At the beginning of 2024, while banks continuously adjusted their deposit interest rates down, the National Citizen Bank (NCB) made a comeback, following Asia Commercial Joint Stock Bank (ACB) in adjusting deposit interest rates up for many terms.
Accordingly, in this bank's online interest rate table, interest rates for 1-5 month terms increased by 0.5 percentage points to 4.75%/year.
In particular, the bank adjusted the interest rate for deposits with a term of 6-7 months up by 1.85 percentage points to 7.2%/year and for deposits with a term of 8-9 months up by 7.3%/year; and increased the interest rate for deposits with a term of 10-11 months up by 1.9 percentage points to 7.35%/year.
At the same time, NCB also increased the interest rate for 12 and 13 month terms by 1.8 percentage points to 7.5%/year. Accordingly, the interest rate for these two terms became the highest mobilization interest rate at NCB.
For 15-18 month terms, interest rates increased by 1.4% to 7.4%/year. Interest rates for 24-30 month terms are 7.3%/year and for 36 and 60 month terms are 7.2% and 7.1%/year respectively.
Thus, with the current interest rate, when many banks are competing to reduce interest rates to below 5%/year, NCB is far ahead of the common interest rate of 2-2.5%/year.
Not only online interest rates, NCB's counter interest rates also recorded an upward adjustment. Specifically, the interest rate for the 1-5 term is 4.75%/year.
Deposit interest rates increased from 5.2% to 7.05%/year for 6-7 month terms; increased to 7.15%/year for 8-9 month terms.
Interest rate for 10-11 month term is 7.2%/year, 12-13 month is 7.35%/year, 15-18 month is 7.25%/year, 24-30 month term is 7.15%/year, 36 month is 7.05%/year and 60 month is 6.95%/year.
On the same day, An Binh Commercial Joint Stock Bank (ABBank) also adjusted interest rates up for many terms except for the 1-11 month term.
Specifically, the bank has reduced the interest rate for 1-5 month terms by 0.05 percentage points. Accordingly, the interest rate is 3.15% for 1 month term, 3.25%/year for 2 month term, and 3-5 month term is 3.35%/year.
For 6-11 month terms, the bank reduced the interest rate by 0.1-0.3 percentage points, 6-month interest rate is 5%/year, 7-8 months is 4.8%/year and 9-11 months is 4.4%/year.
For interest rates at the remaining terms, the bank increased from 0.3 - 0.8 percentage points, interest rates for 12-month terms increased by 0.1%/year, 13-36 months increased by 0.3%/year and 48-60 months increased by 0.8%/year to 4.4%/year.
On the other hand, continuing the downward trend at banks, on January 9, the Vietnam International Commercial Joint Stock Bank (VIB) adjusted its deposit interest rates down for many terms. Accordingly, in the online deposit interest rate table on January 9 of this bank, the deposit interest rate for a 1-month term decreased by 0.2 percentage points to only 3.2%/year.
Deposit interest rates decreased by 0.3 percentage points for 2-month terms to 3.2%/year, while 3-5 month terms decreased by 0.1 percentage points to 3.4%/year.
At the same time, VIB also slightly adjusted the interest rate for 6-11 month terms down by 0.1 percentage point to 4.6%/year.
The bank kept the deposit interest rate unchanged at 5.1%/year for terms of 15-18 months, and 5.3%/year for terms of 24-36 months.
Thus, from the beginning of January 2024 to now, 11 banks have reduced deposit interest rates including: BaoViet Bank, Bac A Bank, KienLong Bank, LPBank, ABBank, GPBank, Eximbank, SHB, OCB, VIB, TPBank .
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