Interest rate cuts from foreign banks

Public Bank Vietnam - a bank from Malaysia, has updated its new deposit interest rate schedule in the Vietnamese market in a slightly downward direction.

According to the VND deposit interest rate table for individual customers (Basic Savings Deposit Package) recently announced by Public, the deposit interest rate with terms from 6 months to 17 months has decreased by 0.1%/year. For the basic savings package, the interest rate for a 1-2 month term is 3.8%/year; for a 3-5 month term is 4%/year; for a 6-8 month term is 4.8%/year; for a 9-11 month term is 5%/year; for a 12-17 month term is 5.3%/year. This bank has the highest deposit interest rate of 5.75%/year for an 18-month term. Meanwhile, for terms of 24 and 36 months, the rates are listed at 5.4%/year.

Some foreign banks adjust deposit interest rates

Public Bank Vietnam also has a Savings Plus package that is about 0.2%/year higher than the basic savings package for terms of 6-60 months.

Another foreign-invested bank that also adjusted its interest rates down is Indovina Bank Limited (IVB). This is a joint venture bank between Vietnam Joint Stock Commercial Bank for Industry and Trade ( VietinBank ) and Cathay United Bank (CUB) of Taiwan (China).

It is known that IVB kept the interest rate unchanged for the 1-3 month term. The bank reduced the 6-month term by 0.15%/year, currently listed at 5.1%/year; The 9-month term decreased by 0.1%/year, the 12-month term decreased by 0.15%/year to 5.65%/year; The 24-month term was also slightly reduced by 0.1%/year to 5.8%/year.

Referring to the interest rates of some other international banks in Vietnam, Standard Chartered is currently listing interest rates ranging from 2.5%/year - 4.45%/year for terms. Meanwhile, Hong Leong Bank is currently listing interest rates from 2.7%/year to 4.6%/year with interest paid at the end of the term for over-the-counter savings products.

Source: https://thoibaonganhang.vn/dong-thai-giam-lai-suat-tu-cac-ngan-hang-nuoc-ngoai-162742.html