After the “big guy” Agribank adjusted its deposit interest rates at the end of last week, all attention was focused on the remaining 3 banks in the Big 4 group (Vietcombank, VietinBank and BIDV). However, all 3 of these big banks did not make any moves on the first day of the week, March 18.
This morning, Saigon Commercial Joint Stock Bank (SCB) reduced interest rates by 0.1 percentage points for deposits with terms from 1-5 months.
Accordingly, online deposit interest rates for 1-2 month terms are only 1.65%/year and for 3-5 months terms are only 1.95%/year.
With this reduction, the 1-5 month term bank interest rate at SCB is almost the lowest in the market today, only 0.05 percentage points higher than Agribank.
SCB keeps deposit interest rates unchanged for the remaining terms. The 6-11 month term is 3.05%/year, only 0.05 percentage points higher than the interest rates for the same term at Agribank and Vietcombank, and lower than all other banks.
The 12-36 month term bank interest rate at SCB is currently 4.05%/year, the lowest in the market today, 0.55-0.75 percentage points lower than the deposit interest rate at the big4 banking group.
Currently, the interest rates mobilized at banks have reached the lowest level in many years. The current 12-month term interest rate for institutional customers among commercial banks no longer has a significant difference, recorded at 4.3%/year at 4 state-owned commercial banks, 4.7%/year at large joint stock commercial banks and 4.8%/year at other joint stock commercial banks.
According to SSI Research, compared to the 2021 period, mobilization interest rates at state-owned commercial banks and other joint stock commercial banks have been much lower, while the group of large joint stock commercial banks is still about 10 basis points higher than the 2021 interest rate.
However, there are still some banks applying the "special interest rate" policy including Dong A Bank, HDBank, MSB, ACB, PVCombank,...
According to a survey, Dong A Bank is still maintaining a "special interest rate" of 7.5%/year for term deposits of 13 months or more with a deposit amount of 200 billion VND.
At ACB, the "special interest rate" applied to 13-month term deposits is 5.6% for deposit accounts of VND200 billion or more (while the normal interest rate for this term is 4.5%/year).
At PV Combank, the interest rate for deposits at the counter for a term of 12-13 months for regular customers is 4.5%-4.7%/year. However, the “special interest rate” is up to 10%/year (the highest currently), applied to deposit accounts of VND2,000 billion or more.
At MSB, the announced interest rate for 12-13 month deposits at the counter is only 4%/year. However, for customers depositing VND500 billion or more, the applicable interest rate is 8.5%/year.
At HDBank, the special interest rates applied to 12- and 13-month deposits at the counter are 7.7% and 8.1% per year, respectively. This interest rate policy is only for deposit accounts of VND500 billion or more, while the normal interest rate for the same term is only 4.7-4.9% per year.
However, a "mysterious factor" has never announced a "special interest rate" in the Deposit Interest Rate Schedule but maintains this interest rate at up to 9.65%/year, which is only lower than the "special interest rate" of 10%/year at PVCombank.
That is An Binh Commercial Joint Stock Bank (ABBank). This bank is maintaining the highest online savings interest rate as announced at only 4.4%/year. However, ABBank uses the basic lending interest rate for individual customers (applied from February 24) of 9.65%/year to apply to deposit interest rates for cases of savings deposits of VND 1,500 billion or more.
ABBank's savings interest rate of 9.65%/year is for customers with 13-month term savings deposits, interest is received at the end of the term and must have approval from the general director.
| HIGHEST INTEREST RATES AT BANKS ON MARCH 18 (%/year) | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| ABBANK | 3 | 3.2 | 4.7 | 4.3 | 4.3 | 4.4 |
| VIETBANK | 3.1 | 3.5 | 4.6 | 4.8 | 5.3 | 5.8 |
| HDBANK | 2.95 | 2.95 | 4.6 | 4.4 | 4.8 | 5.7 |
| OCB | 3 | 3.2 | 4.6 | 4.7 | 4.9 | 5.4 |
| NCB | 3.3 | 3.5 | 4.55 | 4.65 | 5 | 5.5 |
| NAM A BANK | 2.9 | 3.4 | 4.5 | 4.8 | 5.3 | 5.7 |
| VIET A BANK | 3.1 | 3.4 | 4.5 | 4.5 | 5 | 5.3 |
| CBBANK | 3.6 | 3.8 | 4.5 | 4.45 | 4.65 | 4.9 |
| OCEANBANK | 3.1 | 3.3 | 4.4 | 4.6 | 5.1 | 5.5 |
| DONG A BANK | 3.3 | 3.3 | 4.3 | 4.5 | 4.8 | 5 |
| BAOVIETBANK | 3 | 3.25 | 4.3 | 4.4 | 4.7 | 5.5 |
| PVCOMBANK | 2.85 | 2.85 | 4.3 | 4.3 | 4.8 | 5.1 |
| KIENLONGBANK | 3 | 3 | 4.2 | 4.6 | 4.8 | 5.3 |
| BVBANK | 3 | 3.2 | 4.2 | 4.5 | 4.8 | 5.5 |
| BAC A BANK | 2.8 | 3 | 4.2 | 4.3 | 4.6 | 5.1 |
| SHB | 2.6 | 3 | 4.2 | 4.4 | 4.8 | 5.1 |
| VIB | 2.7 | 3 | 4.1 | 4.1 | 4.9 | |
| PGBANK | 2.6 | 3 | 4 | 4 | 4.3 | 4.8 |
| LPBANK | 2.6 | 2.7 | 4 | 4.1 | 5 | 5.6 |
| TPBANK | 2.8 | 3 | 4 | 4.8 | 5 | |
| VPBANK | 2.3 | 2.5 | 4 | 4 | 4.3 | 4.3 |
| GPBANK | 2.3 | 2.82 | 3.95 | 4.2 | 4.65 | 4.75 |
| SACOMBANK | 2.6 | 2.9 | 3.9 | 4.2 | 5 | 5.6 |
| SAIGONBANK | 2.5 | 2.7 | 3.9 | 4.1 | 5 | 5.4 |
| EXIMBANK | 2.8 | 3.1 | 3.9 | 3.9 | 4.9 | 5.1 |
| MSB | 3.5 | 3.5 | 3.9 | 3.9 | 4.3 | 4.3 |
| SEABANK | 2.9 | 3.1 | 3.7 | 3.9 | 4.25 | 4.8 |
| ACB | 2.5 | 2.8 | 3.7 | 3.9 | 4.7 | |
| TECHCOMBANK | 2.45 | 2.55 | 3.65 | 3.7 | 4.55 | 4.55 |
| MB | 2.2 | 2.6 | 3.6 | 3.7 | 4.6 | 4.7 |
| BIDV | 2 | 2.3 | 3.3 | 3.3 | 4.8 | 4.8 |
| VIETINBANK | 1.9 | 2.2 | 3.2 | 3.2 | 4.8 | 4.8 |
| SCB | 1.65 | 1.95 | 3.05 | 3.05 | 4.05 | 4.05 |
| AGRIBANK | 1.6 | 1.9 | 3 | 3 | 4.7 | 4.7 |
| VIETCOMBANK | 1.7 | 2 | 3 | 3 | 4.7 | 4.7 |
According to Bao Viet Securities (BVSC), the interest rate level has decreased, the amount of capital mobilized in the economy has also decreased by 0.7% in the first 2 months of this year, which may increase the demand for other profitable assets instead of savings. Observing past data shows that there is a correlation between the difference between domestic and international gold prices and the movement of the USD/VND exchange rate.
The SBV’s proposal to the Government on solutions to manage the gold market will likely reduce the gap between domestic and international gold prices in the near future. At the same time, the SBV’s withdrawal of liquidity (on March 11) will also reduce the interest rate gap between Vietnam and the world.
According to BVSC, in the medium term, VND still has internal support factors such as positive FDI capital flows and export recovery. Regarding external pressure, with the Fed cutting interest rates in 2024, the pressure from the DXY Index will be less than last year. Overall, the pressure to increase USD/VND in the coming time will be reduced.
The SBV's net withdrawal in the session of March 11 is also a message from this agency that it is ready to intervene to prevent the exchange rate from fluctuating too much. Narrowing liquidity will also help interbank interest rates increase again, thereby reducing the VND-USD interest rate gap.
With more positive factors than previous years, BVSC believes that the current fluctuations in the USD/VND exchange rate are only short-term. It is forecasted that the VND will maintain fluctuations within the range of ± 2-3% throughout this year.
According to BVSC, economic growth still needs a lot of support and credit growth is still facing difficulties. We believe that monetary policy will remain loose, with operating interest rates remaining low in 2024. Lending interest rates will still have room to decrease in the coming time.
| Since the beginning of March, 15 commercial banks have reduced deposit interest rates, including: PGBank, BVBank, BaoViet Bank, GPBank, ACB, Agribank, VPBank, PVCombank, Dong A Bank, MB, Techcombank, NCB, KienLong Bank, Agribank, SCB. Of which, BaoViet Bank, GPBank, BVBank, PGBank have reduced deposit interest rates twice since the beginning of the month. |
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