More than 6.44 million billion VND of people's savings are deposited in banks

Although interest rates have hit rock bottom, the amount of money people deposit into the banking system remains inversely proportional, continuously setting new records.

According to the latest data released by the State Bank, by the end of September 2023, the amount of people's deposits continued to increase to more than 6.44 million billion VND. Compared to the end of August 2023, this number increased by more than 16,000 billion VND.

Compared to the end of 2022, people's savings deposits in the banking system increased by nearly 10%. Thus, deposits in the banking system have increased continuously for 13 months.

As for economic organizations' deposits, according to statistics from the State Bank, at the end of September, the amount of money reached more than 6.23 million billion VND, a sudden increase of more than 217,000 billion VND compared to the end of August.

According to experts, because other investment fields such as stocks, real estate, and gold are less attractive, people choose to deposit savings in banks for safety.

In September, interest rates at banks dropped significantly. Even now, interest rates have almost hit rock bottom.

The highest deposit interest rate offered by banks is below 5.5%/year for a term of 6-12 months, even at small and medium-sized banks. Currently, only a few banks apply a 6-month term deposit interest rate of 5.7%/year, namely HDBank and DongA Bank.

According to the third quarter 2023 financial reports of banks, customer deposits are mainly concentrated in Big4 banks.

Specifically, BIDV holds the top position with more than 1.58 million billion VND in customer deposits. Of which, term deposits currently account for about 84% with more than 59,000 billion VND.

In November 2023, the lowest interest rate for individual customers at BIDV is 3%/year applied to customers depositing for 1 and 2 months.

The 5.3%/year rate is the highest bank interest rate applied by BIDV for deposits with a term of 12 months or more. The 0.1%/year interest rate is still applied to non-term deposits.

Source