Some banks are preparing to increase savings interest rates again.

While banks are still announcing a reduction in input interest rates, some credit institutions are still preparing to increase their deposit interest rates again for both short and long terms. This development is considered quite strange in the context of many other banks continuing to reduce input interest rates.

According to the announcement of Vietnam Prosperity Joint Stock Commercial Bank (VPBank), from March 27, this bank increased savings interest rates by up to 0.2% for new deposit terms opened for individual customers.

Specifically, VPBank said it has adjusted the online savings interest rate for deposits under 10 billion VND with a 1-month term up by 0.1% from 2.3%/year to 2.4%/year.

Along with that, the interest rate for 2-36 month deposits at this bank also increased by 0.2%.

After adjustment, the interest rate for 2-5 month term savings of individual customers at this bank increased to 2.7%/year; 6-11 month term enjoys interest rate of 4.2%/year; 12-18 month term enjoys interest rate of 4.5%/year and term of 24 months or more enjoys interest rate of 4.9%/year.

If customers choose to deposit money at the counter, the interest rate will be 0.1% lower than the online channel.

Previously, on March 26, Saigon-Hanoi Commercial Joint Stock Bank (SHB) also announced an increase in online deposit interest rates by 0.15-0.25% for 1- and 2-month terms to 2.8%/year.

In addition, SHB adjusted the interest rate for 12-month deposits up 0.1% to 4.9%/year. For 13-15-month deposits, SHB adjusted the interest rate up 0.2% to 5%/year.

For the 18-month term, SHB adjusted the mobilization interest rate up by 0.1% to 5.2%/year. For the remaining deposit terms, SHB kept the interest rate unchanged.

Before SHB, Vietnam Export Import Commercial Joint Stock Bank (Eximbank) and Saigon Commercial Joint Stock Bank (Saigonbank) were the two banks that 'went against the tide' to increase deposit interest rates.

However, the trend of interest rate reduction is still dominant this month when since the beginning of the month, the market has recorded 25 commercial banks announcing a reduction in deposit interest rates, of which 4 banks, BaoViet Bank, GPBank, BVBank and PGBank, have reduced twice.

The average savings interest rate for all terms is currently down 0.1% - 0.2% compared to the end of February 2024. The highest savings interest rate is currently less than 5%/year for a 12-month term, and for terms over 12 months, very few banks apply the rate of 5%/year.

Typically, Asia Commercial Joint Stock Bank (ACB) and Vietnam International Commercial Joint Stock Bank (VIB) have adjusted their deposit interest rates down for all deposit terms on March 24 and 25, respectively.

Accordingly, VIB has reduced online deposit interest rates to 2.5%/year for 1-month terms, 2.6%/year for 2-month terms, and 2.8%/year for 3-5 month terms.

Previously, this bank also reduced 0.1% for interest rates for terms from 6-36 months. Interest rates for online deposits for terms from 6-11 months are now 4%/year, for terms from 15-18 months are now 4.8%/year, and for terms from 24-36 months are 5%/year.

At ACB, the bank's latest online deposit interest rate schedule has been adjusted down by 0.1% to 2.3%/year for a 1-month term. Similarly, the deposit interest rate has also been reduced by 0.1% for 2- and 3-month terms to 2.5% and 2.7%/year, respectively. The above interest rate applies to deposit accounts under VND200 million.

Meanwhile, for the 6-month term, ACB adjusted down 0.2% to 3.5%/year and for the 12-month term to 4.5%/year. The mobilization interest rate for the 9-month term decreased 0.1% to 3.8%/year.

For deposit accounts from 200 million VND to less than 1 billion VND, ACB adds 0.1% to the above interest rate table. The bank adds 0.15% to the interest rate for deposits from 1 billion VND to less than 5 billion VND and adds 0.2% to the interest rate for deposits from 5 billion VND or more.

TB (according to Vietnam+)

Source