Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) has just lowered deposit interest rates for all terms. This is the second time this bank has reduced deposit interest rates since the beginning of 2024.

On the online channel, interest rates for 1-5 month terms decreased by 0.2 percentage points to 3.25%/year. For 6-month terms, interest rates were adjusted down sharply by 0.4 percentage points to 4.9%/year. For 7-11 month terms, the current interest rate is only 4.7%/year, down 0.3 percentage points compared to before.

HDBank reduced the interest rate for 12-18 month deposits by 0.2 percentage points. Therefore, the 12-month term is now 5.1%/year, the 13-month term is 5.3%/year, the 15-month term is 5.9%/year and the 18-month term is currently at 6%/year.

The remaining terms, from 24-36 months, were adjusted down by 0.3 percentage points to 5.8%/year.

After this adjustment, HDBank only has one 18-month term with the highest rate of 6%/year.

HDBank also adjusted its “special interest rates”. The interest rates at the counter applied for 12- and 13-month terms, for customers depositing VND300 billion or more, are 7.8% and 8.2%/year, respectively. This “special interest rate” is down 0.2 percentage points compared to before.

The interest rates at the counter for regular customers with 12 and 13-month terms are 5% and 5.2%/year, respectively, down 0.5 percentage points compared to early January.

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) adjusted deposit interest rates in two opposite directions.

Specifically, Sacombank has shockingly reduced the interest rate for deposits with terms from 1 to 5 months by 0.6 percentage points. The 1-month term is now 3%/year, the 2-month term is 3.1%/year, the 3-month term is 3.2%/year, the 4-month term is 3.3%/year and the 5-month term is 3.4%/year.

Sacombank keeps online deposit interest rates unchanged for 6-month terms at 4.7%/year, 7-month terms at 4.8%/year, 8-month terms at 4.9%/year, and 9-11-month terms at 4.95%/year.

Notably, with terms from 12-36 months, Sacombank suddenly increased sharply. Specifically, the online mobilization interest rate for 12-month terms increased by 0.2 percentage points to 5.2%/year. The 13-month term increased by 0.4 percentage points to 5.4%/year.

15-month term increased by 0.45 percentage points to 5.5%/year, 18-month term increased by 0.5 percentage points to 5.6%/year, 24-month term increased by 0.55 percentage points to 5.7%/year.

In particular, the regular online deposit interest rate for a 36-month term is currently no different from the "special interest rate" when Sacombank increased it by 1%/year, from 5.2% to 6.2%/year.

Apart from HDBank and Sacombank, interest rates at other banks remained unchanged today.

HIGHEST DEPOSITS INTEREST RATES ON JANUARY 24
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
BAOVIETBANK 3.8 4.15 5.1 5.2 5.6 5.8
CBBANK 4.2 4.3 5.1 5.2 5.4 5.5
NCB 3.9 4.1 5.05 5.15 5.5 6
PVCOMBANK 3.05 3.05 5 5 5.1 5.4
ABBANK 3.15 3.35 5 4.4 4.4 4.4
HDBANK 3.25 3.25 4.9 4.7 5.1 6
VIETBANK 3.5 3.7 4.9 5 5.3 5.8
BAC A BANK 3.6 3.8 4.9 5 5.2 5.6
DONG A BANK 3.9 3.9 4.9 5.1 5.4 5.6
NAMA BANK 3.1 3.6 4.9 5.2 5.7 6.1
PGBANK 3.1 3.5 4.9 5.3 5.8 6.1
BVBANK 3.65 3.75 4.85 5 5.15 5.55
VIET A BANK 3.6 3.7 4.8 4.9 5.2 5.6
KIENLONGBANK 3.95 3.95 4.8 5 5.1 5.6
SHB 3.1 3.3 4.8 5 5.3 5.8
OCEANBANK 3.7 3.9 4.8 5 5.5 5.7
GPBANK 2.9 3.42 4.75 4.9 4.95 5.05
SACOMBANK 3 3.2 4.7 4.95 5.2 5.6
OCB 3 3.2 4.6 4.7 4.9 5.4
EXIMBANK 3.4 3.7 4.5 4.5 5 5.5
VIB 3.2 3.4 4.5 4.5 5.2
VPBANK 3.1 3.3 4.5 4.4 5.1 5.2
LPBANK 2.8 3.1 4.3 4.4 5.3 5.7
TPBANK 3 3.2 4.2 4.9 5.1
SAIGONBANK 2.8 3 4.2 4.4 5.1 5.5
SEABANK 3.4 3.6 4.15 4.3 4.75 5
MSB 3.5 3.5 3.9 3.9 4.3 4.3
MB 2.6 2.9 3.9 4.1 4.8 5.2
ACB 2.9 3.2 3.9 4.2 4.8
TECHCOMBANK 2.75 3.15 3.75 3.8 4.75 4.75
AGRIBANK 1.8 2.1 3.4 3.4 5 5
BIDV 2 2.3 3.3 3.3 5 5
VIETINBANK 1.9 2.2 3.2 3.2 5 5
SCB 1.75 2.05 3.05 3.05 4.75 4.75
VIETCOMBANK 1.7 2 3 3 4.7 4.7

Since the beginning of January 2024, 29 banks have reduced deposit interest rates, including: BaoViet Bank, GPBank, Eximbank, SHB, Bac A Bank, KienLong Bank, LPBank, OCB, VIB, TPBank, ABBank, NCB, Viet A Bank, Vietcombank, PVCombank, SCB, HDBank, VietBank, Techcombank, Agribank, BIDV, VietinBank, VPBank, SeABank, MSB, Nam A Bank, MB, BVBank, Sacombank.

Of which, OCB, GPBank, SHB, VIB, Bac A Bank, VPBank, Eximbank, VietBank, HDBank have reduced interest rates for the second time since the beginning of the new year.

SHB, NCB, Viet A Bank, and KienLong Bank have even reduced interest rates up to 3 times.

On the contrary, ACB, ABBank, VPBank and Sacombank are the banks that have increased deposit interest rates since the beginning of the month.

Last week, the open market operations channel did not conduct new transactions. Overnight interbank interest rates did not fluctuate much, remaining at 0.15% (unchanged from the previous week). Trading volume in market 2 cooled down, with an average of VND231,000 billion/day (down 13% from the previous week), showing that the pressure on system liquidity has somewhat cooled down.

According to the results of the survey on business trends of credit institutions from the State Bank of Vietnam, deposit and lending interest rates are forecast to continue to decrease slightly, with an average expected decrease of 30-40 basis points in the first quarter of 2024 and a decrease of 20 basis points in the whole year of 2024.

This reflects the expectation of credit institutions that interest rates will gradually increase towards the end of the year, similar to the forecast that credit demand will recover. Specifically, the banking system's credit balance is forecast to increase by 4.4% in the first quarter of 2024 and increase by 14.2% in 2024 - an upward adjustment compared to the forecast of 13.8% in the previous survey.