According to the report of the State Bank of Vietnam (SBV) on the developments of deposit interest rates and lending interest rates of credit institutions (CIs) for customers in July 2024, the average VND deposit interest rate of domestic commercial banks is at 0.2%/year for demand deposits and deposits with terms of less than 1 month; 2.4-3.4%/year for deposits with terms from 1 month to less than 6 months; 4.4-4.8%/year for deposits with terms from 6 months to 12 months; 5.5-6.2%/year for deposits with terms from over 12 months to 24 months and 6.9-7.4%/year for terms over 24 months.

The average mobilization interest rate for terms under 24 months according to data published by the State Bank of Vietnam is relatively close to the mobilization interest rate table currently listed by banks.

However, with interest rates ranging from 6.9-7.4%/year for term deposits over 24 months as announced by the State Bank, this shows that the actual mobilization interest rate is having a large difference compared to the mobilization interest rate schedule announced by banks.

According to the online interest rate schedule currently announced by banks, the highest interest rate for deposits with a term of over 24 months is only 6.1%/year.

This is the interest rate listed by a few banks including National Citizen Commercial Joint Stock Bank (NCB) and Ocean Commercial Joint Stock Bank (OceanBank) for online deposits with terms of 18-36 months.

In addition, banks including Bac A Commercial Joint Stock Bank (Bac A Bank), Saigon - Hanoi Commercial Joint Stock Bank (SHB), and Saigon Industrial and Commercial Joint Stock Bank (Saigonbank) listed for 36-month term deposits; Ho Chi Minh City Development Joint Stock Commercial Bank listed for 12-month term deposits.

Previously, two banks, An Binh (ABBank) and Dong Nam A (SeABank), announced the highest interest rate of up to 6.2%/year, but both have stopped maintaining the daily interest rate since the beginning of August.

In particular, ABBank reduced the 12-month term deposit interest rate from 6.2% to 6%/year. This is also a rare interest rate in the current market.

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Photo: Tung Doan

In addition to ABBank, some banks are maintaining an interest rate of 6%/year. For example, Saigonbank applies it to term deposits of 18-24 months. Bao Viet Commercial Joint Stock Bank (BaoViet Bank) and Ban Viet Commercial Joint Stock Bank (BVBank) are also applying an interest rate of 6%/year for term deposits of 18-36 months.

However, VIP customers can enjoy a "special interest rate" of up to 9.5%/year, higher than the average interest rate of deposits with a term of over 24 months (6.9-7.4%/year) as reported by the State Bank.

In particular, Vietnam Public Commercial Joint Stock Bank (PVCombank) is leading the market in "special interest rates" at 9.5%/year, the condition is that customers have a minimum balance of 2,000 billion VND when depositing for a term of 12-13 months.

At Vietnam Maritime Commercial Joint Stock Bank (MSB), the “special interest rate” is 7%/year, with the condition that customers need to have a minimum deposit balance of 500 billion VND and deposit for a term of 12-13 months.

HDBank listed a "special interest rate" for 13-month term deposits of up to 8.1%/year, and 12-month term deposits of 7.7%/year. The condition to receive the above interest rate is that customers deposit at least VND500 billion and receive interest at the end of the term.

Dong A Bank is also one of the banks that pay a “special interest rate” of up to 7.5%/year for 13-month term deposits, 2.2%/year higher than the normal mobilization interest rate listed by this bank. Depositors only need to have a deposit balance of VND200 billion or more.

The deposit limit of VND200 billion is also a condition for ACB Bank to allow customers to enjoy a "special interest rate" when making a 13-month deposit at the counter. However, this interest rate is lower than the normal interest rate at many other banks, only at 5.9%/year and 5.7%/year if choosing to receive interest at the beginning of the term.

INTEREST RATES FOR 12 - 36 MONTH DEPOSITS LISTED BY BANKS
BANK 12 MONTHS 18 MONTHS 24 MONTHS 36 MONTHS
NCB 5.7 6.1 6.1 6.1
SHB 5.5 5.8 5.8 6.1
OCEANBANK 5.5 6.1 6.1 6.1
SAIGONBANK 5.8 6 6 6.1
BAOVIETBANK 5.8 6 6 6
BVBANK 5.8 6 6 6
VIETBANK 5.6 5.9 5.9 5.9
MB 5.1 5 5.9 5.9
PGBANK 5.5 5.8 5.9 5.9
CBBANK 5.7 5.85 5.85 5.85
GPBANK 5.75 5.85 5.85 5.85
OCB 5.2 5.4 5.6 5.8
VPBANK 5.5 5.5 5.8 5.8
VIET A BANK 5.4 5.7 5.8 5.8
PVCOMBANK 5.1 5.8 5.8 5.8
BAC A BANK 5.6 5.75 5.75 5.75
ABBANK 6 5.7 5.7 5.7
TPBANK 5.2 5.4 5.7 5.7
NAM A BANK 5.4 5.7 5.7 5.7
KIENLONGBANK 5.6 5.7 5.7 5.7
SACOMBANK 5.4 5.6 5.7 5.7
LPBANK 5.1 5.6 5.6 5.6
HDBANK 5.5 6.1 5.5 5.5
SEABANK 4.5 5.45 5.45 5.45
MSB 5.4 5.4 5.4 5.4
EXIMBANK 5.4 5.1 5.2 5.2
DONG A BANK 5.3 5.2 5.2 5.2
VIB 5.1 5.2 5.2
VIETINBANK 4.7 4.7 5 5
TECHCOMBANK 4.95 4.95 4.95 4.95
BIDV 4.7 4.7 4.9 4.9
AGRIBANK 4.7 4.7 4.8 4.8
VIETCOMBANK 4.6 4.6 4.7 4.7
SCB 3.7 3.9 3.9 3.9
ACB 4.8

According to statistics, from the beginning of August until now, 14 banks have increased their deposit interest rates, including: Agribank, Eximbank, HDBank, Sacombank, Saigonbank, TPBank, CB, VIB, DongA Bank, VPBank, Techcombank, VietBank, SHB, and PVCombank. Of which, Sacombank, VietBank, DongA Bank are the banks that have increased interest rates twice during this period.

On the contrary, Bac A Bank, SeABank and OCB are banks that unexpectedly reduced deposit interest rates during this period, of which SeABank has reduced interest rates twice.