Shocked with mobilization interest rates, Vietcombank's highest is only 4.8%/year

11/30/2023 18:54 Nhat Linh Print article

ANTD.VN - Interest rates at Vietcombank continued to decrease by another 0.2% per year, to a maximum of 4.8% per year, a significant difference compared to the remaining 3 state-owned banks.

Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has just updated the new deposit interest rate schedule, applicable from November 29, 2023, accordingly, interest rates for most terms have been adjusted down by an additional 0.2 percentage points.

Specifically, the interest rate for 1-2 month term deposits decreased from 2.6%/year to 2.4%/year; the 3-month term also decreased from 2.9%/year to 2.7%/year.

Similarly, Vietcombank's 6-month and 9-month deposit interest rates also decreased by 0.2 percentage points to 3.7%/year.

Notably, even long-term deposits have been reduced to a record low by this bank. Accordingly, customers depositing for a term of 12 months or more will only enjoy an interest rate of 4.8%/year, a decrease of 0.2 percentage points compared to before.

Thus, continuously from mid-September until now, Vietcombank has reduced its deposit interest rates 5 times, accordingly, the maximum interest rate at this bank has decreased sharply by 2%, from 6.8%/year (before September 14) to only 4.8%/year.

While Vietcombank has continuously reduced interest rates, the remaining three state-owned commercial banks have maintained their maximum over-the-counter deposit interest rates at 5.3% per year for terms of 12 months or more. For short terms, the interest rates of these three banks are also about 0.5-0.6 percentage points higher than Vietcombank.

However, for online deposits, VietinBank and BIDV have recently adjusted the term down slightly from 12 months or more, from 5.5%/year to 5.3%/year - equal to counter deposits.

Not only the state-owned banking group but also a series of private banks are continuously reducing deposit interest rates. For example, at ACB, the maximum deposit interest rate applied by this bank is 4.9%/year.

Or at VPBank, customers depositing money for a 12-month term only have the highest interest rate of 5.4%/year; Techcombank's highest is only 5.2%.

Deposit interest rates were pulled down mainly because banks could not boost credit, while capital mobilization continued to grow, leading to excess liquidity.

In the latest announcement, the State Bank said that by November 22, 2023, the credit growth of the whole system had only reached 8.21%, lower than the target set at the beginning of the year (14-15%).

In which, besides some banks with quite high growth, some have low growth, even negative growth.

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