The capital mobilization interest rates of banks in Ha Tinh have reached their lowest level in the past year. It is predicted that this will partly affect people's savings.
On the morning of August 4, Bac A Bank Ha Tinh reduced interest rates by 0.2% for savings terms. Accordingly, the interest rate for 1-month deposits is 4.75%/year, 6-month deposits is 6.8%/year, 12-month deposits is 6.9%/year (for amounts under 1 billion VND). It is known that 12 days before, this "bank" also reduced deposit interest rates.
Customers learn about deposit interest rates at Bac A Bank Ha Tinh.
While researching to deposit savings at Bac A Bank Ha Tinh, Ms. Nguyen Thi Hanh (Nguyen Du ward, Ha Tinh city) expressed surprise: “Through monitoring, I also grasped the trend of decreasing capital mobilization interest rates of the banking industry, but I did not think it would decrease so quickly and strongly. Currently, deposit interest rates of credit institutions are decreasing month by month, even decreasing twice a month. However, with the amount of savings not much and no investment plan, my family still decided to deposit at the bank for a 3-month term.”
According to Ms. Phan Thi Trang Nhung - Customer Service Controller of Bac A Bank Ha Tinh, interest rates have now returned to their lowest level in the past year. However, reducing deposit interest rates is necessary to reduce lending interest rates, supporting the economy in the context of many difficulties due to the global economic recession.
Similarly, previously, on July 31, SHB Ha Tinh continued to lower deposit interest rates from 0.3 - 0.5%/year for all terms. Accordingly, direct deposits at the counter have a 1-year deposit interest rate of 6.8%/year; for online transactions, the 1-year deposit term is 7.6%/year, 6-month deposit is 7.4%/year...
SHB Ha Tinh's mobilized capital currently reaches over 2,100 billion VND.
Ms. Dang Thi Oanh - Customer Service Controller of SHB Ha Tinh said: "The branch's mobilized capital has reached over 2,100 billion VND so far. Accordingly, since the beginning of the year, SHB has reduced interest rates 6 times, even 2 times in some months. SHB's current interest rate has "hit rock bottom" in the past year."
At HD Bank Ha Tinh, on August 1, there was also a change in the deposit interest rate table. Accordingly, all deposit terms were simultaneously reduced by 0.3%, bringing the 6-month term to 6.9%/year, and the 12-month term to 7.3%/year. Compared to the "golden" time when the highest deposit interest rate was 9.5%/year (from February to June 2023), the savings deposit capacity has decreased.
According to records, not only the joint stock commercial bank sector but also the "big guys" such as: Agribank, BIDV, VietinBank and Vietcombank have also adjusted the mobilization interest rate table with a downward trend compared to before.
Customers come to make transactions at Vietcombank Ha Tinh.
Most recently, on July 21, 2023, Vietcombank Ha Tinh continued to reduce interest rates for some terms. Specifically, the interest rate for deposits from 1 to less than 2 months is 3.3%/year (for individuals), 3%/year (for organizations); 6 to less than 9 months is 5%/year (for individuals), 4.7%/year (for organizations); 12 months for individuals is 6.3%/year and organizations is 5.2%/year... It is known that as of July 31, 2023, the total mobilized capital of Vietcombank Ha Tinh reached 11,230 billion VND, an increase of only 1.8% compared to the beginning of the year.
Since the beginning of the year, the State Bank of Vietnam has lowered its operating interest rate four times. Accordingly, there is no longer any "bank" on the market that lists its mobilization interest rate at 8%/year. According to forecasts, the capital mobilization interest rate of credit institutions in the coming months may continue to decrease to create momentum for reducing lending interest rates, supporting production and business. Therefore, the industry also predicts that the savings channel will no longer create a strong "attraction" as in the past.
According to records, the rapid decrease in deposit interest rates has affected the "attraction" of deposits to customers. If in the first and early second quarters, deposit interest rates were high, people flocked to savings channels, now, when deposit interest rates have dropped sharply, some large customers have withdrawn their savings to invest in real estate, stocks, gold... because they have seen some positive signs of recovery from these markets.
Faced with the rapid and sharp decrease in deposit interest rates, business owners, cooperatives, and production and business households in the area expect credit institutions in Ha Tinh to quickly reduce lending interest rates to a more appropriate level.
Deposit interest rates have dropped sharply, so businesses in Ha Tinh want banks to reduce lending interest rates at a corresponding level.
Ms. Tran Thi Thanh - Accountant of Tran Chau Construction Investment Company Limited (Bac Cam Xuyen Industrial Park) expressed her opinion: "Enterprises are currently facing many disadvantages in production and business. Compared to the beginning of the year, lending interest rates at banks have decreased, but the reduction has not been as expected. At this time, many businesses are still borrowing at interest rates of around 10%/year. The problem is that currently, capital mobilization interest rates have decreased rapidly, but the reduction in lending interest rates has not been proportional. We recommend that banks need to find solutions to quickly reduce lending interest rates, contributing to supporting the economy in the context of many difficulties."
Thao Hien
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