Within just 3 days (from May 22-24), Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) announced 2 reductions in deposit interest rates. Since the beginning of May, this is the 3rd reduction in interest rates by this bank. However, the reduction each time is only at a "drop by drop" level.
According to VietBank's online deposit interest rate schedule, deposit interest rates for terms over 7 months have decreased by 0.2% - 0.3%, starting today (May 24).
Specifically, the interest rate for 8-11 month terms is 8%/year, 12 month terms is 8.1%/year. 13-15 month terms is 8.2% and 18 month terms or more is 8.1%/year.
Meanwhile, the interest rate for 6-7 month term deposits remains at 8.1%/year.
Previously, VietBank simultaneously reduced interest rates for deposits of terms over 5 months by 0.2% per year.
Tomorrow (May 25), VietBank and a series of other commercial banks will certainly continue to reduce deposit interest rates for terms from 1 month to less than 6 months according to Decision No. 951 of the State Bank on the maximum interest rate for VND deposits of organizations and individuals.
Accordingly, the maximum interest rate applied to non-term deposits and deposits with terms of less than 1 month remains at 0.5%/year. The maximum interest rate applied to deposits with terms from 1 month to less than 6 months is reduced from 5.5%/year to 5.0%/year. The decision takes effect from May 25.
Up to now, VietBank as well as many other banks apply maximum interest rates for deposits with terms of less than 6 months.
Similarly, Sacombank also reduced deposit interest rates by 0.2% for all terms.
Currently, online savings interest rates for 6-11 month terms are 7%/year; 12-13 month terms are 7.4%/year. 15 month terms are 7.5%/year, and 18 month terms are 7.6%/year.
Notably, this is the second time Sacombank has reduced interest rates since the beginning of the month.
Except for VietBank and Sacombank, the remaining banks still keep the interest rates as announced.
Since the beginning of May, a series of banks have reduced deposit interest rates, including VietA Bank, VIB, OCB, Eximbank, MSB, VPBank, TPBank, Vietcombank, Agribank, VietinBank, BIDV, KienLongBank, NamA Bank, NCB, Saigonbank, PVCombank, HDBank, OceanBank, Sacombank, Techcombank, BacA Bank, DongA Bank and VietBank.
Banks that reduced interest rates twice during this period are NCB, Sacombank, Eximbank, VPBank, KienLong Bank and Saigonbank, TPBank, and OCB.
VietBank alone has reduced deposit interest rates three times in less than a month.
| HIGHEST INTEREST RATES AT BANKS ON MAY 24 (%/year) | |||||
| BANK | 6 MONTHS | 9 MONTHS | 12 MONTHS | 15 MONTHS | 18 MONTHS |
| ABBANK | 8.5 | 8.7 | 8.8 | 9.2 | 9.2 |
| VIETA BANK | 8.3 | 8.4 | 8.5 | 8.5 | 8.5 |
| GPBANK | 8.3 | 8.4 | 8.5 | 8.6 | 8.6 |
| BAOVIETBANK | 8.3 | 8.4 | 8.4 | 8.5 | 8.5 |
| BACA BANK | 8.1 | 8.2 | 8.3 | 8.5 | 8.5 |
| NCB | 8.2 | 8.2 | 8.25 | 8.15 | 8.15 |
| NAMA BANK | 8.5 | 8.1 | 8.2 | 8.1 | 8.1 |
| PVCOMBANK | 7.5 | 7.9 | 8.2 | 8.3 | |
| VIETBANK | 8.1 | 8 | 8.1 | 8.2 | 8.1 |
| OCB | 8 | 8.1 | 8.1 | 8.1 | 7.9 |
| HDBANK | 8.1 | 6.9 | 8.1 | 7 | 7.1 |
| VIETCAPITAL BANK | 7.4 | 7.7 | 8 | 8.2 | 8.3 |
| SHB | 7.5 | 7.5 | 7.9 | 8 | 8 |
| SCB | 7.8 | 7.8 | 7.85 | 7.65 | 7.65 |
| KIENLONGBANK | 7.7 | 7.9 | 7.8 | 7.6 | 7.6 |
| SAIGONBANK | 7.4 | 7.5 | 7.8 | 7.4 | |
| OCEANBANK | 7.6 | 7.7 | 7.8 | 7.8 | 8.1 |
| LPBANK | 7.7 | 7.7 | 7.8 | 8.2 | 8.2 |
| TPBANK | 7.6 | 7.7 | 7.5 | ||
| VPBANK | 7.7 | 7.9 | 7.7 | 6.9 | 6.9 |
| EXIMBANK | 7.5 | 7.5 | 7.6 | 7.6 | 7.6 |
| MSB | 7.5 | 7.5 | 7.6 | 7.6 | 7.6 |
| CBBANK | 7.2 | 7.3 | 7.5 | 7.55 | 7.55 |
| SACOMBANK | 7 | 7 | 7.4 | 7.5 | 7.6 |
| TECHCOMBANK | 7.2 | 7.2 | 7.2 | 7.2 | 7.2 |
| BIDV | 6.6 | 6.6 | 7.3 | 7.2 | 7.2 |
| AGRIBANK | 6.9 | 6.9 | 7.2 | 7 | 7 |
| VIETINBANK | 6.7 | 6.7 | 7.2 | 7.2 | |
| VIETCOMBANK | 6.5 | 6.5 | 7.2 | ||
| DONGA BANK | 6.35 | 6.45 | 6.7 | 6.9 | |
| VIB | 7.7 | 7.8 | 7.9 | 7.9 | |
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