This morning (January 4), KienLongBank became the next bank to reduce deposit interest rates by 0.2 percentage points for deposit terms from 6 months to 36 months.

According to the online interest rate schedule just announced by KienLongBank, the interest rate for terms from 1-5 months remains at the old level of 3.95%/year.

Meanwhile, the interest rates for the remaining terms after the reduction are: 6-month term 5.2%/year, 9-month term 5.4%/year, 12-month term 5.5%/year, 13-month term 5.6%/year, 15-month term 5.7%/year and 18-36-month term with the highest interest rate is 6%/year.

Notably, LPBank of Chairman Nguyen Duc Thuy has just caused a shock with a reduction in interest rates from 0.5 to 0.7 percentage points for deposit terms from 1 to 11 months.

The online interest rate table at LPBank this morning shows that the bank interest rate for 1 and 2 month terms decreased by 0.7 percentage points to only 2.8% and 2.9%/year.

Bank interest rates for 3-4-5 month terms also decreased by 0.6 percentage points to 3.1% - 3.2% - 3.3%/year.

LPBank has reduced the interest rate for deposits with terms from 6 to 11 months by 0.5 percentage points. The interest rates for these terms are currently as follows: 6-8 month term 4.3%/year, 9 month term 4.4%/year, 10 month term 4.5%/year and 11 month term has an interest rate of 4.6%/year.

LPBank keeps the interest rates for the remaining terms unchanged, the 12-month term still has an interest rate of 5.3%/year, the 13-16-month term has an interest rate of 5.4%/year, and the 18-month term has an interest rate of 5.7%/year.

The highest deposit interest rate at LPBank is still for terms of 24-60 months, up to 6.1%/year.

Apart from LPBank and KienLongBank, deposit interest rates at other banks remained unchanged. In January 2024, 7 banks reduced deposit interest rates, including: BaoViet Bank, GPBank, Eximbank, SHB, Bac A Bank, KienLong Bank, LPBank.

On the contrary, a bank that increases deposit interest rates is ACB.

At a press conference to deploy the banking sector's 2024 tasks on the morning of January 3, Mr. Pham Chi Quang, Director of the Monetary Policy Department, State Bank of Vietnam, said that interest rates on the interbank market have dropped to their lowest level ever, creating conditions for banks to reduce deposit and lending interest rates.

According to Mr. Quang, the average deposit interest rate of banks is currently 3.9%/year and the average lending interest rate is about 6.7%/year. Thus, the deposit and lending interest rates are at the lowest level in many years and much lower than before the Covid-19 pandemic.

HIGHEST DEPOSITS INTEREST RATE TABLE ON JANUARY 4, 2024
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
HDBANK 3.65 3.65 5.5 5.5 5.7 6.5
NCB 4.25 4.25 5.35 5.45 5.7 6
ABBANK 3.2 3.5 5.3 4.5 4.3 4
VIETBANK 3.8 4 5.3 5.4 5.7 6.1
VIET A BANK 4.3 4.3 5.3 5.3 5.6 6
PVCOMBANK 3.35 3.35 5.3 5.3 5.4 5.7
KIENLONGBANK 3.95 3.95 5.2 5.4 5.5 6
GPBANK 3.4 3.92 5.15 5.3 5.35 5.45
BAC A BANK 3.7 3.9 5.1 5.2 5.4 5.8
BAOVIETBANK 3.8 4.15 5.1 5.2 5.6 5.8
CBBANK 4.2 4.3 5.1 5.2 5.4 5.5
OCB 3.8 4 5.1 5.2 5.4 6.1
BVBANK 3.8 3.9 5.05 5.2 5.5 5.55
SHB 3.5 3.8 5 5.2 5.4 5.8
DONG A BANK 3.9 3.9 4.9 5.1 5.4 5.6
NAMA BANK 3.3 4 4.9 5.2 5.7 6.1
PGBANK 3.1 3.5 4.9 5.3 5.8 6.1
OCEANBANK 3.7 3.9 4.8 5 5.5 5.7
VIB 3.4 3.5 4.7 4.7 5.1
SACOMBANK 3.6 3.8 4.7 4.95 5 5.1
EXIMBANK 3.4 3.7 4.6 5 5.1 5.5
TPBANK 3.2 3.4 4.4 5 5.3
MB 2.9 3.2 4.4 4.6 4.9 5.4
SEABANK 3.6 3.8 4.4 4.55 5 5.1
LPBANK 2.8 3.1 4.3 4.4 5.3 5.7
VPBANK 3.3 3.4 4.3 4.3 5.1 5.1
SAIGONBANK 2.8 3 4.2 4.4 5.1 5.5
MSB 3.5 3.5 4.2 4.2 4.9 4.9
TECHCOMBANK 2.95 3.15 4.05 4.1 4.75 4.75
ACB 2.9 3.2 3.9 4.2 4.8
BIDV 2.3 2.6 3.6 3.6 5 5
AGRIBANK 2 2.5 3.6 3.6 5 5
VIETINBANK 2.2 2.5 3.5 3.5 5 5
SCB 1.95 2.25 3.25 3.25 4.85 4.85
VIETCOMBANK 1.9 2.2 2.2 2.2 4.8 4.8