Have 50 million VND, deposit at BIDV or VietinBank to receive high interest rate?

VietinBank interest rate update

Interest rates of Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) are currently listed around 1.7 - 4.8%, depending on the term.

In which, VietinBank's lowest interest rate is 1.7%, applied to 1-month and 2-month deposit terms.

Next is the 3-month, 4-month, 5-month savings term, with interest rates at 2.0%.

3.0% is the interest rate listed by VietinBank for deposit terms from 6 months to 11 months.

Deposit term of 12 months - 18 months, interest rate is 4.7%. Meanwhile, VietinBank's highest interest rate is currently applied to deposit term of 24 months or more.

Screenshot of VietinBank website on July 7, 2024.

BIDV interest rate update

For individual customers depositing for 1 and 2 months, BIDV lists interest rates at 1.7%/year. For 3-5 month terms, BIDV lists interest rates at 2%/year.

Savings interest rates at BIDV for terms from 6 to 9 months are at 3%/year. Customers depositing for 12 to 36 months receive the highest interest rate at 4.7%/year.

Customers who deposit money without a term will receive an interest rate of 0.1%/year.

Screenshot of BIDV website on July 7, 2024.

Deposit 100 million VND at VietinBank and BIDV, how much money will I receive?

Readers can calculate bank interest based on the following formula:

Interest = Deposit x interest rate (%)/12 months x number of months of deposit

Accordingly, when depositing 50 million at VietinBank, individual customers will receive the highest interest rate according to the following term:

6-month term: 50 million VND x 3%/12 x 6 = 750,000 VND.

12-month term: 50 million VND x 4.7%/12 x 12 = 2.35 million VND.

24-month term: 50 million VND x 4.7%/12 x 24 = 4.8 million VND.

With the same amount of money, if deposited at BIDV, the interest rate you receive is specifically as follows:

6-month term: 50 million VND x 3%/12 x 6 = 750,000 VND.

12-month term: 50 million VND x 4.7%/12 x 12 = 2.35 million VND.

24-month term: 50 million VND x 4.7%/12 x 24 = 4.7 million VND.

* Interest rate information is for reference only and may change from time to time. Please contact the nearest bank transaction point or hotline for specific advice.

Source: https://laodong.vn/tien-te-dau-tu/co-50-trieu-dong-gui-o-bidv-hay-vietinbank-de-nhan-lai-suat-cao-1362970.ldo