Interest rates have dropped sharply, but people's deposits in banks have still increased sharply.

Deposit interest rates have fallen sharply, but residential deposits have still increased sharply. (Photo: PV/Vietnam+)

The latest statistics released by the State Bank on January 15 show that as of October 2023, people's deposits in banks increased by VND422 billion compared to September, reaching more than VND6.44 million billion. This is the highest level ever.

Thus, for more than a year in a row, people continue to deposit money in banks. The total amount of money deposited in banks each month is always higher than the previous month, despite the interest rates applied by commercial banks at record lows.

Compared to October 2022, the amount of deposits in October 2023 increased by VND 789,659 billion. Compared to the end of 2022, the amount of deposits in October 2023 increased by 9.95%, equivalent to more than VND 583,800 billion.

Also according to the State Bank, the amount of deposits of economic organizations and enterprises, as of October 2023, reached 6.24 billion VND, an increase of more than 5% compared to the end of 2022. This is also a record high level ever.

In the market, the current mobilization interest rates are very low, mainly fluctuating from 1.7% to 5.2%. Typically, Vietcombank has just changed the mobilization interest rate table and continued to reduce 0.1% - 0.2% in a series of terms.

Specifically, for 1-month and 2-month terms, Vietcombank reduced by 0.2%, from 1.9%/year to 1.7%/year; 3-month term also decreased by 0.2% to 2%/year.

For 6-month and 9-month terms, with the same reduction, customers depositing money at Vietcombank will only enjoy an interest rate of 3%/year.

Currently, the maximum interest rate of this bank has also decreased from the previous 4.8%/year to only 4.7%/year, applied to deposits with terms of 12 months or more.

Thus, with continuous downward adjustments, interest rates at Vietcombank are currently at the lowest level in the market and have a huge difference with banks in the Big4 group.

This could be a signal of the next reduction in deposit interest rates by credit institutions when the liquidity of the banking system is abundant./.

According to vietnamplus.vn

Source: https://www.vietnamplus.vn/lai-suat-huy-dong-giam-sau-tien-gui-cua-nguoi-dan-vao-ngan-hang-van-tang-manh-post921042.vnp

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