Credit institutions in Ha Tinh continue to reduce savings interest rates, creating room to lower lending rates and support the economy in the last month of 2023.
In just the past month, Vietcombank Ha Tinh Branch has adjusted savings interest rates 3 times. Recently, on December 11, 2023, Vietcombank officially reduced interest rates by 0.2%/year for many terms. Accordingly, the interest rate for 1-2 month terms decreased to only 2.2%/year, 3-month terms decreased to 2.5%/year, 6-month terms were 3.5%/year, while 12-month terms remained at 4.8%/year. Thus, the interest rate of 4.8%/year is also the highest currently at Vietcombank Ha Tinh Branch.
The highest interest rate at Vietcombank Ha Tinh Branch is currently 4.8%/year.
According to Ms. Hoang Thi Ngoc Thao - Deputy Head of Customer Service Department, Vietcombank Ha Tinh Branch, the reduction in capital mobilization interest rates is to create room to continue reducing lending interest rates and increase credit growth to serve the economy before, during and after Tet. Currently, the mobilized capital of the entire branch has reached over 13,000 billion VND, a significant growth compared to the beginning of 2023.
Since December 12, 2023, VietinBank Ha Tinh Branch has also implemented a reduction in deposit interest rates. It is known that not long before (November 29, 2023), VietinBank also reduced capital mobilization interest rates. At present, the deposit interest rate for terms of 1 - 2 months, 2 - 3 months at VietinBank is 2.6%/year, term of 3 - under 6 months is 3%/year, term of 6 - under 9 months, 9 - under 12 months is 4%/year, term of 12 months - under 24 months is 5%/year. The highest interest rate at VietinBank is currently 5.3%/year applied to deposit terms of 24 months or more.
According to research, the continuous decrease in deposit interest rates in recent times has affected people's ability to save money in banks. Currently, interest rates are "anchored" at a low level, so many people choose to deposit money for short terms (mainly from 1 to 3 months) to "wait" for the market. In addition, a group of customers when it is time to withdraw their savings, they only deposit a portion and the rest tend to invest in other markets when seeing positive signs of recovery. Specifically, the continuous increase in gold prices in recent times has attracted people's attention to investment. In addition, Ha Tinh City and neighboring areas are implementing auctions of planned residential land with appropriate starting prices, which also attracts the participation of investors.
Customers come to transact at VietinBank Ha Tinh Branch.
According to the industry, currently the "Big 4" group, Vietcombank, VietinBank, BIDV and Agribank, have all reduced their deposit interest rates to historic lows, lower than during the COVID-19 pandemic. In addition, a series of joint stock commercial banks in the area such as Techcombank, HDbank, MB, MSB... have also simultaneously reduced their deposit interest rates this December. In fact, many "banks" have reduced their interest rates twice since the beginning of the month.
Ms. Duong Thu Huong - Head of Customer Service Department, Techcombank Ha Tinh said: "This December, Techcombank has reduced capital mobilization interest rates twice. Recently, credit growth has been difficult, so this move is necessary for the bank to continue to lower lending interest rates, serving production and business needs, priority investment areas according to the Government's direction".
Similarly, on December 15, 2023, MB Ha Tinh Branch announced a 0.2%/year reduction in deposit interest rates for terms of 1-8 months and a 0.1%/year reduction for terms of 9-60 months. This is also the second time since the beginning of December that this bank has reduced deposit interest rates.
According to the online interest rate table, the 1-month term is only 2.9%/year, 2-month is 3.1%/year, 3-month is 3.2%/year, 4-month is 3.4%/year and 5-month is 3.5%/year. In addition, the 6-8-month term is 4.4%/year, 9-10-month is 4.6%/year, 11- and 12-month terms are 4.7% and 4.9%/year respectively, 13- and 15-month is 5%/year, 18-month is 5.4%/year...
Ms. Tran Thi Thuy (Tran Phu Ward, Ha Tinh City) shared: “Compared to the beginning of the year, I see that the current deposit interest rate has decreased sharply, some banks have reduced it by up to 4%/year. In this context, my family only chooses to save a part of the short-term savings (3 months) to wait for a more positive signal. In addition, I allocate a part of the budget to invest in the gold market.”
According to the reflection, the low demand for loans from the business community, cooperatives and people has led to excess liquidity in the banking system, which is the main reason for the continuous sharp decline in deposit interest rates. In general, the current capital mobilization interest rate is very low compared to the same period last year, although banks have their own interest rate policies applied to different customer groups, depending on the deposit value or capital balance of each branch. The reduction in mobilization interest rates is a necessary condition to continue to reduce lending interest rates.
Banks have implemented many solutions to reduce deposit interest rates and cut costs, thereby creating room to reduce lending interest rates to serve the economy.
In recent times, credit institutions in the area have strictly complied with the regulations on interest rate management of the Governor of the State Bank of Vietnam, there has been no phenomenon of unfair competition or exceeding the ceiling. In addition, credit institutions have implemented many solutions to reduce deposit interest rates, reduce costs, thereby creating room to reduce lending interest rates for customers. It is estimated that by December 31, 2023, the total mobilized capital of Ha Tinh Banking industry will reach VND 98,252 billion, an increase of 16.59% compared to the end of 2022. |
Phuc School
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