Bank deposit interest rates continue to decrease

This November, many credit institutions in Ha Tinh continued to reduce capital mobilization interest rates, with common reductions ranging from 0.1 - 0.5%/year.

A survey of capital mobilization interest rates at banks in early November showed that the deposit interest rate continued to decrease, with a common decrease of 0.1 - 0.5%/year. The "banks" reduced deposit interest rates in order to reduce lending interest rates, promoting economic growth in the "final sprint" of the year.

According to research, the mobilization interest rate of credit institutions at the 12-month term fluctuates from 5 - 6%/year, a sharp decrease compared to the beginning of the year (over 10%/year). Many credit institutions have even lowered the mobilization interest rate to lower than the time of the COVID-19 pandemic.

Customers come to make transactions at Vietcombank Ha Tinh.

On November 10, Vietcombank continued to adjust deposit interest rates down. Accordingly, branches in Ha Tinh reduced 0.1 - 0.2%/year for all terms. Deposit interest rates for 1-2 month terms dropped to a record low of 2.6%/year. In the online deposit interest rate table, interest rates for terms from 1 - 11 months decreased by 0.2%/year; terms from 12 - 24 months decreased by 0.1%/year. It is known that currently the highest deposit interest rate at Vietcombank is for 12 - 24 months at 5%/year; 3-5 months at 2.9%/year, 6 - 11 months at 3.9%/year...

Bank deposit interest rates continue to decrease

The mobilized capital of Vietcombank Ha Tinh has reached nearly 13,000 billion VND so far.

According to a representative of Vietcombank Ha Tinh, the branch's mobilized capital has reached nearly VND13,000 billion so far. Reducing deposit interest rates is a necessary move for the bank to continue reducing lending interest rates in the context of the economy's very difficult capital absorption capacity.

From November 9, 2023, Bac A Bank Ha Tinh continues to adjust the mobilization interest rate down by 0.2%/year for all terms. Accordingly, for deposits under 1 billion VND, the highest mobilization interest rate for terms of 15, 18, 24 and 36 months is 5.75%/year, 12-month term is 5.4%/year, 6-month term is 5.2%/year.

For deposits over 1 billion VND, Bac A Bank lists the highest interest rate at 5.95%/year for terms of 18, 24 and 36 months; 1-year term is applied with interest rate of 5.6%/year and 6-month term is 5.4%/year.

Bank deposit interest rates continue to decrease

From November 9, 2023, Bac A Bank Ha Tinh continues to adjust the mobilization interest rate down by 0.2%/year for all terms. In the photo: Customers come to transact at Bac A Bank Ha Tinh.

Ms. Phan Thi Minh Thai - Head of Customer Service - Treasury Department (Bac A Bank Ha Tinh) said: "Up to this point, the branch's mobilized capital has reached over 3,900 billion VND, exceeding the set plan. Reducing mobilization interest rates will create room to reduce lending interest rates, promoting capital to the economy in the last months of the year".

Similarly, this November, a series of joint stock commercial banks in Ha Tinh such as: ACB, Techcombank, VPBank, SHB... also simultaneously reduced deposit interest rates.

At SHB Ha Tinh, the interest rate for 1-month deposits is currently listed at 3.5%/year, 3-month deposits are 3.8%/year, 6-month deposits are 5.2%/year, 12-month deposits are 5.6%/year...

According to records, the economy has not yet recovered after the COVID-19 pandemic. Currently, the business community, cooperatives, and small traders in Ha Tinh are facing many challenges due to the impact of the economic recession, leading to low demand for investment loans, and many banks are in a state of "excess money".

In general, the move to reduce deposit interest rates at this time is considered a solution for banks to continue to reduce lending interest rates, pushing capital into the economy at the end of the year. In addition, many people are also tending to choose other investment channels besides depositing money in banks.

Ms. Nguyen Thi Thuy (Tran Phu Ward, Ha Tinh City) shared: "The city is currently planning many residential land areas with many advantages. I see that the real estate market in the city area is still "quite warm" and the starting price at the auctions is quite suitable, so my family decided to withdraw savings to invest in planned residential land."

Bank deposit interest rates continue to decrease

Banks reduce deposit interest rates to reduce lending interest rates and support the economy.

According to the State Bank of Vietnam, Ha Tinh Province Branch, although interest rates are currently showing a downward trend, capital mobilization in the area is still growing well.

Accordingly, the total mobilized capital in the whole area by October 31, 2023 is estimated at VND 96,400 billion, an increase of 17.3% over the same period and an increase of 14.4% compared to the end of 2022.

Thu Phuong

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