Vietnam International Commercial Joint Stock Bank (VIB) has just unexpectedly changed the way it calculates deposit interest rates. Previously, VIB had a common interest rate for all deposit levels. However, recently, the bank has changed the interest rate table according to specific deposit levels, under 300 million VND, from 300 million VND to under 3 billion VND, and from 3 billion VND and above.
Online deposit interest rates for deposit accounts under VND300 million announced by VIB remain unchanged from before. Deposit interest rates for 1-2 month terms are currently 3.1%/year, 3-5 month terms are 3.3%/year, 6-8 month terms are 4.3%/year, 9-11 month terms are 4.4%/year, 15-18 month terms are 4.9%/year, and 24-36 month terms have the highest deposit interest rate of 5.1%/year.
From 300 million VND to less than 3 billion VND and from 3 billion VND and above, VIB adds 0.1% and 0.2%/year. The special feature of this interest calculation method is that the more money deposited, the higher the interest rate. However, the laddered savings interest rate is currently only applied to terms under 15 months. From terms of 15-36 months, the interest rate is applied to all deposit levels.
Thus, the highest mobilization interest rate announced by VIB is still 5.1%/year, applied to 24-36 month term deposits.
| VIB'S ONLINE DEPOSITS INTEREST RATE TABLE ON JULY 19, 2024 (%/year) | |||
| TERM | UNDER 3 HUNDRED MILLION | 300 MILLION TO UNDER 3 BILLION | 3 BILLION OR MORE |
| 1 MONTH | 3.1% | 3.2% | 3.3% |
| 2 MONTHS | 3.1% | 3.2% | 3.3% |
| 3 MONTHS | 3.3% | 3.4% | 3.5% |
| 4 MONTHS | 3.3% | 3.4% | 3.5% |
| 5 MONTHS | 3.3% | 3.4% | 3.5% |
| 6 MONTHS | 4.3% | 4.4% | 4.5% |
| 7 MONTHS | 4.3% | 4.4% | 4.5% |
| 8 MONTHS | 4.3% | 4.4% | 4.5% |
| 9 MONTHS | 4.4% | 4.5% | 4.6% |
| 10 MONTHS | 4.4% | 4.5% | 4.6% |
| 11 MONTHS | 4.4% | 4.5% | 4.6% |
| 12 MONTHS | 4.9% | 4.9% | 4.9% |
| 15 MONTHS | 4.9% | 4.9% | 4.9% |
| 18 MONTHS | 4.9% | 4.9% | 4.9% |
| 24 MONTHS | 5.1% | 5.1% | 5.1% |
| 36 MONTHS | 5.1% | 5.1% | 5.1% |
Many banks currently apply the ladder savings mobilization policy. However, not all banks publicly announce it. Some banks that announce this policy include Asia Commercial Joint Stock Bank (ACB), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), and Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
At ACB, deposit interest rates are classified according to 4 deposit levels including under 200 million VND, from 200 million VND to under 1 billion VND, from 1 billion VND to under 5 billion VND, and from 5 billion VND or more.
Compared to the online interest rate table for deposit accounts under 200 million VND, the interest rate for the remaining 3 levels is respectively increased by 0.1-0.15-0.2%/year.
Online deposit interest rates for customers with deposit balances of 5 billion VND or more are: 1-month term is 3%/year, 2-month term is 3.1%/year, 3-month term is 3.3%/year, 6-month term is 4.1%/year, 9-month term is 4.2%/year, and 12-month term has the highest interest rate of 4.9%/year.
However, ACB is currently among the banks paying the lowest interest rates on deposits, even when applying the policy of bonus interest rates. Specifically, ACB rewards according to the interest rate ladder of term savings deposits. The bonus interest rate is 0.1%/year for deposits from 200 million VND to under 1 billion VND; 0.15%/year from 1 billion to under 5 billion VND; and 0.2%/year from 5 billion VND.
The highest deposit interest rate at ACB can be 5.1%/year for customers depositing from 5 billion VND or more with long term (after receiving bonus interest).
For customers with a deposit balance of VND 200 billion or more, ACB applies a "special interest rate" policy of 5.9%/year, applied for a term of 13 months. This interest rate is also only equivalent to or lower than the normal mobilization interest rate at some other banks such as VietBank, PGBank, MB, BaoViet Bank, NCB, OceanBank, HDBank, ABBank, BVBank, ...
At Techcombank, the bank stipulates three levels of savings interest rates: under VND1 billion, from VND1 billion to under VND3 billion, and from VND3 billion and above. According to the online mobilization interest rate table announced on July 19, newly opened savings accounts under VND1 billion, term of 1-2 months 2.85%/year, 3-5 months 3.25%/year, 6-11 months 4.25%/year, 12-36 months 4.95%/year.
Interest rates for deposit accounts from 1 billion VND to under 3 billion VND are 0.05-0.1% higher per year; and over 3 billion VND are 0.1-0.2% higher per year.
With the above interest rate calculation, the highest mobilization interest rate at Techcombank is currently 5.05%/year, applied to deposits from 3 billion VND, term of 12-36 months.
Techcombank also offers an additional 0.5%/year interest rate for individual customers whose savings and/or term deposits increase by VND50 million or more per month. Applicable terms are 3 months, 6 months and 12 months. Therefore, the highest mobilization interest rate (12-month term) can be up to 5.55%/year (after the interest rate bonus).
| INTEREST RATE TABLE FOR ONLINE DEPOSITS AT TECHCOMBANK ON JULY 19, 2024 (%/year) | |||
| TERM | UNDER 1 BILLION | FROM 1 BILLION TO UNDER 3 BILLION | FROM 3 BILLION AND UP |
| 1 MONTH | 2.85% | 2.95% | 3.05% |
| 2 MONTHS | 2.85% | 2.95% | 3.05% |
| 3 MONTHS | 2.85% | 3.35% | 3.45% |
| 4 MONTHS | 2.85% | 3.35% | 3.45% |
| 5 MONTHS | 2.85% | 3.35% | 3.45% |
| 6 MONTHS | 4.25% | 4.3% | 4.35% |
| 7 MONTHS | 4.25% | 4.3% | 4.35% |
| 8 MONTHS | 4.25% | 4.3% | 4.35% |
| 9 MONTHS | 4.25% | 4.3% | 4.35% |
| 10 MONTHS | 4.25% | 4.3% | 4.35% |
| 11 MONTHS | 4.25% | 4.3% | 4.35% |
| 12 MONTHS | 4.95% | 5% | 5.05% |
| 15 MONTHS | 4.95% | 5% | 5.05% |
| 18 MONTHS | 4.95% | 5% | 5.05% |
| 24 MONTHS | 4.95% | 5% | 5.05% |
| 36 MONTHS | 4.95% | 5% | 5.05% |
For VPBank, deposit interest rates are also divided into 3 levels: under 10 billion VND, from 10 billion VND to under 50 billion VND, and from 50 billion VND and above. Accordingly, the mobilization interest rates are 0.1% and 0.2% higher per year compared to deposits under 10 billion VND. Except for the 12-36 month term, which is only 0.1% higher per year for the remaining two levels.
Currently, the highest interest rate at VPBank is 5.7%/year, applied to online deposits from 10 billion VND, term 24-36 months.
VPBank said that customers with a balance of 100 million VND and a minimum term of 1 month will enjoy the current interest rate plus 0.1%/year.
Thus, the highest interest rate at VPBank is actually 5.8%/year (with a term of 24-36 months, including bonus interest).
With step savings, interest will be calculated step by step according to the increased deposit amount. This is very beneficial for customers who intend to make regular and long-term savings deposits. When the deposit increases to a certain number, the deposit interest rate will also increase accordingly.
VN (according to Vietnamnet)Source: https://baohaiduong.vn/nhan-lai-suat-tien-gui-bac-thang-khach-hang-con-duoc-dui-them-lai-suat-388050.html
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