In recent days, the deposit interest rates of some banks have shown signs of increasing. According to forecasts, deposit interest rates in 2024 will not continue to decrease but will gradually increase again from mid to late year.
Specifically, Maritime Commercial Joint Stock Bank (MSB) unexpectedly increased interest rates by 0.2% for terms from 6 to 36 months. Interest rates for terms from 6 to 11 months are currently fluctuating at 3.8%/year, and for terms from 12 to 36 months are currently at 4.2%/year. For customers who deposit online, interest rates are 0.3% higher for all terms. Terms from 1 to 5 months remain at 3%/year.
Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) also increased its deposit interest rate by 0.2% for terms of 12-18 months. Specifically, the interest rate for 12-month terms is 5%, 13-month terms is 5.2%, 15-month terms is 5.8% and 18-month terms is 5.9%.
At VPBank, deposits under VND1 billion have increased by 0.1 - 0.2%/year for all terms compared to early March. Accordingly, the 1-month term increased by 2.4%/year; 6 - 11 months increased by 0.2%/year to 4.2%/year. The 12 - 18 month term increased by 4.5%/year; from 24 months and up, 4.9%/year is applied.
Similarly, at Eximbank, the interest rate for 1-3 month terms also increased by 0.3%/year, to 3.1%/year, the interest rate for 2-month terms increased to 3.3%/year and the interest rate for 3-month terms is 3.4%/year.
Saigonbank also increased interest rates for terms from 18 to 36 months by 0.2 to 0.4% per year depending on the term.
However, at Big 4 banks, deposit interest rates have decreased slightly. The highest interest rate is 4.8%/year. The term from 1 to under 12 months is at a record low. For example, at Agribank, the deposit interest rate for a term of over 12 months is 4.7%/year. The term from 6 to 11 months is 3%/year, 1.6%/year applies to terms of 1 and 2 months.
Thus, after nearly a year of continuous decline, bringing the mobilization interest rate to the lowest level in the past 20 years, the mobilization interest rate is now showing signs of increasing again.
According to financial expert Nguyen Thuy Anh, in the context of deposit interest rates remaining at record lows in the first months of 2024, people's deposits in banks have somewhat slowed down. Data recently released by the General Statistics Office shows that as of March 25, capital mobilization by credit institutions decreased by 0.76% compared to the end of 2023. Meanwhile, at the recent workshop "Unblocking capital sources to the market", Mr. Dao Minh Tu, Permanent Deputy Governor of the State Bank, said that the economy is starting to "absorb capital". As of March 28, credit in the whole economy increased by 0.9%, while January and February were negative.
The above trend has forced many banks to increase deposit interest rates again to ensure capital balance.
According to SSI Securities Company's forecast, deposit interest rates in 2024 will not continue to decrease but will gradually increase again from mid- to late-year, with a total increase of about 0.5% compared to 2023.
MB Securities Corporation (MBS) expects that deposit interest rates will increase by about 0.3 - 0.5 percentage points. Credit growth in the economy shows that capital demand in the economy is gradually recovering, which will be a factor affecting capital and foreign exchange business plans at commercial banks in the short term.
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