Deposit interest rates 'quietly' climb to highest level of 6.25%/year

Some small-scale commercial banks, although not officially adjusting their deposit interest rates, suddenly displayed signs inviting depositors with extremely attractive interest rates.

According to PV's observations at some commercial banks, such as Vietnam Joint Stock Commercial Bank for Industry and Trade (PVCombank), Prosperity and Development Joint Stock Commercial Bank (PGBank), Global Petroleum Commercial Joint Stock Bank (GPBank), etc., these banks suddenly displayed signs inviting customers to deposit money in front of branches/transaction offices, with interest rates higher than the interest rates listed by the banks themselves.

In particular, GPBank is offering deposit interest rates up to 6.25%/year.

This is considered a mobilization interest rate that far exceeds the interest rate of 6.15%/year (the highest rate in the market currently announced by banks) just listed by National Citizen Bank (NCB) for online deposits with a term of 18-36 months.

Meanwhile, the highest current mobilization interest rate , as announced by GPBank in the online mobilization interest rate table, is only 5.85%/year, applied to deposits with a term of 13-36 months.

Speaking with VietNamNet, a GPBank employee said that the bank's deposit interest rate is still applied according to the interest rate table that the bank is posting on its website.

W-Interest Rates PGBank GPBank PVCombank.jpg — *Signs offering attractive interest rates are displayed in front of transaction offices of several banks in Hanoi. Photo: NT.*

That is, the online deposit interest rate is listed highest compared to other deposit products. Of which, the 12-month term deposit interest rate is listed at 5.75%/year; the highest is 5.85%/year, belonging to the deposit terms from 13-36 months.

“The latest interest rate after adjustment from September 6, if depositing for a 12-month term at the counter with an amount of VND500 million or more is 5.35%/year, if depositing online, the highest interest rate for this term is 5.75%/year. Some transaction offices display an interest rate of 6.25%/year because they can submit to higher levels to request interest rate support for customers,” said a GPBank employee.

Similarly, PGBank is also displaying a sign inviting customers to deposit savings with interest rates of up to 6%/year. Meanwhile, the highest interest rate according to the interest rate table announced by this bank is 5.9%/year, applied to deposits with a term of 24-36 months.

However, the difference between the actual mobilization interest rate and the announced interest rate of PGBank is not much.

At PVCombank , the bank also displays a sign inviting deposits with an interest rate of 6%/year in front of transaction offices.

Meanwhile, the highest mobilization interest rate according to the online mobilization interest rate table announced by this bank is only 5.8%/year, applied to deposits with a term of 18-36 months.

However, a PVCombank employee told VietNamNet reporters that depending on the amount of money customers deposit as well as the "class" of priority customers, each branch will have its own preferential interest rate policy, so the actual interest rate can be up to 6%/year.

In addition to the above 3 banks, some banks are publicly listing online deposit interest rates that are considered the most attractive today, ranging from 6-6.15%/year.

Specifically, the interest rate of 6% is applied at the following commercial banks: Bao Viet (BaoViet Bank) for a term of 15-36 months; Ban Viet (BVBank) and Dong A (Dong A Bank) for a term of 18-36 months; Saigon Bank for Industry and Trade (Saigonbank) for a term of 13-24 months and HCMC Development (HDBank) for a term of 15 months.

Banks listing deposit interest rates of 6.1%/year include: HDBank for 18-month term; SHB and Saigonbank for 36-month term and OceanBank for term deposits from 18-36 months.

NCB alone lists interest rates of up to 6.15%/year when customers deposit money online for terms of 18-36 months.

HIGHEST DEPOSITS INTEREST RATES ANNOUNCED BY BANKS ON SEPTEMBER 14, 2024 (%/YEAR)
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
AGRIBANK	2	2.5	3.3	3.3	4.7	4.7
BIDV	2	2.3	3.3	3.3	4.7	4.7
VIETINBANK	2	2.3	3.3	3.3	4.7	4.7
VIETCOMBANK	1.6	1.9	2.9	2.9	4.6	4.6
ABBANK	3.2	3.7	5	5.2	5.6	5.7
ACB	3	3.4	4.15	4.2	4.8
BAC A BANK	3.65	3.95	5.15	5.25	5.7	5.85
BAOVIETBANK	3.3	4	5.2	5.4	5.8	6
BVBANK	3.7	3.8	5.1	5.5	5.8	6
CBBANK	3.8	4	5.55	5.5	5.7	5.85
DONG A BANK	3.8	4	5.2	5.5	5.8	6
EXIMBANK	3.8	4.3	5.2	4.5	5.2	5.1
GPBANK	3.2	3.72	5.05	5.4	5.75	5.85
HDBANK	3.85	3.95	5.1	4.7	5.5	6.1
KIENLONGBANK	3.7	3.7	5.2	5.3	5.6	5.7
LPBANK	3.4	3.5	4.7	4.8	5.1	5.6
MB	3.3	3.7	4.4	4.4	5.1	5
MSB	3.7	3.7	4.6	4.6	5.4	5.4
NAM A BANK	3.5	4.1	5	5.2	5.6	5.7
NCB	3.8	4.1	5.45	5.65	5.8	6.15
OCB	3.9	4.1	5.1	5.1	5.2	5.4
OCEANBANK	3.8	4.2	5	5.1	5.6	6.1
PGBANK	3.2	3.7	5	5	5.5	5.8
PVCOMBANK	3.3	3.6	4.5	4.7	5.1	5.8
SACOMBANK	3.3	3.6	4.9	4.9	5.4	5.6
SAIGONBANK	3.3	3.6	4.8	4.9	5.8	6
SCB	1.6	1.9	2.9	2.9	3.7	3.9
SEABANK	2.95	3.45	3.75	3.95	4.5	5.45
SHB	3.5	3.8	5	5.1	5.5	5.8
TECHCOMBANK	3.25	3.45	4.55	4.55	4.95	4.95
TPBANK	3.5	3.8	4.7		5.2	5.4
VIB	3.2	3.6	4.6	4.6		5.1
VIET A BANK	3.4	3.7	4.8	4.8	5.4	5.7
VIETBANK	3.8	4	5.2	5	5.6	5.9
VPBANK	3.6	3.8	5	5	5.5	5.5