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Having just reduced deposit interest rates on April 14, Orient Commercial Joint Stock Bank ( OCB ) almost immediately adjusted interest rates up again, with an increase of 0.2-0.75%/year for terms from 1-36 months, except for the 4-month term which was reduced by 0.1%/year to 4.2%/year.

According to the recently announced online deposit interest rate schedule, OCB has re-established a tiered interest rate mechanism, applied to three different deposit levels: under VND100 million; from VND100 million to under VND500 million; and from VND500 million and above.

Online banking interest rates applied to savings accounts under 100 million VND (interest received at the end of the term) are adjusted by OCB as follows:

Interest rates for 1-month term increased by 0.2%/year, up to 3.9%/year; 2-month term increased by 0.3%/year, up to 4%/year; 3-month term increased by 0.2%/year, up to 4.1%/year and 4-month term decreased by 0.1%/year, down to 4.1%/year.

OCB increased the 5-month term interest rate by 0.2%/year, to 4.5%/year.

Online savings interest rates for terms from 6-11 months have been increased by 0.3%/year and are currently listed at 5%/year.

This is also an increase for 12-15 month terms, with the new interest rate being 5.1%/year.

Interest rates on 18-month deposits were also increased by 0.3% per year, reaching 5.2% per year.

Meanwhile, OCB adjusted the online deposit interest rate for 21-month term to increase by 0.35%/year, to 5.3%/year.

The 24-month deposit interest rate was also adjusted to increase by 0.45%/year, to 5.4%/year.

Notably, OCB increased the 36-month deposit interest rate by 0.75%/year, reaching an interest rate of 5.6%/year for this term.

Thus, after reducing interest rates from 0.1-1.05%/year on April 14 and bringing the mobilization interest rates of all terms below the 5%/year mark, OCB quickly adjusted them up again. This move caused interest rates of most terms to return to the old level, set on March 31.

Notably, with the re-establishment of the interest rate schedule for customers making online savings deposits from 100 million VND to less than 500 million VND and from 500 million VND or more, the interest rates mobilized between the limits have a gradually increasing difference in terms from 1-15 months.

Meanwhile, for terms from 18-36 months, there is no difference in interest rates between deposit levels. This means that the highest mobilization interest rate at OCB remains at 5.6%/year for a 36-month term.

Currently, the interest rate difference between deposits under VND100 million and from VND100 million to under VND500 million ranges from 0.1-0.15%/year (applied for terms from 1-15 months). Meanwhile, the difference between deposits under VND100 million and from VND500 million or more is about 0.2%/year (1-15 months).

Despite a sharp increase in online deposit interest rates, OCB has reduced counter deposit interest rates.

According to the interest rate table at the counter for individual customers receiving interest at the end of the term, interest rates for terms from 1-15 months have decreased by 0.1%/year; interest rates for terms from 18-36 months have decreased by 0.2%/year.

Accordingly, the latest interest rates at the counter announced by OCB are as follows: 1-month term 3.8%/year, 2-month term 3.9%/year, 3-4-month term 4%/year, 5-month term 4.4%/year; 6-11-month term 4.9%/year; 12-15-month term 5%/year; 18-month term 5.2%/year; 21-month term 5.3%/year; 24-month term 5.4%/year and 36-month term 5.6%/year.

Thus, there is no difference in interest rates between online and counter deposits for terms from 18-36 months.

OCB does not apply a tiered interest rate mechanism for counter savings. Therefore, the highest interest rate for counter deposits at this bank is 5.6%/year.

This shows that OCB is prioritizing competition in the online savings segment, while still maintaining the ceiling interest rate for counter deposits.

Since February 25, 28 domestic commercial banks have reduced their deposit interest rates by 0.1-1.05% per year. In April alone, several more banks reduced their deposit interest rates, including VPBank , MB, Eximbank, Nam A Bank, OCB and GPBank.

In addition to reducing deposit interest rates, GPBank and Eximbank also increased deposit interest rates for some terms. OCB alone increased online deposit interest rates for all terms, except for the 4-month term.

INTEREST RATE TABLE FOR ONLINE DEPOSITS OF BANKS ON APRIL 18, 2024 (%/YEAR)
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
AGRIBANK	2.4	3	3.7	3.7	4.7	4.7
BIDV	2	2.3	3.3	3.3	4.7	4.7
VIETINBANK	2	2.3	3.3	3.3	4.7	4.7
VIETCOMBANK	1.6	1.9	2.9	2.9	4.6	4.6
ABBANK	3.2	3.9	5.4	5.5	5.7	5.5
ACB	3.1	3.5	4.2	4.3	4.9
BAC A BANK	3.5	3.8	4.95	5.05	5.4	5.8
BAOVIETBANK	3.5	4.35	5.45	5.5	5.8	5.9
BVBANK	3.95	4.15	5.15	5.3	5.6	5.9
EXIMBANK	4	4.1	5.1	5.2	5.3	5.7
GPBANK	3.75	3.85	5.65	5.75	5.95	5.95
HDBANK	3.85	3.95	5.3	4.7	5.6	6.1
KIENLONGBANK	3.7	3.7	5.1	5.2	5.5	5.45
LPBANK	3.6	3.9	5.1	5.1	5.4	5.6
MB	3.7	4	4.6	4.6	5	5
MBV	4.1	4.4	5.5	5.6	5.8	5.9
MSB	3.9	3.9	5	5	5.6	5.6
NAM A BANK	3.8	4	4.9	5.2	5.5	5.6
NCB	4	4.2	5.35	5.45	5.6	5.6
OCB	3.9	4.1	5	5	5.1	5.2
PGBANK	3.4	3.8	5	4.9	5.4	5.8
PVCOMBANK	3.3	3.6	4.5	4.7	5.1	5.8
SACOMBANK	3.3	3.6	4.9	4.9	5.4	5.6
SAIGONBANK	3.3	3.6	4.8	4.9	5.6	5.8
SCB	1.6	1.9	2.9	2.9	3.7	3.9
SEABANK	2.95	3.45	3.95	4.15	4.7	5.45
SHB	3.5	3.8	4.9	5	5.3	5.5
TECHCOMBANK	3.25	3.55	4.55	4.55	4.75	4.75
TPBANK	3.5	3.8	4.8	4.9	5.2	5.5
VCBNEO	4.15	4.35	5.7	5.65	5.85	5.85
VIB	3.7	3.8	4.7	4.7	4.9	5.2
VIET A BANK	3.7	4	5.2	5.4	5.7	5.9
VIETBANK	4.1	4.4	5.4	5.4	5.8	5.9
VIKKI BANK	4.15	4.35	5.65	5.95	6	6
VPBANK	3.7	3.9	4.8	4.8	5.3	5.3