Some banks continue to reduce interest rates

Accordingly, Global Petroleum Commercial Joint Stock Bank (GPBank) has adjusted interest rates for all terms from 12 months to 36 months to below 6%/year.

Specifically, the interest rate for a 12-month term is down to 5.95%/year, down 0.1%/year; for a 13- to 36-month term: 9.95%/year, down 0.2%/year. For short terms, the interest rate for a 1-month and 2-month term is 3.75%/year; for a 4-month and 5-month term is 4.1%/year; for a 6- to 8-month term is 5.65%/year; for a 9-month term is 5.75%/year.

Deposit interest rates continue to be adjusted downward by banks. Photo: OCB

Along with GPBank, Orient Commercial Joint Stock Bank (OCB) also reduced interest rates for all deposit terms from 1 to 36 months, including savings deposits at the counter and online.

Of which, 1 and 2-month terms decreased by 0.3% and 0.4%/year respectively, down to 3.6%/year; 3-month terms decreased by 0.3%/year, down to 3.8%/year; 4-month terms decreased by 0.1% point to 4%/year; 5-month terms decreased by 0.3%/year, down to 4.2%/year.

The term from 6 to 11 months decreased by 0.4%/year to 4.6%/year; the term from 12 to 15 months decreased by 0.4%/year to 4.7%/year; the term from 18 months decreased by 0.4%/year to 4.8%/year. The terms from 21 and 24 months decreased sharply by 0.65%/year and 0.75%/year to 4.85%/year, respectively; the term from 36 months decreased sharply by 1.05%/year to only 4.75%/year.

Online deposit interest rates at OCB also decreased the most with the 18-month term being 0.5%/year, down to 4.9%/year; the 21-month and 24-month terms decreased by 0.55%/year and 0.65%/year, respectively, down to 4.95%/year; the 36-month term decreased by 0.95%/year, down to 4.85%/year.

Thus, except for a few banks, most banks have lowered their highest deposit interest rates to below 6%/year. However, for customers with special deposits, banks still apply interest rates much higher than the normal interest rates.

For example, An Binh Commercial Joint Stock Bank (ABBank) applies a normal interest rate of 5.3%/year for a 13-month term, but if customers open new or renew 13-month term savings deposits with a deposit amount of VND 1,500 billion or more, they will enjoy an interest rate of 9.65%/year.

At Vietnam Joint Stock Commercial Bank for Industry and Trade (PVCombank), for regular customers, the interest rate applied for over-the-counter savings deposits is 4.8%/year for a 12-month term; 5.0%/year for a 13-month term. However, for customers with a balance of VND2,000 billion or more, the special interest rate will be 9%/year for both terms.

Meanwhile, Ho Chi Minh City Development Joint Stock Commercial Bank ( HDBank ) offers an interest rate of 7.7%/year to customers depositing from 500 billion VND or more, receiving interest at the end of the term for a 12-month deposit term; for a 13-month term, also with a deposit of 500 billion VND or more, the applied interest rate is 8.10%/year.

Source: https://hanoimoi.vn/mot-so-ngan-hang-tiep-tuc-giam-lai-suat-699241.html