More than 20 banks reduced interest rates in the first half of the year

ANTD.VN - In just over half a month of work since the beginning of 2024, more than 20 banks have announced a reduction in deposit interest rates. Currently, interest rates have dropped to a record low.

According to a reporter's survey, as of January 18, more than 20 commercial banks have changed their interest rate tables since the beginning of the year.

Most notably, all four state-owned commercial banks, accounting for more than 50% of the market share of capital mobilization and lending in the entire system, have all decreased simultaneously.

Vietcombank is the bank with the strongest interest rate reduction frequency and level recently. Up to now, the maximum interest rate at Vietcombank is only 4.7%/year, applied to all deposits with terms of 12 months or more.

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Deposit interest rates are falling to record lows.

At the remaining 3 banks (BIDV, VietinBank, Agribank), the highest interest rate remains at 5.3%/year, but only applies to terms of 24 months or more. For terms of 12 months to less than 24 months, depositors will only receive interest of 5%/year (instead of 5.3%/year) as before.

For 1-2 month terms, at big4, interest rates are only around 1.7%/year; 3-5 months is 2-22%/year. For 6-9 month terms, this group of 4 banks also only maintains at 3-3.2%/year.

Not only the state-owned group, nearly 20 other private banks also reduced interest rates from late 2023 to early 2024. In particular, many banks strongly adjusted from 0.5 - 1% interest rates for short-term deposits such as: Techcombank, MSB, SeABank, OCB, LPBank, Oceanbank...

According to the survey, the common interest rate range for 12-month term deposits only fluctuates between 5 - 5.7%/year. Notably, many large-scale banks have lowered their interest rates below this level such as Vietcombank (4.7%/year), MB (4.8%/year), Techcombank (4.8 - 4.9%/year), ACB even only pays interest at 4.6 - 4.7%/year...

In addition, a series of other names also maintain interest rates below 5%/year in this term such as: TPBank, MSB, OCB, SCB, VIB, ABBank.

With a long term of 15-24 months, there are only a few banks that pay interest rates above 6%/year, such as: SHB, NamABank, HDBank, LPBank, PGBank...

Notably, despite the decrease in interest rates, deposits in the banking system remain at a record high. The State Bank said that deposit mobilization in 2023 increased by 14% compared to 2022, reaching VND13.5 quadrillion, the highest ever.

In the latest statistical survey of the State Bank, banks are quite optimistic about liquidity next year. Accordingly, banks forecast that the deposit and lending interest rates will continue to decrease slightly, with an average expected decrease of 0.3-0.4 percentage points in the first quarter of 2024 and a decrease of 0.2 percentage points in the whole year of 2024.

Capital mobilization of the entire credit institution system is expected to increase by an average of 2.6% in the first quarter of 2024 and by 12.1% in 2024. At the same time, outstanding credit of the banking system is forecast to increase by 4.4% in the first quarter of 2024 and by 14.2% in 2024.

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