(NLDO) – Interest rates are forecast to continue to increase from now until the end of the year to meet the increasing demand for credit capital.
MB has just adjusted the interest rate for some terms, with an increase of 0.1 percentage points compared to before. According to the new interest rate schedule, customers who deposit savings at MB for a term of 3-5 months will enjoy an interest rate of 3.6%/year; for a term of 6-11 months, it is 4.2%/year. The highest interest rate when depositing at the counter is 5.7%/year.
For online savings, the interest rate is about 0.2% higher than at the counter. The digital deposit product has the highest interest rate of 5.9%/year with a term of 24 months or more at MB.
Since the beginning of November, many banks such as BVBank, Nam A Bank, VIB, Vietbank, VietABank and Agribank have also increased their deposit interest rates. This move is to meet the high capital demand at the end of the year, while the USD/VND exchange rate remains high, creating more pressure on VND.
Banks increased deposit interest rates to meet the high capital demand at the end of the year, and also to cope with the USD/VND exchange rate remaining at a high level.
Interest rates of 6%/year or higher have now appeared at many banks, such as BVBank applying 6%/year for customers making online savings deposits for a term of 18 months or more.
In the context of a sluggish stock market and volatile gold prices, many people with idle money are considering saving options when interest rates start to rise.
Mr. Ngo Minh Sang, Director of Personal Banking at BVBank, commented that compared to the beginning of the year, savings interest rates tend to increase slightly. This reflects the high capital demand of credit institutions at the end of the year, combined with credit stimulus policies.
According to Mr. Sang, the increase in savings interest rates is an opportunity for people, especially small customers such as salary earners or retirees, to optimize their income from savings. He recommends choosing a term of more than 12 months to ensure more stable benefits in case interest rates may decrease in 2025, similar to the trend in 2024.
This is the 12-month deposit interest rate of major commercial banks each year, showing that interest rates tend to increase in the last quarter of the year. Source: Wigroup
BVBank is issuing small retail certificates of deposit with a minimum face value of VND10 million, applying interest rates 0.5% to 0.7% higher than the listed rates for terms from 18 to 36 months. This reflects the trend of increasing deposit interest rates in the context of strong credit demand at the end of the year.
Mr. Nguyen Thanh Lam, Director of Analysis of the Retail Client Division at Maybank Securities Company, explained that the recent increase in interest rates was due to factors such as increased demand for loans, pressure from exchange rates and fluctuations in the interbank market. These factors have pushed the mobilization interest rate level up slightly.
According to Mr. Lam, it is forecasted that deposit interest rates may increase by about 0.5% in the next 6-12 months. However, this increase is considered appropriate and will not significantly affect macroeconomic management policies. Notably, lending interest rates are expected to increase more slowly, thanks to competition for market share among banks and the Government's policy to keep interest rates at a reasonable level, supporting economic growth.
Thus, in the short term, the trend of increasing interest rates is clear, but 2025 may witness many changes towards more stability, depending on macroeconomic conditions and the Government's credit policy orientation.
Source: https://nld.com.vn/lai-suat-hom-nay-27-11-lai-suat-tang-co-nen-gui-tiet-kiem-dip-cuoi-nam-196241127102816334.htm
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