Last week, 5 banks increased their deposit interest rates by 0.1-0.3% for some terms. Banks that increased their savings interest rates include: Eximbank, NCB, VPBank, KienLong Bank, VIB. Although banks only adjusted their interest rates for some terms, in the context of the bottoming out of savings interest rates, this is a signal that depositors are particularly interested in.
According to a survey by Lao Dong Newspaper reporters with nearly 30 banks in the system, PVcomBank's interest rate is leading the market for 13-month terms. For 13-month terms, PVcomBank is listing the highest savings interest rate at 9.5%/year, for mass savings products, applied to savings deposits at the counter for newly opened deposit balances of VND2,000 billion or more. This interest rate has decreased by 0.5% compared to early March.
Under normal conditions, PVcomBank is listing the highest interest rate for a 13-month term at 4.7%/year when customers deposit savings at the counter.
HDBank applies an interest rate of 8.1%/year for a 13-month term with the condition of maintaining a minimum balance of VND300 billion. When customers deposit at the counter, under normal conditions, they only receive an interest rate of 4.9%/year. If they deposit online, customers receive an interest rate of 5%/year.
Cake by VPBank is listing the highest interest rate for a 12-month term at 5.5% when customers receive interest at the end of the term. The highest interest rate Cake by VPBank is listing is 5.8% for a 24-36 month term.
NamABank is listing the highest interest rate for a 13-month term at 5.3%/year when customers deposit money online and receive interest at the end of the term. NamABank is listing interest rates ranging from 0.5-5.7%/year.
NCB is listing the highest 13-month term interest rate at 5.1%/year when customers deposit savings at An Phu, receiving interest at the end of the term. Customers depositing traditional savings receive an interest rate of 5%/year.
You can refer to the interest calculation method to know how much interest you will receive after saving. To calculate interest, you can apply the formula:
Interest = deposit x interest rate %/12 x number of months of deposit.
For example, you deposit 2 billion VND in Bank A, term 13 months and enjoy interest rate 5%/year, the interest received is as follows:
2 billion VND x 5%/12 x 13 = 108.3 million VND.
* Interest rate information is for reference only and may change from time to time. Please contact the nearest bank transaction point or hotline for advice.
Readers can refer to more information about interest rates HERE.
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