A rare bank has made a move to increase deposit interest rates.

Bank interest rates have been fluctuating continuously in the last days of December. Specifically, Vietnam Prosperity and Development Joint Stock Commercial Bank (PGBank) unexpectedly “went against the tide” to increase deposit interest rates while most banks, including Big4, have adjusted their interest rates downward.

Accordingly, PGBank has adjusted the interest rate for terms from 3 to 36 months up by 0.3 percentage points. Specifically, the interest rate for 3-month terms increased to 3.5%/year; the mobilization interest rate of 4.9%/year for terms of 6 and 9 months is 5.3%/year. The interest rate increased to 5.8%/year and 5.9%/year for terms of 12 and 13 months.

In particular, PG Bank has raised the interest rate on deposits with terms of 18 months or more to over 6%/year. The interest rate on deposits with terms of 18 months at the bank is 6.1%/year and the interest rate on deposits with terms of 24 and 36 months is 6.2%/year.

On the other hand, following the two "big guys" Vietcombank and Agribank, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) today (December 26) announced a reduction in deposit interest rates.

Specifically, BIDV has adjusted down 0.3 percentage points for 1-2 month term deposit interest rates to only 2.6%/year; down 0.4 percentage points for 3-5 month term deposit rates to 2.6%/year. For 6-11 month term deposit rates, BIDV has reduced 0.4 percentage points to 3.6%/year.

In addition, the bank still maintains interest rates for terms from 12 to 36 months. Of which, the mobilization interest rate for terms of 12 to 18 months is 5%/year and for terms of 24 to 36 months is 5.3%/year.

On the same day, Tien Phong Commercial Joint Stock Bank (TPBank) also adjusted its deposit interest rates down by 0.2 percentage points for deposit terms. Of which, the interest rates for 1-3 month terms decreased to 3.2% and 3.4%/year respectively, and the interest rates for 6 month terms decreased to 4.4%/year.

Interest rates for 12-month and 18-month terms are 5%/year and 5.3%/year respectively, and the highest interest rate for 24-36-month terms is 5.6%/year.

Previously, on December 25, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) also adjusted its deposit interest rate down to a record low. Accordingly, this bank reduced the deposit interest rate for 1 and 2 month terms to only 1.9%/year, 3-5 month terms to only 2.2%/year, and 6-11 month terms to 3.2%/year.

Thus, since the beginning of December until now, 21 banks have reduced deposit interest rates: HDBank, MSB, NamA Bank, ABBank, Vietcombank, BIDV, VIB, VPBank, TPBank, Saigonbank, VietBank, ACB, VietinBank, Agribank, LPBank, Techcombank, Eximbank, KienLongBank, SCB, PGBank, MB .

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