The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has just unexpectedly increased its deposit interest rates, but this adjustment only applies to long-term deposits.

Specifically, BIDV's mobilization interest rate increased by 0.1%/year for 24-36 month term deposits. Currently, the online mobilization interest rate for these terms is 4.9%/year.

With the above interest rate increase, BIDV continues to be the bank paying the second highest interest rate for 24-36 month term deposits among the big 4 banks. Currently, VietinBank is still the bank paying the highest interest rate for these term deposits, up to 5%/year, while Vietcombank and Agribank list interest rates of 4.7%/year for these terms.

In addition to increasing the deposit interest rate for the 24-36 month term to 4.9%/year, BIDV kept the interest rate for the remaining terms unchanged. The online deposit interest rate for the 1-3 week term, with interest paid at the end of the term, is 0.3%/year, the 1-2 month term is 2%/year, the 3-5 month term is 2.3%/year, the 6-11 month term is 3.3%/year, the 12-18 month term is 4.7%/year.

Compared to the interest rate at the counter, BIDV's online interest rate is 0.1% higher per year for a term of 1-3 weeks; 0.3% higher per year for a term of 1-11 months; and 0.2% higher per year for a term of 24-36 months. Meanwhile, the interest rate for a term of 12-18 months has no difference between savings at the counter and online.

HIGHEST DEPOSITS INTEREST RATES AT STATE COMMERCIAL BANKS ON JULY 22, 2024
TERM VIETINBANK BIDV AGRIBANK VIETCOMBANK
1 MONTH 2 2 1.6 1.6
3 MONTHS 2.3 2.3 1.9 1.9
6 MONTHS 3.3 3.3 3 2.9
9 MONTHS 3.3 3.3 3 2.9
12 MONTHS 4.7 4.7 4.7 4.6
18 MONTHS 4.7 4.7 4.7 4.6
24 MONTHS 5 4.9 4.7 4.7
36 MONTHS 5 4.9 4.7 4.7

Besides BIDV, this morning's deposit interest rates continued to record fluctuations at a joint stock commercial bank, An Binh Commercial Joint Stock Bank (ABBank).

The main highlight is that from today ABBank officially increased the mobilization interest rate to 6.2%/year for 12-month online deposits.

Previously, this bank also maintained the second highest 12-month deposit interest rate in the market (6%/year). Currently, the new interest rate of 6.2%/year is the highest deposit interest rate in the market according to the announcement.

ABBank also increased 0.1%/year on 3-month deposit interest rate to 4.1%/year.

However, along with increasing interest rates for the two above-mentioned terms, ABBank also reduced interest rates for several other terms.

The 6-month term bank interest rate unexpectedly decreased by 0.3%/year to 5.3%/year from today; at the same time, the interest rate for terms from 7 months to 11 months simultaneously decreased by 0.1%/year to 5.7%/year.

ABBank keeps the interest rates unchanged for some terms: 1-2 month term at 3.2% and 3.3%/year respectively; 4-5 month term at 3.6%/year; and 13-36 month term at 5.7%/year.

In addition to ABBank, which has just increased its 12-month deposit interest rate to 6.2%, only a few banks currently maintain their deposit interest rates at 6%/year, including: BVBank pays 6%/year for deposits with a term of 18-36 months; HDBank pays 6.1%/year for deposits with a term of 18 months; NCB and OceanBank pay 6.1%/year for deposits with a term of 18-36 months; and SHB pays 6.1%/year for deposits with a term of 36 months or more.

Apart from ABBank and BIDV, interest rates at other banks remained unchanged this morning.

Thus, since the beginning of July, 16 commercial banks have increased their deposit interest rates. The banks that have increased their interest rates include: NCB, Eximbank, SeABank, VIB, BaoViet Bank, Saigonbank, VietBank, MB, BVBank, KienLong Bank, VPBank, PVCombank, PGBank, Sacombank, BIDV and ABBank. Of which, VietBank is the first bank to increase its interest rates for the second time since the beginning of the month, while ABBank has just increased its interest rates but also reduced them at the same time for terms of 6-11 months.

HIGHEST DEPOSITS INTEREST RATES AT COMMERCIAL BANKS ON JULY 22, 2024
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
ABBANK 3.2 4.1 5.3 5.7 6.2 5.7
ACB 2.8 3.1 3.9 4 4.7
BAC A BANK 3.5 3.7 4.9 5 5.5 5.6
BAOVIETBANK 3.1 3.9 5.1 5.2 5.6 5.9
BVBANK 3.7 3.8 5.1 5.5 5.8 6
CBBANK 3.4 3.6 5.15 5.1 5.3 5.55
DONG A BANK 2.8 3 4 4.2 4.5 4.7
EXIMBANK 3.5 4.3 5.2 4.5 5 5.1
GPBANK 3 3.52 4.85 5.2 5.75 5.85
HDBANK 3.25 3.25 4.9 4.7 5.5 6.1
KIENLONGBANK 3.7 3.7 5.2 5.3 5.6 5.7
LPBANK 3.4 3.5 4.7 4.8 5.1 5.6
MB 3.3 3.7 4.4 4.4 5.1 5
MSB 3.7 3.7 4.6 4.6 5.4 5.4
NAM A BANK 3.1 3.8 4.6 5.1 5.4 5.7
NCB 3.7 4 5.35 5.55 5.7 6.1
OCB 3.7 3.9 4.9 5 5.2 5.4
OCEANBANK 3.4 3.8 4.8 4.9 5.5 6.1
PGBANK 3.2 3.7 5 5 5.5 5.8
PVCOMBANK 3.35 3.55 4.5 4.7 5.1 5.8
SACOMBANK 3 3.3 4.1 4.3 4.9 5.1
SAIGONBANK 2.5 2.8 4.1 4.4 5.3 5.6
SCB 1.6 1.9 2.9 2.9 3.7 3.9
SEABANK 3.2 3.7 4.2 4.4 4.95 5.7
SHB 3.3 3.4 4.7 4.8 5.2 5.5
TECHCOMBANK 2.85 3.25 4.25 4.25 4.95 4.95
TPBANK 3.3 3.6 4.5 5.2 5.4
VIB 3.1 3.3 4.3 4.4 4.9
VIET A BANK 3.4 3.7 4.8 4.8 5.4 5.7
VIETBANK 3.6 3.8 4.9 4.7 5.3 5.9
VPBANK 3.1 3.6 4.8 4.8 5.3 5.3