On June 24th, the market did not record any adjustments to deposit interest rates. However, Vietnam Joint Stock Commercial Bank for Industry and Trade ( VietinBank ) made a new move by announcing an additional interest rate of 0.3%-0.4%/year for customers depositing money for terms from 1-11 months and an additional 0.2%/year for deposits for terms from 24-36 months.

This policy has made VietinBank's deposit interest rates suddenly superior to those of the other three banks in the big4 group.

According to the published interest rate schedule (before adding any additional interest), VietinBank's deposit interest rates for terms from 1-11 months are on par with BIDV's rates, and slightly higher by 0.3%-0.4%/year compared to the rates announced by Agribank and Vietcombank.

Specifically, VietinBank and BIDV are currently listing deposit interest rates at 2%/year for terms of 1-2 months, 3.3%/year for terms of 3-5 months, 3.3%/year for terms of 6-11 months, and 4.7%/year for terms of 12-18 months.

Meanwhile, Agribank and Vietcombank list deposit interest rates at only 1.6%/year for 1-2 month terms and 1.9%/year for 3-5 month terms.

For deposits with terms of 6-11 months, Agribank lists 3%/year, while Vietcombank lists it at 2.9%/year. The interest rate for deposits with terms of 12-18 months at Vietcombank is also lower than the other three banks, currently listed at 4.6%/year.

The divergence in deposit interest rates among the four major banks is more evident for longer terms of 24-36 months. Accordingly, Agribank and Vietcombank are listing interest rates of 4.7%/year for these terms, while BIDV lists 4.8%/year, and VietinBank is at 5%/year.

If an additional 0.2% per year is added according to VietinBank's new policy, the highest deposit interest rate offered by this bank will reach 5.2% per year.

DEPOSIT INTEREST RATES AS PUBLISHED BY 4 STATE-OWNED COMMERCIAL BANKS (%/year)
TERM AGRIBANK VIETCOMBANK MB VIETINBANK
1 MONTH 1.6 1.6 2 2
3 MONTHS 1.9 1.9 2.3 2.3
6 MONTHS 3 2.9 3.3 3.3
9 MONTHS 3 2.9 3.3 3.3
12 MONTHS 4.7 4.6 4.7 4.7
18 MONTHS 4.7 4.6 4.7 4.7
24 MONTHS 4.7 4.7 4.8 5
36 MONTHS 4.7 4.7 4.8 5

Currently, the highest deposit interest rate on the market is 6.1%/year, applied at: NCB (deposit terms from 18 to 60 months), OceanBank (terms from 18-36 months) and HDBank (term of 18 months).

The group of banks offering a deposit interest rate of 6% per year includes HDBank (15-month term) and OCB (36-month term).

However, many banks are applying deposit interest rates for long-term periods (24 months or more) close to 6% per year. Examples include BaoViet Bank, PGBank, SHB (5.9% per year); BVBank, MB, SeABank, ABBank (5.8% per year).

Meanwhile, most banks are quoting interest rates of 5% per year for deposit terms of 12 months or more.

Conversely, the group of banks maintaining the lowest deposit interest rates in the market currently includes, besides the Big 4, SCB, ACB, and Dong A Bank, with rates below 5% per year across all maturities.

According to statistics from the beginning of June until now, 22 commercial banks have increased deposit interest rates, including: VietinBank, TPBank, VIB, GPBank, BaoViet Bank, LPBank, Nam A Bank, OceanBank, ABBank, Bac A Bank, MSB, MB, Eximbank, OCB, BVBank, NCB, VietBank, VietA Bank, VPBank, PGBank, Techcombank, and ACB.

Specifically, GPBank, VIB, MB, BaoViet Bank, OceanBank, NCB, TPBank, PGBank, and LPBank have increased deposit interest rates twice since the beginning of June.

Eximbank has even increased deposit interest rates three times since the beginning of the month, for terms of 1-12 months, 1-3 months, and 6-9 months, but now it has reduced interest rates by 0.1%/year for deposit terms from 15-36 months.

TABLE OF HIGHEST DEPOSIT INTEREST RATES AT BANKS ON JUNE 25 (%/year)
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
ABBANK 3.2 3.6 4.8 4.4 5,6 5.7
ACB 2.8 3.1 3.9 4 4.7
AGRIBANK 1.6 1.9 3 3 4.7 4.7
BAC A BANK 3.5 3.7 4.9 5 5.5 5,6
BAOVIETBANK 3 3.8 4.9 5 5.5 5.8
MB 2 2.3 3.3 3.3 4.7 4.7
BVBANK 3.4 3.5 4.9 5.05 5,6 5.8
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 3.8 4.5 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 3 4.7 5 5.2 5.5
LPBANK 3.4 3.5 4.7 4.8 5.1 5,6
MB 3.1 3.4 4.2 4.3 5 4.9
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 3.6 3.9 5.25 5.45 5,6 6.1
OCB 3.5 3.7 4.6 4.7 4.9 5.4
OCEANBANK 3.4 3.8 4.8 4.9 5.5 6.1
PGBANK 3.2 3.5 4.5 4.5 5.3 5.8
PVCOMBANK 3.15 3.15 4.3 4.3 4.8 5.5
SACOMBANK 2.7 3.2 4 4.1 4.9 5.1
SAIGONBANK 2.3 2.5 3.8 4.1 5 5,6
SCB 1.6 1.9 2.9 2.9 3.7 3.9
SEABANK 2.7 2.9 3.6 3.8 4.45 5
SHB 3.1 3.2 4.5 4.6 5 5.3
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 3.3 4.4 4.5 5.1
VIET A BANK 3.2 3.5 4.6 4.6 5.2 5.5
VIETBANK 3.1 3.3 4.6 4.6 5.2 5.8
VIETCOMBANK 1.6 1.9 2.9 2.9 4.6 4.6
VIETINBANK 2 2.3 3.3 3.3 4.7 4.7
VPBANK 3.1 3.5 4.7 4.7 5.2 5.2