With more and more banks increasing deposit interest rates, interest rates above and below 6% are appearing more and more.

According to statistics, there are currently 4 banks listing deposit interest rates at 6.1%/year, the highest announced rate, including:SHB (applied to deposits with terms of 36 months or more), OceanBank (term of 18 - 60 months), NCB (term of 18 - 60 months), and HDBank (term of 18 months).

The interest rate of 6%/year is also considered attractive today and has begun to appear in the interest rate table of some banks such as ABBank (12-month term) andOCB (36-month term).

Meanwhile, the interest rate of 5.8% - 5.9%/year appears more and more frequently on the interest rate statistics table of banks.

For example, BaoViet Bank and PGBank are listing interest rates of 5.8%/year for 18-month term deposits and 5.9%/year for 24-36-month term deposits.

BVBank, MB, GPBank, Saigonbank, VietA Bank, VietBank, SeABank are also listing deposit interest rates up to 5.8%/year for terms of 24 - 36 months.

W-PVcombank (18).jpg
Photo: Nam Khanh.

A month ago, the market only recorded 1-2 banks listing interest rates from 5%/year for 9-11 month term deposits and absolutely no bank listed this interest rate for terms under 9 months. Up to now, there are 10 banks listing interest rates from 5%/year for 9-11 month term deposits.

These banks are: ABBank (5.8%/year), NCB (5.4%/year), GPBank (5.2%/year), CBBank and Nam A Bank (5.1%/year); BVBank (5.05%/year); and Bac A Bank, BaoVietBank, KienLong Bank, OCB, OceanBank all listed interest rates for these terms at 5%/year.

Meanwhile, the interest rate for 6-8 month term deposits has also begun to exceed 5%/year. Some banks that are listing this interest rate include: ABBank (5.6%/year), NCB (5.25%/year), and Nam A Bank (5.15%/year).

Surprisingly, at this time last year, ABBank was the bank with the lowest listed interest rate among joint stock commercial banks. However, now this bank is the one paying the highest interest rate for 6-15 month term deposits.

However, for deposit terms under 12 months, interest rates below 5%/year are still common.

INTEREST RATE TABLE FOR 6-36 MONTHS TERM AT BANKS ON JUNE 28, 2024
BANK 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS 24 MONTHS 36 MONTHS
AGRIBANK 3 3 4.7 4.7 4.7 4.7
BIDV 3.3 3.3 4.7 4.7 4.8 4.8
VIETINBANK 3.3 3.3 4.7 4.7 5 5
VIETCOMBANK 2.9 2.9 4.6 4.6 4.7 4.7
ABBANK 5.6 5.8 6 5.7 5.7 5.7
ACB 3.9 4 4.7
BAC A BANK 4.9 5 5.5 5.6 5.6 5.6
BAOVIETBANK 4.9 5 5.5 5.8 5.9 5.9
BVBANK 4.9 5.05 5.6 5.8 5.8 5.8
CBBANK 5.15 5.1 5.3 5.55 5.55 5.55
DONG A BANK 4 4.2 4.5 4.7 4.7 4.7
EXIMBANK 4.5 4.5 5 5.1 5.2 5.2
GPBANK 4.85 5.2 5.75 5.85 5.85 5.85
HDBANK 4.9 4.7 5.5 6.1 5.5 5.5
KIENLONGBANK 4.7 5 5.2 5.5 5.5 5.5
LPBANK 4.7 4.8 5.1 5.6 5.6 5.6
MB 4.2 4.3 5 4.9 5.8 5.8
MSB 4.6 4.6 5.4 5.4 5.4 5.4
NAM A BANK 4.6 5.1 5.4 5.7 5.7 5.7
NCB 5.25 5.45 5.6 6.1 6.1 6.1
OCB 4.9 5 5.2 5.4 5.8 6
OCEANBANK 4.8 4.9 5.5 6.1 6.1 6.1
PGBANK 4.5 4.5 5.3 5.8 5.9 5.9
PVCOMBANK 4.3 4.3 4.8 5.5 5.5 5.5
SACOMBANK 4 4.1 4.9 5.1 5.2 5.4
SAIGONBANK 3.8 4.1 5 5.6 5.7 5.8
SCB 2.9 2.9 3.7 3.9 3.9 3.9
SEABANK 3.6 3.8 4.45 5 5.8 5.8
SHB 4.7 4.8 5.2 5.5 5.8 6.1
TECHCOMBANK 4.25 4.25 4.95 4.95 4.95 4.95
TPBANK 4.5 5.2 5.4 5.7 5.7
VIB 4.3 4.4 4.9 5.1 5.1
VIET A BANK 4.8 4.8 5.4 5.7 5.8 5.8
VIETBANK 4.6 4.6 5.2 5.8 5.8 5.8
VPBANK 4.7 4.7 5.2 5.2 5.6 5.6

According to statistics, from the beginning of June until now, 23 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, ACB, and SHB.

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

Eximbank has even increased its deposit interest rates three times since the beginning of the month, respectively for terms of 1-12 months, 1-3 months, and 6-9 months. However, this bank has reduced the interest rates by 0.1%/year for deposit terms of 15-36 months.

Similarly, after two interest rate increases, VIB also reduced interest rates for terms of 6-36 months by 0.1-0.2%/year.

According to the report of the State Bank of Vietnam in the week of June 17-21, this agency has withdrawn a net of VND 33,111 billion in the open market. Specifically, through outright sales, the State Bank withdrew VND 30,700 billion (VND 21,800 billion for 28-day term, interest rate 4.25% and VND 8,900 billion for 14-day term, interest rate 4.25%), while VND 2,700 billion issued previously has matured. The State Bank of Vietnam did not conduct additional term purchase operations, however, VND 5,111 billion issued previously has matured.

Interbank interest rates for overnight, 1-week, and 2-week terms decreased by 0.96%; 0.77%; 0.04% to 3.46%; 3.72%; and 4.48%, respectively. Although there has been a decrease, the interbank interest rate level is generally still maintained at a high level compared to the first months of the year, keeping the interest rate difference between Vietnam and the US not too large, thereby supporting the exchange rate.