest rate management needs to be considered in the overall management of macroeconomic policies to ensure macroeconomic and monetary stability, especially ensuring the safety of the system's operations.

On the part of the State Bank, in the first months of the year, when conditions were favorable and credit demand was low, the State Bank also operated to maintain abundant liquidity; adjusted down the operating interest rate; issued a Circular allowing restructuring of debt repayment terms, keeping the debt group unchanged; directed credit institutions to review and reduce administrative procedures as well as provide loans based on feasible plans and debt repayment capacity, and not necessarily requiring collateral.

Source