After Sacombank reduced deposit interest rates on the first day of November. Up to now, the market has not recorded any additional bank adjustments.
This is a rare occurrence in recent times and is the first time in the past 6 months (since May 2023) that the market has gone through two consecutive working days without any bank adjusting deposit interest rates.
It seems that deposit interest rates have hit bottom?
Currently, the highest bank interest rates still belong to the group of PVCombank, NCB, OceanBank, BaoVietBank, CBBank, HDBank, VietA Bank.
Interest rates at the above banks, for terms of 6-36 months, range from 5.7% to 6.5% per year. Of which, PVCombank is currently the only bank applying interest rates above 6% right from the 6-month deposit term.
On the contrary, the group of 4 state-owned commercial banks still have the lowest interest rates, from 4.1% - 4.7%/year for deposits with a term of 6 - 11 months and from 5.1% - 5.5%/year for deposits with a term of 12 months or more.
Notably, the interest rate on 1-2 month deposits at Vietcombank has dropped to a record low of only 2.8%/year. Vietcombank offers the lowest deposit interest rate among the Big4 group.
In addition to the above-mentioned group of state-owned commercial banks, a number of private joint-stock commercial banks are also maintaining extremely low deposit interest rates such as ABBank, SeABank, and Nam A Bank.
Even the interest rate for 6-9 month term deposits in this group has dropped below 5%/year. Meanwhile, ABBank has also reduced the interest rate for 12- and 18-month term deposits to 4.7% and 4.4%/year, respectively.
The fact that no bank has reduced its deposit interest rates for two consecutive days shows that the deposit interest rate level has stabilized. This trend is likely to continue in November.
According to the announcement of the State Bank of Vietnam, the average overnight interbank interest rate on November 1 was 1.05%/year with interbank transaction turnover reaching VND221,000 billion.
Thus, interbank interest rates have increased sharply by 0.245% after 5 consecutive sessions of decline from the peak of 2.84% in the session on October 24.
Previously, on October 31, the average overnight interbank interest rate decreased to 0.81%.
Compared to the end of September, the average interbank interest rate is still increasing sharply, from 0.19% at that time.
In the open market, after 3 consecutive days of net withdrawal, the State Bank returned to the state of net liquidity injection in the session of November 1 after successfully bidding 7,700 billion VND of 28-day treasury bills with interest rates maintained at 1.5%.
| HIGHEST DEPOSIT INTEREST RATES AT BANKS ON NOVEMBER 3 (%/year) | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| PVCOMBANK | 3.95 | 3.95 | 6.1 | 6.1 | 6.2 | 6.5 |
| BAOVIETBANK | 4.4 | 4.75 | 5.8 | 5.9 | 6.1 | 6.4 |
| OCEANBANK | 4.6 | 4.6 | 5.8 | 5.9 | 6.1 | 6.5 |
| NCB | 4.45 | 4.45 | 5.7 | 5.75 | 5.9 | 6.1 |
| CBBANK | 4.2 | 4.2 | 5.7 | 5.8 | 6 | 6.1 |
| HDBANK | 4.05 | 4.05 | 5.7 | 5.5 | 5.9 | 6.5 |
| VIET A BANK | 4.5 | 4.5 | 5.6 | 5.6 | 6 | 6.3 |
| BAC A BANK | 4.55 | 4.55 | 5.6 | 5.7 | 5.8 | 6.1 |
| BVBANK | 4.4 | 4.7 | 5.55 | 5.65 | 5.75 | 5.75 |
| DONG A BANK | 4.5 | 4.5 | 5.5 | 5.6 | 5.85 | 5.85 |
| GPBANK | 4.25 | 4.25 | 5.45 | 5.55 | 5.65 | 5.75 |
| VIETBANK | 4.4 | 4.4 | 5.4 | 5.5 | 5.8 | 6.4 |
| SHB | 3.8 | 4.1 | 5.4 | 5.6 | 5.8 | 6.3 |
| KIENLONGBANK | 4.55 | 4.75 | 5.4 | 5.6 | 5.7 | 6.4 |
| SCB | 4.5 | 4.5 | 5.35 | 5.45 | 5.65 | 5.65 |
| OCB | 4.1 | 4.25 | 5.3 | 5.4 | 5.5 | 5.9 |
| SAIGONBANK | 3.4 | 3.6 | 5.2 | 5.4 | 5.6 | 5.6 |
| VIB | 3.9 | 4.1 | 5.2 | 5.2 | 5.7 | |
| EXIMBANK | 4 | 4 | 5.2 | 5.5 | 5.6 | 5.8 |
| PG BANK | 3.8 | 3.8 | 5.1 | 5.3 | 5.4 | 6.2 |
| LPBANK | 3.8 | 4 | 5.1 | 5.2 | 5.6 | 6 |
| MB | 3.5 | 3.8 | 5.1 | 5.2 | 5.4 | 6.1 |
| SACOMBANK | 3.6 | 3.8 | 5 | 5.3 | 5.6 | 5.75 |
| VPBANK | 3.9 | 3.95 | 5 | 5 | 5.3 | 5.1 |
| ACB | 3.5 | 3.7 | 5 | 5.1 | 5.5 | |
| TPBANK | 3.8 | 4 | 5 | 5 | 5.55 | 6 |
| MSB | 3.8 | 3.8 | 5 | 5.4 | 5.5 | 6.2 |
| TECHCOMBANK | 3.55 | 3.75 | 4.95 | 5 | 5.35 | 5.35 |
| NAMA BANK | 4.65 | 4.65 | 4.9 | 5.2 | 5.7 | 6.1 |
| ABBANK | 3.7 | 3.9 | 4.9 | 4.9 | 4.7 | 4.4 |
| SEABANK | 4 | 4 | 4.8 | 4.95 | 5.1 | 5.1 |
| AGRIBANK | 3.4 | 3.85 | 4.7 | 4.7 | 5.5 | 5.5 |
| VIETINBANK | 3.4 | 3.75 | 4.6 | 4.6 | 5.3 | 5.3 |
| BIDV | 3.2 | 3.5 | 4.4 | 4.4 | 5.3 | 5.3 |
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