Viet A Commercial Joint Stock Bank (Viet A Bank) has just become the next bank to reduce deposit interest rates after adjusting them down for terms from 1 to 12 months.

Accordingly, Viet A Bank has reduced the deposit interest rate for all the above terms by 0.1 percentage points. Currently, the online deposit interest rate for terms of 1 to 5 months at Viet A Bank is 4.2%/year, for terms of 6 to 11 months is 5.2%/year and for terms of 12 months is 5.5%/year.

Viet A Bank keeps the bank interest rates unchanged for the remaining terms, 13-month term is 5.6%/year, 15-month term is 5.9%/year, 18-month term is 6%/year, 24-36-month term has the highest mobilization interest rate of 6.1%/year.

Except for Viet A Bank, interest rates at other banks remained unchanged compared to yesterday.

From the beginning of January 2024 to now, 13 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.

Of which, OCB reduced interest rates for the second time since the beginning of January.

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

Recent developments in the interest rate market have shown signs of reversal as some banks are moving to increase deposit interest rates. However, last week the State Bank withdrew a net VND4,450 billion from the open market. Through the form of term purchases, the State Bank injected VND1 billion into OMO (7-day term, 4% interest rate), while VND4,551 billion of previously issued treasury bills have matured.

Interbank interest rates for overnight, 1-week, and 2-week terms all fell sharply last week, down 0.28%; 2.79%; 2.67% to 0.23%; 0.44%; 0.6%, respectively, returning to the low interest rate level in December.

According to BVSC, interbank interest rates will likely continue to remain low in the context of not much pressure on liquidity.

In the foreign exchange market, the central exchange rate increased by 66 VND/USD, from 23,866 VND/USD to 23,932 VND/USD. Meanwhile, the exchange rate at commercial banks increased by 114 VND/USD, from 24,269 VND/USD to 24,383 VND/USD.

Thus, VND is depreciating by 0.47% against USD. VND exchange rate is under pressure to decrease in the first days of 2024. However, with the US Federal Reserve (Fed) forecasting to cut interest rates in 2024, BVSC believes that the pressure on VND in 2024 will be lower than in 2023.

HIGHEST DEPOSITS INTEREST RATE TABLE ON JANUARY 12, 2024
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
HDBANK 3.65 3.65 5.5 5.5 5.7 6.5
NCB 4.05 4.25 5.35 5.45 5.7 6
VIETBANK 3.8 4 5.3 5.4 5.7 6.1
PVCOMBANK 3.35 3.35 5.3 5.3 5.4 5.7
VIET A BANK 4.2 4.2 5.2 5.2 5.5 6
KIENLONGBANK 3.95 3.95 5.2 5.4 5.5 6
GPBANK 3.4 3.92 5.15 5.3 5.35 5.45
BAC A BANK 3.7 3.9 5.1 5.2 5.4 5.8
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
BVBANK 3.8 3.9 5.05 5.2 5.5 5.55
ABBANK 3.15 3.35 5 4.4 4.4 4.4
SHB 3.5 3.8 5 5.2 5.4 5.8
DONG A BANK 3.9 3.9 4.9 5.1 5.4 5.6
NAMA BANK 3.3 4 4.9 5.2 5.7 6.1
PGBANK 3.1 3.5 4.9 5.3 5.8 6.1
OCEANBANK 3.7 3.9 4.8 5 5.5 5.7
SACOMBANK 3.6 3.8 4.7 4.95 5 5.1
OCB 3 3.2 4.6 4.7 4.9 5.4
VIB 3.2 3.4 4.6 4.6 5.1
EXIMBANK 3.4 3.7 4.6 5 5.1 5.5
SEABANK 3.6 3.8 4.4 4.55 5 5.1
VPBANK 3.3 3.4 4.4 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
MSB 3.5 3.5 4.2 4.2 4.9 4.9
MB 2.7 3 4.1 4.3 4.9 5.4
TECHCOMBANK 2.95 3.15 4.05 4.1 4.75 4.75
ACB 2.9 3.2 3.9 4.2 4.8
BIDV 2.3 2.6 3.6 3.6 5 5
AGRIBANK 2 2.5 3.6 3.6 5 5
VIETINBANK 2.2 2.5 3.5 3.5 5 5
SCB 1.95 2.25 3.25 3.25 4.85 4.85
VIETCOMBANK 1.9 2.2 3.2 3.2 4.8 4.8