Lien Viet Post Joint Stock Commercial Bank (LPBank) has reduced its deposit interest rates for the second time since the beginning of October. According to the online savings interest rate table, this bank has reduced all terms from 1 to 60 months.
Bank interest rates for 1-5 month terms decreased by 0.35 percentage points, to 3.8%/year (1-month term), 3.9%/year (2 months), 4%/year (3-month term), 4.1%/year (4 months) and 4.2%/year (5 months), respectively.
Interest rates for 6-11 month terms also decreased by 0.2 percentage points to 5.1%/year (6-8 month term), 5.2%/year (9 month term) and 5.3 - 5.4%/year for 10 and 11 month terms, respectively.
Notably, LPBank reduced the 12-month deposit interest rate by 0.5 percentage points to 5.6%/year. The 13-16 month terms also decreased similarly to 5.7%/year.
Interest rates on deposits with terms of 18-60 months, which were previously listed at the highest level in the market, have now decreased by 0.4 percentage points to 6.4%/year.
Thus, after the second adjustment this month, LPBank brought interest rates for terms from 12 to 16 months down to below 6%/year.
Saigon - Hanoi Commercial Joint Stock Bank (SHB) has just reduced deposit interest rates for some terms. According to the online deposit interest rate table, SHB maintains the 1-month term at 4%/year, while reducing 0.1 percentage points for terms of 2 - 5 months. The 2-month term has an interest rate of 4.1%/year, the 3-month term is 4.2%/year, the 4-month term is 4.3%/year, and the 5-month term has an interest rate of 4.4%/year.
SHB also reduced the interest rate for 6-8 month terms by 0.2 percentage points to 5.5%/year. The 9-month term slightly decreased by 0.1 percentage points to 5.7%/year, equal to the current interest rate for 10- and 11-month terms after these two terms decreased by 0.2 percentage points.
SHB also reduced 0.2 percentage points for 12-month terms, down to 5.9%/year. Terms of 13 months and above remained at 6% or above and only the 13-month term was slightly reduced from 6.1% to 6%/year.
Interest rates for deposits with terms of 18 months or more are still maintained by SHB at 6.4%/year.
VPBank also just reduced deposit interest rates for the first time in October with adjustments taking place in some main terms.
This bank has adjusted down from 0.2 - 0.25 percentage points for deposit terms from 1 - 5 months for online deposits, applied to deposits under 1 billion VND.
Accordingly, the 1-2 month term is 3.9%/year and the 3-5 month term is only 3.95%/year.
Interest rates for 6-11 month deposits dropped to just 5% per year after a 0.2 percentage point reduction. Rates for 12-13 month deposits also dropped to 5.3% per year after a similar reduction.
Meanwhile, interest rates for 15-36 month terms remain at 5.1%/year.
VPBank adds 0.1 percentage point if the deposit amount is from 1 billion VND to less than 3 billion VND and adds another 0.1 percentage point for the deposit amount from 3 billion VND or more.
Also today, Military Commercial Joint Stock Bank (MB) reduced deposits for all terms by 0.1 - 0.2 percentage points.
According to the latest online interest rate schedule, 1-month term is 3.5%/year, 2-month term is 3.7%/year, 3-month term is 3.8%/year and 4-5-month term is 3.9%/year.
Interest rates for 6-8 month deposits at MB are currently only 5.1%/year, 9-10 month deposits are 5.2%/year, and 11 month deposits are 5.3%/year.
MB also reduced the interest rate for 12-month deposits to 5.4%/year, 13-month deposits to 5.5%/year, and 15-month deposits to 5.5%/year.
The 18-month term interest rate also decreased by 0.2 percentage points to 6.1%/year. The 36-60 month term currently has an interest rate of 6.6%/year.
Following the developments of the bank interest rate market since the beginning of October, it can be seen that the number of reductions by banks is not as many as in previous months. However, the trend of decreasing interest rates is still continuing and is mainly concentrated in terms of 6-15 months. Many banks have brought the interest rates for these terms below 6%/year.
Since the beginning of October, 18 banks have reduced deposit interest rates, including: VPBank, SHB, BIDV, VietinBank, HDBank, BaoViet Bank, Techcombank, SeABank, Viet A Bank, PG Bank, VietBank, Dong A Bank, Vietcombank, LPBank, Nam A Bank, CBBank, ACB and Bac A Bank.
Of these, LPBank, Viet A Bank and Bac A Bank are the banks that reduced interest rates twice this month. On the contrary, there was one bank that increased deposit interest rates, GPBank, on October 4.
| HIGHEST DEPOSITS INTEREST RATE TABLE ON OCTOBER 16 (%/year) | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| PVCOMBANK | 4.25 | 4.25 | 6.4 | 6.4 | 6.5 | 6.8 |
| NCB | 4.75 | 4.75 | 6.3 | 6.35 | 6.4 | 6.4 |
| CBBANK | 4.2 | 4.3 | 6 | 6.1 | 6.3 | 6.4 |
| HDBANK | 4.25 | 4.25 | 5.9 | 5.8 | 6.1 | 6.5 |
| VIET A BANK | 4.5 | 4.5 | 5.8 | 5.8 | 6.1 | 6.3 |
| BAOVIETBANK | 4.4 | 4.75 | 5.8 | 5.9 | 6.1 | 6.4 |
| OCEANBANK | 4.6 | 4.6 | 5.8 | 5.9 | 6.1 | 6.5 |
| BAC A BANK | 4.55 | 4.55 | 5.75 | 5.8 | 5.9 | 6.1 |
| SCB | 4.75 | 4.75 | 5.75 | 5.85 | 6.05 | 6.05 |
| BVBANK | 4.4 | 4.7 | 5.75 | 5.9 | 6.05 | 6.15 |
| SAIGONBANK | 3.6 | 4 | 5.7 | 5.7 | 5.9 | 5.9 |
| VIETBANK | 4.55 | 4.55 | 5.7 | 5.8 | 6 | 6.8 |
| DONG A BANK | 4.5 | 4.5 | 5.7 | 5.8 | 6.05 | 6.05 |
| VIB | 4.75 | 4.75 | 5.6 | 5.6 | 6.2 | |
| SHB | 4 | 4.2 | 5.5 | 5.7 | 5.9 | 6.4 |
| SACOMBANK | 3.7 | 3.9 | 5.5 | 5.8 | 6.2 | 6.4 |
| GPBANK | 4.25 | 4.25 | 5.45 | 5.55 | 5.65 | 5.75 |
| KIENLONGBANK | 4.75 | 4.75 | 5.4 | 5.6 | 5.7 | 6.4 |
| PG BANK | 4 | 4 | 5.3 | 5.3 | 5.4 | 6.2 |
| OCB | 4.1 | 4.25 | 5.3 | 5.4 | 5.5 | 5.9 |
| EXIMBANK | 4 | 4 | 5.2 | 5.5 | 5.6 | 5.8 |
| NAMA BANK | 4.65 | 4.65 | 5.2 | 5.3 | 5.8 | 6.4 |
| LPBANK | 3.8 | 4 | 5.1 | 5.2 | 5.6 | 6.4 |
| MB | 3.5 | 3.8 | 5.1 | 5.2 | 5.4 | 6.1 |
| VPBANK | 3.9 | 3.95 | 5 | 5 | 5.3 | 5.1 |
| ACB | 3.5 | 3.7 | 5 | 5.1 | 5.5 | |
| TPBANK | 3.8 | 4 | 5 | 5 | 5.55 | 6 |
| MSB | 3.8 | 3.8 | 5 | 5.4 | 5.5 | 5.5 |
| TECHCOMBANK | 3.55 | 3.75 | 4.95 | 5 | 5.35 | 5.35 |
| ABBANK | 3.7 | 3.9 | 4.9 | 4.9 | 4.7 | 4.4 |
| SEABANK | 4 | 4 | 4.8 | 4.95 | 5.1 | 5.1 |
| AGRIBANK | 3.4 | 3.85 | 4.7 | 4.7 | 5.5 | 5.5 |
| VIETINBANK | 3.4 | 3.75 | 4.6 | 4.6 | 5.3 | 5.3 |
| BIDV | 3.2 | 3.5 | 4.4 | 4.4 | 5.3 | 5.3 |
| VIETCOMBANK | 3 | 3.3 | 4.3 | 4.3 | 5.3 | 5.3 |
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