In the days leading up to Tet, a series of banks continued to adjust their deposit interest rates down. Accordingly, Saigon Commercial Joint Stock Bank (SCB) has just adjusted deposit interest rates for terms from 1-11 months down by 0.2 percentage points and deposit interest rates for terms from 12-36 months down by 0.1 percentage points.
Specifically, the interest rate for 1-2 month term deposits at the bank has dropped to 1.75%/year, 3-5 month term deposits to 2.05%/year and 6-11 month term deposits to 3.05%/year. The highest interest rate currently at SCB is 4.75%/year, applied to 12-36 month term deposits.
On the same day, Vietnam Public Joint Stock Commercial Bank PVCombank also reduced deposit interest rates for all terms from 1-36 months by 0.3 percentage points.
Accordingly, the interest rate is reduced to 3.05%/year for 1-5 month term, 5%/year for 6-11 month term, 5.1%/year for 12 month and 5.4%/year for 18-36 month term. This bank's online interest rate is 0.3%/year higher than the interest rate at the counter.
Following the trend of the above two banks, Kien Long Commercial Joint Stock Bank KienLongBank also adjusted the mobilization interest rate down for the second time this month for terms from 6-36 months simultaneously by 0.2 percentage points.
Accordingly, the online deposit interest rate at this bank is 5%/year for 6-month term, 5.2%/year for 9-month term. The deposit interest rate for 12-month, 13-month and 15-month term has decreased to 5.3% - 5.4% - and 5.5%/year respectively.
For terms from 18-36 months, the deposit interest rate is 5.8%/year. This is also the highest mobilization interest rate at KienLongBank. The bank maintains the interest rate at 3.95% for terms from 1-5 months.
Previously, Techcombank also announced a new interest rate schedule for individual customers, effective from January 15.
The bank has brought interest rates down below 4%/year for terms under 12 months. The interest rate reduction ranges from 0.4 - 0.8 percentage points for different terms.
Specifically, deposits with terms of 1 - 2 months decreased from 3.2%/year to 2.5%/year; interest rates with terms of 3 - 5 months decreased from 3.3%/year to 2.9%/year; terms of 6 - 8 months decreased from 4.3%/year to 3.5%/year and terms of 9 - 11 months decreased from 4.35%/year to 3.55%/year.
Interest rates for terms of 12 months or more for regular customers have decreased from 4.7%/year to 4.6%/year. For Phat Loc savings at the counter, interest rates for 1-month and 2-month terms have decreased from 3.25%/year to 2.55%/year.
Inspire members will enjoy an interest rate of 2.6%/year, Priority customers will enjoy 2.65% and Private customers will enjoy 2.7%/year.
Interest rates for 3-month, 4-month, and 5-month deposits have decreased from 3.35 - 3.5%/year to 2.95 - 3.1%/year. Interest rates for 6-month deposits have decreased to 3.55 - 3.8%/year. Interest rates for 9-month deposits are at 3.6 - 3.85%/year. Interest rates for 12-month deposits or more are at 4.65 - 4.9%/year.
Thus, since the beginning of the year until now, 17 banks have reduced deposit interest rates, including: BaoViet Bank, GPBank, Eximbank, SHB, Techcombank, Bac A Bank, KienLong Bank, LPBank, OCB, VIB, TPBank, ABBank, NCB, Viet A Bank, Vietcombank, PVCombank, SCB .
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