Compare interest rates of Agribank, MB and NCB for 13-month term
According to Lao Dong reporter (9:00 a.m. on December 10, 2023), interest rates at Agribank, MB, and NCB fluctuate from 5.0 - 5.8%.
Of which, the highest interest rate for 13-month term is listed by NCB at 5.8%. Next is Agribank's interest rate at 5.3%. MB listed a lower interest rate at 5.0%.
Currently, MB lists interest rates ranging from 3.0 - 6.4%. Of which, the highest interest rates are for 36-month, 48-month, and 60-month terms, up to 6.4%. On the contrary, for the 1-month term, MB lists the lowest interest rate, at 3.0%.
Meanwhile, NCB listed interest rates ranging from 4.25 - 6.0%. For terms of 24 months or more, the interest rate is 6.0%. Compared to MB, NCB's interest rate is 0.4 percentage points lower for the same term.
On the contrary, for the 1 to 5 month term, NCB's interest rate is slightly higher than MB's, at 4.25%, about 1.05 - 1.25 percentage points higher than the same period.
At Agribank, the current savings interest rate ranges from 3.0 - 5.3%. Of which, the highest interest rate over 12 months is 5.3%.
Compared to MB, Agribank's interest rates for 12-month, 13-month, and 15-month terms are higher.
Specifically, Agribank's interest rates for 12-month, 13-month, and 15-month terms are 0.3 to 0.4 percentage points higher than MB's interest rates. On the contrary, for 18-month, 24-month, 36-month, and 48-month terms, MB's interest rates are 0.1 to 0.9 percentage points higher than Agribank's, depending on the deposit term.
Have 500 million, should I save at Agribank, MB or NCB?
To calculate bank interest, you can apply the formula:
Interest = Deposit x deposit interest rate (%)/12 months x number of months of deposit.
For example, with 500 million, you deposit at Bank A for 13 months with an interest rate of 5.3%. The amount of savings you can receive is:
Interest = 500 million x 5.3%/12 x 13 months = 28.7 million VND.
With the same 500 million, you deposit at Bank B for a 13-month term with an interest rate of 5.8%. The amount of savings you can receive is:
Interest = 500 million x 5.8%/12 x 13 months = 31.4 million VND.
Or if you deposit 500 million at Bank C for 13 months with an interest rate of 4.8%. The amount of savings you can receive is:
Interest = 500 million x 4.8%/12 x 13 months = 26 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 specific advice.
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