Little money, how to deposit in bank to get high interest rate?

Banks pay interest rates above 6%/year

According to data from the Monetary Policy Department (SBV), the average deposit interest rate at commercial banks is 3.9%/year. Of which, the lowest deposit interest rate is 1.9% for 1-2 month term deposits at Vietcombank.

The group of state-owned commercial banks also lowered the interest rate for 1-5 month terms to below 3%/year. This is the lowest interest rate in many years.

However, if choosing to deposit money online for a long term at some private joint stock commercial banks, customers can still receive interest rates that are superior to the general level.

According to VietNamNet statistics, for a 36-month term, banks apply interest rates of 6% or higher.

Of these, 12 banks are maintaining deposit interest rates of 6% or higher. The highest interest rate is 6.3%/year at MB, HDBank, and OCB. Next, SHB and PGBank have interest rates of 6.2%/year. Viet A Bank, Nam A Bank, and LPBank are also in the group paying high interest rates of 6.1%/year.

The group of banks paying 6%/year interest rate for 36-month term deposits are NCB, VietBank, KienLongBank and OceanBank.

Similar interest rates are also applied by the above banks for 24-month term deposits, except for MB listed at 6.1% and OceanBank at 5.7%/year.

There are 7 banks listing interest rates from 6% for 18-month term deposits. Of which, the highest interest rate is 6.5%/year at HDBank.

*Long-term deposits are still beneficial. (Photo: Hoang Ha)*

PGBank and Nam A Bank pay the second highest interest rate at 6.1%, the remaining 6%/year at Viet A Bank, NCB, VietBank, and KienLongBank.

For 15-month deposit term, there are currently 3 banks maintaining the highest interest rates including HDBank (6.4%/year), NCB and VietBank (6%/year).

The term of 12 months or less currently has the highest interest rate of only 5.8%/year. Even if you only deposit a few million VND, you can still enjoy that interest rate.

BANKS ARE MAINTAINING DEPOSIT INTEREST RATES FROM 6%/YEAR AT SOME TERMS
BANK	15 MONTHS	18 MONTHS	24 MONTHS	36 MONTHS
HDBANK	6.4	6.5	6.3	6.3
OCB	5.1	5.8	6.2	6.3
MB	5	5.4	6.1	6.3
SHB	5.8	5.8	6.2	6.2
PGBANK		6.1	6.2	6.2
VIET A BANK	5.9	6	6.1	6.1
NAMA BANK	5.7	6.1	6.1	6.1
LPBANK	5.4	5.7	6.1	6.1
NCB	6	6	6	6
VIETBANK	6	6	6	6
KIENLONGBANK	5.7	6	6	6
OCEANBANK	5.5	5.7	5.7	6

“Special interest rates” tend to decrease

Some banks are still maintaining a “special interest rate” policy for customers depositing money at the counter. To enjoy the “special interest rate”, depositors need to satisfy two conditions: a 12- or 13-month term deposit and a minimum amount of several hundred billion VND.

The “special interest rate” at PVCombank is currently 10%/year, applied to 12 and 13 month terms with deposit balances of VND2,000 billion or more. This interest rate is down 0.5%/year compared to 1 month ago.

At MSB, although the listed interest rate at the counter is 4.6%/year for 12 and 13 month terms, if customers deposit 500 billion VND or more, they can receive 8.5%/year (down 0.5%/year compared to last month).

At Dong A Bank, the interest rate at the counter for 13-month term is 5.8%/year and for 18-36-month term is 5.6%/year. However, customers can receive 7.5%/year if they deposit for 13 months or more with an amount of VND200 billion.

At HDBank, the interest rates for 12-month and 13-month deposits are 5.5% - 5.7% per year, respectively. These interest rates will jump to 8% and 8.4% per year, respectively, when the deposit balance is 300 billion VND or more.

ACB also has a similar interest rate policy, although the “special interest rate” is lower than the usual rate at some units. The interest rate at the counter for a 13-month term for regular customers is currently 4.6%/year, while the preferential interest rate is 5.6%/year for deposits of VND200 billion or more.

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