Only two banks are still listing the highest savings interest rate of 8% per year, whereas a month ago more than 10 institutions were willing to pay more than that.
More than 30 domestic banks have simultaneously adjusted their savings interest rates after the State Bank of Vietnam lowered its policy interest rate in the middle of this month.
On average over the past month, savings interest rates have decreased by 0.3-0.5 percentage points, with the sharpest adjustments occurring at the four state-owned banks.
As of June 26th, according to a survey by VnExpress , the highest listed interest rate on the market has decreased to 8% per year and is only offered by two banks: GPBank (12-month term) and Saigonbank (13-month term).
Over 30 remaining domestic banks have lowered their interest rates to below 8% per year. Among them, a dozen banks listed the highest interest rates (usually for 12 or 13-month terms) below 7% per year, including four state-owned banks offering 6.3% per year and several private banks such as Techcombank, VIB,ACB , DongABank, and LPBank offering between 6.6% and 6.85% per year. The remaining more than 20 private banks offer rates ranging from 7% to under 8% to depositors.
For terms of 6 to 9 months, state-owned banks list interest rates below 6%, while private banks offer rates ranging from 6.5% to 7.9% per year. Deposits under 6 months are currently capped at 4.75% per year by the State Bank of Vietnam.
The wave of interest rate cuts follows the lowering of the ceiling on deposit interest rates for terms under 6 months and a policy interest rate on June 16th. This is the second time in less than a month and the third time this year that the State Bank of Vietnam has reduced the ceiling on savings interest rates for terms under 6 months, to 4.75% per year.
According to the regulatory body, lowering the ceiling on deposit and operating interest rates is "an important step, guiding the downward trend of market interest rates in the coming period." This signals banks to reduce lending interest rates. This decision was made in accordance with the National Assembly 's policy and the Government's directive to lower interest rates, support people and businesses in increasing their access to capital, and contribute to the recovery of production and business.
Below are the officially listed bank interest rates, arranged from highest to lowest (for deposits under 1 billion VND), excluding actual agreements made by banks with regular customers, VIPs, or those depositing large sums of money.
Quynh Trang
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