After more than 3 months without change, Southeast Asia Commercial Joint Stock Bank ( SeABank ) has just significantly increased deposit interest rates for terms from 1 to 12 months.

According to the online deposit interest rate table with interest paid at the end of the term, the 1-2 month term increased by 0.45%/year to 3.4%/year, and the 3-5 month term increased by 0.65%/year to 4.1%/year.

Deposit interest rates for terms of 6-11 months have all increased by 0.75% per year. Specifically, the rates are 4.5% per year for 6 months, 4.6% per year for 7 months, 4.65% per year for 8 months, 4.7% per year for 9 months, 4.75% per year for 10 months, and 4.8% per year for 11 months.

Bank interest rates for 12-month deposits increased by 0.5% per year to 5% per year.

This bank is maintaining the same interest rates for deposits of the remaining terms. The 15-month term currently has an interest rate of 5.25%/year, and the 18-36 month term is 5.45%/year.

W-SEA Bank 924 (1) (1).jpg
SeABank significantly increases deposit interest rates. Photo: Hoang Ha

In fact, for the past few months, SeABank's branches in Hanoi have displayed signs inviting customers to deposit money with interest rates as high as 5.95% per year (a reduction from the previously advertised interest rate of 6.1% per year).

Since last October, employees have also been calling customers to offer online savings deposits with interest rates as high as 6.15% per year for a 12-month term and 5.95% per year for a 6-month term. These two interest rates are significantly higher than those listed at banks.

An Binh Commercial Joint Stock Bank ( ABBank ) increased the deposit interest rate by 0.1% per year for the 6-month term. However, the bank reduced the rate by the same amount for the 12-month term. Currently, the interest rates for these two terms are 5.6% and 5.7% per year, respectively.

This is the third time this month that ABBank has adjusted its savings interest rates. ABBank is currently publicly listing the highest interest rate of up to 6.3%/year for online deposits with a 24-month term, and 6.2%/year for terms of 15-18 months.

Meanwhile, Bac A Bank unexpectedly reduced deposit interest rates by 0.1% per year for all maturities, effective from today.

According to the deposit interest rate schedule for amounts under 1 billion VND, the rates for 1-2 month terms have decreased to 3.85%/year, 3 months to 4.15%/year, 4 months to 4.25%/year, and 5 months to 4.35%/year.

Bank interest rates for terms of 6-8 months have decreased to 5.3%/year, and for 9-11 months to 5.4%/year.

The interest rate for a 12-month term is 5.7% per year, and for 13-15 month terms it is 5.75% per year.

Bac A Bank is also one of the few banks that maintain deposit interest rates above 6% per year. Currently, the interest rate for deposits with a term of 18-36 months has decreased to 6.05% per year. For the same term, customers depositing more than 1 billion VND enjoy an interest rate of up to 6.25% per year.

ONLINE DEPOSIT INTEREST RATE CHART AT BANKS ON NOVEMBER 27, 2024 (%/YEAR)
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
AGRIBANK 2.4 2.9 3.6 3.6 4.8 4.8
MB 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 4.1 5,6 5,6 5.7 6.2
ACB 3.1 3.5 4.2 4.3 4.9
BAC A BANK 3.85 4.15 5.3 5.4 5.7 6.05
BAOVIETBANK 3.3 4.35 5.2 5.4 5.8 6
BVBANK 3.8 4 5.2 5.5 5.8 6
CBBANK 3.8 4 5.5 5.45 5.65 5.8
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 3.4 3.92 5.25 5,6 5.95 6.05
HDBANK 3.85 3.95 5.3 4.7 5,6 6.1
IVB 3.8 4.1 5.1 5.1 5.8 6.1
KIENLONGBANK 3.7 3.7 5.2 5.3 5,6 5.7
LPBANK 3.6 3.8 5 5 5.5 5.8
MB 3.7 4 4.6 4.6 5.1 5.1
MSB 3.9 3.9 4.8 4.8 5,6 5,6
NAM A BANK 4.5 4.7 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 3.4 4.1 4.5 4.7 5 5.45
SHB 3.5 3.8 5 5.1 5.5 5.8
TECHCOMBANK 3.35 3.65 4.55 4.55 4.85 4.85
TPBANK 3.5 3.8 4.7 5.2 5.4
VIB 3.6 3.9 4.8 4.8 5.3
VIET A BANK 3.7 4 5.2 5.4 5.7 5.9
VIETBANK 3.9 4.1 5.2 5 5,6 5.9
VPBANK 3.6 3.8 4.8 4.8 5.3 5.3

According to statistics, 14 banks have increased deposit interest rates since the beginning of November, including: SeABank, BaoViet Bank, HDBank, GPBank, LPBank, Nam A Bank, IVB, Viet A Bank, VIB, MB, Agribank, Techcombank, ABBank, and VietBank. Of these, MB, Agribank, and VIB have increased interest rates twice since the beginning of the month.

ABBank alone has adjusted interest rates three times, increasing rates for terms under 12 months. However, ABBank also reduced interest rates for 12-month savings deposits twice during these adjustments.

Meanwhile, Bac A Bank is the only bank to have reduced interest rates across the board, regardless of the maturity period.

According to VCBS's assessment, the upward trend in deposit interest rates is unlikely to continue in the remaining months of 2024, and there will be differentiation among different groups of banks.

For state-owned banks, deposit interest rates are expected to remain stable at current levels and may be slightly adjusted downwards towards the end of the year to support the economy, especially in light of the recent impact of natural disasters.

For private commercial banks, the pressure to slightly increase deposit interest rates remains to strengthen capital mobilization in order to boost credit growth, especially for banks that are heavily dependent on customer deposits and have a less flexible capital mobilization structure.

Further increases in deposit interest rates are unlikely, putting pressure on smaller banks.

Further increases in deposit interest rates are unlikely, putting pressure on smaller banks.

The upward trend in deposit interest rates is unlikely to continue for the remainder of 2024, and there will be differentiation among different groups of banks.
From today, November 23rd, the highest deposit interest rate has increased to 6.4% per year.

From today, November 23rd, the highest deposit interest rate has increased to 6.4% per year.

Vietnam Export Import Commercial Bank (Eximbank) has officially increased deposit interest rates on weekends (Saturday and Sunday) to a maximum of 6.4% per year.
With interest rate hikes, Agribank is now far ahead of the Big4 banks in terms of deposit interest rates.

With interest rate hikes, Agribank is now far ahead of the Big4 banks in terms of deposit interest rates.

The Agricultural and Rural Development Bank (Agribank) surprised everyone by being the first to increase deposit interest rates for four consecutive months, becoming the leader among the Big4 banks across many maturities.