Comparing 7-month term interest rates at different banks.
According to a reporter from Lao Dong newspaper at 11 PM on December 5, 2023, interest rates for 7-month deposits ranged from 4.3% to 5.6%. Specifically, SCB offered a 7-month rate of 4.95%, while Agribank listed a rate of 4.3%. At MB, the 7-month rate was 4.8%.
Meanwhile, banks listed high interest rates for 7-month terms such as: PVcomBank (5.6%), NCB (5.35%), HDBank (5.2%), OceanBank (5.4%), MSB (5.0%). Groups of banks offered low interest rates below 5%, including: Vietinbank (4.3%), BIDV (4.3%), ABBank (4.3%), NamABank (4.9%)...
If I have 500 million VND, how much interest will I earn if I deposit it in a savings account?
Depending on the interest rate schedule of each bank, depositors can calculate the interest received using the formula: Interest = Deposit amount x interest rate (%)/12 months x number of months deposited.
For example, if you have 500 million VND and deposit it in a savings account at SCB for 7 months with an interest rate of 4.95%, the interest you will receive is:
Interest = 500 million VND x 4.95%/12 x 7 months = 14.4 million VND.
With the same amount of money, if you deposit it at Agribank with an interest rate of 4.3%, after 7 months, the interest you will receive will be:
Interest = 500 million VND x 4.3%/12 x 7 months = 12.5 million VND.
Alternatively, with the same 500 million VND, if you deposit it at MB with an interest rate of 4.8%, after 7 months, the amount of interest you will receive is:
Interest = 500 million VND x 4.8%/12 x 7 months = 14 million VND.
Interest rate information is for reference only and may change from time to time. Please contact your nearest bank branch or hotline for specific advice.
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