At the end of October, the lowest deposit interest rate recorded by banks was 2.8% for a 1-month term at Vietcombank .
This bank currently offers the lowest deposit interest rates on the market. Specifically, the interest rate for 6-month and 9-month terms is 4.1% per year. The 12-month and 18-month terms are also offered at 5.1% per year.
Among the Big4 banks, only Agribank offers the highest interest rate, at 5.5% per year for 12 and 18-month terms.
On the last day of October, contrary to the downward trend, MSB unexpectedly sharply increased deposit interest rates for terms from 15 to 36 months, rising from 5.5%/year to 6.2%/year. Interest rates for other terms remained unchanged.
Also today, two banks, NCB and Viet A Bank, continued to lower their deposit interest rates.
Specifically, at NCB, interest rates for terms of 1-5 months have decreased to 4.45%/year. Interest rates for terms of 6-8 months have dropped to 5.7%/year. Similarly, interest rates for terms of 9-11 months are now only 5.9%/year.
At Viet A Bank, in this adjustment, Viet A Bank only reduced deposit interest rates for terms from 6 to 13 months. The bank's interest rate for online deposits with terms of 6-11 months decreased by 0.2 percentage points to 5.6%/year. The interest rate for 12-13 month terms decreased only slightly by 0.1 percentage points, so the deposit interest rate for these terms remains at 6%/year.
According to statistics from the beginning of October, 25 banks have reduced deposit interest rates, including: BVBank, PVCombank, VIB, Sacombank, VietBank, SCB, VPBank,SHB , BIDV, VietinBank, HDBank, BaoViet Bank, Techcombank, SeABank, Viet A Bank, PG Bank, Dong A Bank, Vietcombank, LPBank, Nam A Bank, CBBank, ACB, Bac A Bank, and NCB.
Specifically, VietBank, Viet A Bank, and Bac A Bank have reduced interest rates for the third time this month. CBBank, VIB, Vietcombank, SHB, Dong A Bank, PG Bank, Nam A Bank, HDBank, LPBank, and NCB are the banks that have reduced deposit interest rates twice this month.
Currently, the highest deposit interest rate is 6.5% per year, recorded for an 18-month term at PVCombank, OceanBank, and HDBank.
At the 12-month term, the 6.5%/year interest rate mark has moved away from the market, giving way to 6.2%/year as the highest interest rate for this term.
Experts believe that the recent significant reduction in deposit interest rates by banks is partly due to the banks having an excess of funds, forcing them to lower deposit rates to limit depositors. When deposit interest rates are reduced, lending interest rates also decrease accordingly.
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