According to a survey on the websites of domestic banks, in the past week, some banks have continued to slightly reduce deposit interest rates: Bac A, MSB, Sacombank, TPBank, VIB, VPBank.
Interest rates on 1-24 month term deposits for individual customers range from 3.3% to 7.7% and no bank has an interest rate above 8%.
For savings products with terms of 1-3 months, most commercial banks apply around the maximum interest rate prescribed at 4.75%, except for 4 state-owned commercial banks that still maintain the 1-month term interest rate at 3.3%.
For 6-month deposit terms, the mobilization interest rate of state-owned commercial banks remains at 5%, while other commercial banks have higher mobilization rates. Construction Bank currently has the highest 6-month deposit interest rate at 7.3%.
For 12- and 24-month deposits, interest rates range from 5.2 to 7.7% per year. At four state-owned commercial banks (Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV), Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and Vietnam Bank for Agriculture and Rural Development (Agribank), the 12-month interest rate is 6.3% per year. 6.3% per year is also the highest mobilization interest rate that the four banks are applying.
In addition to the above general interest rates, some banks also have special savings products with very high interest rates, but not all customers meet the requirements. For example, PVCombank listed an interest rate of 11.0% for deposits of VND 2,000 billion for 12 and 13 month terms, MSB listed an interest rate of 9.5% for customers depositing VND 500 billion or more.
In its second-half macroeconomic report, VNDirect Securities Company expects that deposit and lending interest rates will continue to decline. Specifically, the average 12-month deposit interest rate is forecast to fall to 6-6.2% per year by the end of the year.
How to calculate interest based on deposit period:
Non-term savings interest rate: Interest amount = Deposit amount x interest rate (%/year) x actual number of days deposited/365.
Term Interest: Interest can be calculated monthly or daily. The specific calculation is as follows:
- Calculated monthly: Total interest = Principal x savings interest rate (per year)/12 months x number of months of deposit.
- Calculated by day: Total interest = Principal amount x savings interest rate (per year) / 360 or 365 days x number of days deposited.
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