The highest bank interest rate (deposit) officially listed by banks is 6.1%/year, applied to long-term online deposits.

Specifically, Dong A Bank and OceanBank listed bank interest rates of 6.1%/year for deposits with terms from 18-36 months, HDBank listed for 18-month deposits, SHB and Saigonbank listed for 36-month deposits.

In addition, some banks also officially listed the interest rate of 6%/year for deposits with terms of over 1 year. These are Dong A Bank with a term of 13 months, HDBank with a term of 15 months, Saigonbank with a term of 13 and 18 months, BVBank with a term of 18-24 months and BaoVietBank with a term of 18-36 months.

However, the highest interest rate being offered by banks is up to 6.3%/year. This interest rate is listed by Eximbank for online deposits on weekends when depositing money for one of the terms from 18-36 months.

The interest rate of 6.3%/year is also publicly offered by GPBank to customers at some transaction points in Hanoi. Some other transaction points of GPBank invite customers to deposit money with the highest interest rate of 6.25%/year.

However, GPBank's highest official listed interest rate is only 5.85%/year, applied to term deposits of 13-36 months.

Some banks such as PGBank, PVCombank, Bac A Bank, SeABank,... are also inviting customers to deposit money with interest rates from 6-6.25%/year, although in fact the official listed interest rates at these banks are all below 6%/year.

Talking to VietNamNet about the fact that some banks are “secretly” paying higher interest rates than the listed interest rates, Associate Professor, Dr. Pham Thi Hoang Anh - Deputy Director of the Academy in charge of the Board of Directors, Banking Academy - said that this “only happens at a few banks, and is not a common phenomenon”.

“After understanding this situation, the State Bank has requested all commercial banks to comply with the listed interest rates, strictly prohibiting all promotional activities in any form related to interest rates. This is very good, helping to avoid an interest rate race between commercial banks, thereby helping to stabilize the currency market,” Ms. Hoang Anh stated her opinion.

The Governor of the State Bank has recently signed and issued Circular 48 regulating the application of interest rates to deposits in Vietnamese Dong of organizations and individuals at credit institutions and foreign bank branches. The Circular will take effect from November 20.

According to Circular 48, the maximum interest rate for deposits in Vietnamese Dong, including promotional expenses in all forms, applies to the end-of-term interest payment method and other interest payment methods converted according to the end-of-term interest payment method.

Credit institutions shall publicly post interest rates on deposits in Vietnamese Dong at legal transaction locations within the credit institution's network of operations and post them on the credit institution's website (if any).

When receiving deposits, credit institutions are not allowed to conduct promotions in any form (in cash, interest rates and other forms) that are not in accordance with the provisions of law.

"When issuing that measure, it means the State Bank has warned commercial banks," Ms. Hoang Anh emphasized.

INTEREST RATES FOR ONLINE DEPOSITS AT BANKS ON OCTOBER 25, 2024 (%/YEAR)
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
AGRIBANK 2.2 2.7 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 3.7 5 5.2 5.6 5.7
BAC A BANK 3.8 4.1 5.25 5.35 5.7 5.85
BAOVIETBANK 3.3 4 5.2 5.4 5.8 6
BVBANK 3.8 4 5.2 5.5 5.8 6
CBBANK 3.8 4 5.55 5.5 5.7 5.85
DONG A BANK 3.9 4.1 5.55 5.7 5.8 6.1
EXIMBANK 3.9 4.3 5.2 4.5 5.2 5.8
GPBANK 3.2 3.72 5.05 5.4 5.75 5.85
HDBANK 3.85 3.95 5.1 4.7 5.5 6.1
KIENLONGBANK 3.7 3.7 5.2 5.3 5.6 5.7
LPBANK 3.9 4.1 5.2 5.2 5.6 5.9
MB 3.3 3.7 4.4 4.4 5.1 5
MSB 3.9 3.9 4.8 4.8 5.6 5.6
NAM A BANK 3.8 4.1 5 5.2 5.6 5.7
NCB 3.9 4.2 5.55 5.65 5.8 5.8
OCB 3.9 4.1 5.1 5.1 5.2 5.4
OCEANBANK 4.1 4.4 5.4 5.5 5.8 6.1
PGBANK 3.4 3.8 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
SEABANK 2.95 3.45 3.95 4.15 4.7 5.45
SHB 3.5 3.8 5 5.1 5.5 5.8
TECHCOMBANK 3.25 3.45 4.55 4.55 4.85 4.85
TPBANK 3.5 3.8 4.7 5.2 5.4
VIB 3.2 3.6 4.6 4.6 5.1
VIET A BANK 3.4 3.7 4.8 4.8 5.4 5.7
VIETBANK 3.8 4 5.2 5 5.6 5.9
VPBANK 3.6 3.8 4.8 4.8 4.8 5.3

Since the beginning of October, the number of banks adjusting deposit interest rates has not been much, including: NCB (increasing the term of 1-6 months), Agribank (increasing the term of 1-5 months), MSB, LPBank, Eximbank and Bac A Bank also increased some short terms.

On the contrary, Agribank reduced 0.1%/year deposit interest rates for terms of 6-11 months and Techcombank reduced 0.1%/year interest rates for terms of 1-36 months, NCB reduced from 0.1-0.35% interest rates for terms of 13-60 months, while VPBank reduced 0.2%/year interest rates for terms of 6-36 months.