Banks again urgently increase deposit interest rates

The wave of interest rate hikes continues at the end of the year, aiming to retain depositors.

Deposit interest rates have remained low over the past year - Photo: QUANG DINH

Some banks increase interest rates twice in one month.

CBBank has just announced a new interest rate schedule. Accordingly, bank interest rates for 1-12 month terms have increased by 0.15%/year.

For 1-2 month term, interest rate increases to 3.95%/year, for 3-5 month term, interest rate increases to 4.15%/year, for 6 month term, interest rate increases to 5.65%/year.

Interest rates for terms from 7-11 months after adjustment increased to 5.6%/year, and for terms from 12 months to 5.8%/year. CBBank kept savings interest rates for terms from 13 months and above at 5.8%/year.

Loc Phat Vietnam Joint Stock Commercial Bank (LPBank) has also just increased the interest rate for deposits with terms of 1-11 months by 0.2%/year. After adjustment, the interest rate for terms of 1-3-6 and 12 months is 3.8%/year, 4%/year, 5.2%/year and 5.5%/year, respectively.

Online deposit interest rates for 18-60 month terms remain unchanged at 5.8%/year.

According to statistics, since the beginning of November, about 15 banks have increased their deposit interest rates. Of which, MB, Agribank and VIB have increased their interest rates twice since the beginning of the month.

Recently, banks are increasing competition to attract deposits not only by interest rates but also by many promotional programs.

Customers tend to "bargain" for long-term interest rates or switch to other banks with better interest rates. That is also the reason why banks have to simultaneously increase interest rates to retain customers.

On the other hand, the large capital demand of enterprises at the end of the year also increases, forcing banks to increase deposit interest rates, especially when the capital mobilization growth from the beginning of the year until now is lower than credit growth.

On November 27, the State Bank issued an official dispatch requesting banks to maintain stable and reasonable deposit interest rates, consistent with their capital balance, healthy credit expansion and risk management capabilities. This will contribute to stabilizing the money market and market interest rates.

Bank USD price continues to hit ceiling

USD selling price at banks continues to be at the ceiling level - Photo: QUANG DINH

On November 29, the State Bank announced the central exchange rate at 24,251 VND/USD, down 20 VND compared to yesterday.

With a margin of 5%, commercial banks are allowed to buy and sell USD at a minimum of 23,038 VND/USD and a maximum of 25,463 VND/USD.

According to records, many banks continue to list USD selling prices at the ceiling.

Vietcombank listed the USD selling price at 25,463 VND/USD, buying price at 25,130 VND/USD, down 15 VND for buying and 21 VND for selling compared to yesterday.

BIDV listed the selling price of USD at 25,463 VND/USD, buying price at 25,160 VND/USD, while Techcombank also sold USD at the ceiling price of 25,463 VND/USD, buying price at 25,152 VND/USD.

In the free market, the selling price of USD this afternoon was 25,708 VND/USD, buying price was 25,608 VND/USD.

Source: https://tuoitre.vn/ngan-hang-lai-cap-tap-tang-lai-suat-huy-dong-20241129201257546.htm