Vietnam Public Joint Stock Commercial Bank (PVCombank) today adjusted deposit interest rates for terms under 6 months.

Accordingly, the bank slightly reduced the 1-month term and increased the 2-5 month terms.

According to the online deposit interest rate table just posted by PVCombank, the 1-month deposit interest rate has dropped to 3.3%/year after a slight decrease of 0.05%/year.

Meanwhile, interest rates for 2-5 month terms have increased. The 2-month bank interest rate has increased to 3.4%/year, after increasing by 0.05%/year. The 3-month online savings interest rate has also been increased by 0.05%, to 3.6%/year by PVCombank.

Online savings interest rates for 4- and 5-month terms increased by 0.15% and 0.25% per year, respectively, to 3.7% per year and 3.8% per year.

PVCombank keeps the interest rates unchanged for the remaining terms. The interest rate for online deposits for 6-month terms is 4.5%/year and for 7-11-month terms is 4.7%/year.

With the above interest rate, PVCombank is one of the few banks that still maintains the 9-11 month term deposit interest rate below 5%/year.

Meanwhile, the 12-month online deposit interest rate is being maintained at 5.1%/year.

The highest online deposit interest rate at PVCombank is currently 5.8%/year, applied to deposits with a term of 18-36 months.

Online deposit interest rates at PVCombank are 0.3% higher per year than the interest rates at the counter for 1-12 month terms. For 18-36 month terms, the interest rate difference is up to 0.5% per year.

W-PVcombank (18).jpg
PVCombank increases short-term deposit interest rates.

Along with increasing online deposit interest rates, PVCombank also increased corresponding interest rates for counter deposits.

This bank is leading the market in terms of “special interest rates” when customers deposit money at the counter, with a mobilization rate of 9.5% for customers depositing money for a term of 12-13 months, the highest rate in the market today. While the normal mobilization interest rate for the public for these two terms is only 4.8%-5%/year.

However, the condition to receive interest rates of up to 9.5%/year is that customers must have a minimum deposit balance of VND 2,000 billion.

In addition to PVCombank, some other banks such as DongA Bank, ACB, MSB,... are also maintaining special interest rates.

At MSB, the special interest rate has been reduced from 8.5%/year to 7%/year, with the condition that customers need to have a minimum deposit balance of VND500 billion and deposit for a term of 12-13 months.

However, MSB also applies a "special interest rate" policy for "ordinary" customers, allowing depositors to receive real interest rates 0.3-0.5% higher per year than the online deposit interest rate announced by the bank.

Specifically, MSB listed online term deposits with "special interest rate" at 5.1%/year for 6-month terms, 5.7%/year for 12-month, 15-month and 24-month terms.

HDBank listed "special interest rates" for 13-month term deposits at up to 8.1%/year, and 12-month term deposits at 7.7%/year. These interest rates are 2.3%-2.5%/year higher than the interest rates at the counter applied to regular customers. The condition to receive the above interest rates is that customers deposit at least VND500 billion and receive interest at the end of the term.

Dong A Bank is also one of the banks that pay a “special interest rate” of up to 7.5%/year for 13-month term deposits, 2.2%/year higher than the normal mobilization interest rate listed by this bank. Depositors only need to have a deposit balance of VND200 billion or more.

The deposit limit of VND200 billion is also a condition for ACB Bank to allow customers to enjoy a "special interest rate" when making a 13-month deposit at the counter. However, this interest rate is lower than the normal interest rate at many other banks, only at 5.9%/year and 5.7%/year if choosing to receive interest at the beginning of the term.

HIGHEST DEPOSITS INTEREST RATES AT BANKS ON AUGUST 22, 2024 (%/YEAR)
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
AGRIBANK 1.8 2.2 3.2 3.2 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 4 5 5.5 6 5.7
ACB 3 3.4 4.15 4.2 4.8
BAC A BANK 3.5 3.8 5 5.1 5.6 5.75
BAOVIETBANK 3.3 4 5.2 5.4 5.8 6
BVBANK 3.7 3.8 5.1 5.5 5.8 6
CBBANK 3.8 4 5.55 5.5 5.7 5.85
DONG A BANK 3.6 3.6 4.9 4.9 5.3 5.2
EXIMBANK 3.5 4.3 5.2 4.5 5.4 5.1
GPBANK 3 3.52 4.85 5.2 5.75 5.85
HDBANK 3.55 3.55 5.1 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 3.3 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 5.8 6
SCB 1.6 1.9 2.9 2.9 3.7 3.9
SEABANK 2.95 3.45 3.75 3.95 4.5 5.45
SHB 3.5 3.8 5 5.1 5.5 5.8
TECHCOMBANK 3.05 3.25 4.25 4.25 4.95 4.95
TPBANK 3.5 3.8 4.7 5.2 5.4
VIB 3.2 3.5 4.6 4.6 5.1
VIET A BANK 3.4 3.7 4.8 4.8 5.4 5.7
VIETBANK 3.6 3.8 5.2 5 5.6 5.9
VPBANK 3.6 3.8 5 5 5.5 5.5

According to statistics, since the beginning of August, 14 banks have increased their deposit interest rates, including: Agribank, Eximbank, HDBank, Sacombank, Saigonbank, TPBank, CB, VIB, DongA Bank, VPBank, Techcombank, VietBank, SHB, and PVCombank. Of which, Sacombank, VietBank, DongA Bank are the banks that have increased interest rates twice during this period.

On the contrary, Bac A Bank, SeABank, and OCB are banks that unexpectedly reduced deposit interest rates during this time, of which SeABank has reduced interest rates twice.