When the "big guys" speak up
On the morning of August 23, 7 banks announced a reduction in savings interest rates. Notably, 3 out of 4 state-owned joint-stock commercial banks, the "Big 4" group, are among them.
Vietcombank has just sharply reduced its deposit interest rates for all terms. According to the latest online deposit interest rate table, the interest rate for 1-2 month terms has decreased by 0.4 percentage points to only 3%/year; the interest rate for 3-5 month terms has even decreased by 0.6 percentage points to 3.8%/year.
For deposit terms of 6 months or more, Vietcombank reduced 0.4 percentage points, interest rates for terms of 6-11 months to 4.7%/year.
Interest rates for 12-24 month terms have dropped sharply by 0.5 percentage points, to only 5.8% per year.
Similarly, Agribank sharply reduced deposit interest rates for all terms. Deposit interest rates for 1-2 month terms decreased by 0.5 percentage points to 3.6%/year. Deposit interest rates for 3-5 month terms decreased by 0.4 percentage points to 4.1%/year. Deposit interest rates for 6-9 month terms decreased by 0.2 percentage points to 4.9%/year. Deposit interest rates for 12 month terms decreased by 0.5 percentage points to 5.8%/year. Deposit interest rates for 13-24 month terms also decreased by 0.5 percentage points to 5.5%/year.
Similarly, VietinBank also sharply reduced its deposit interest rates from today. Online deposit interest rates for 1-2 month terms decreased by 0.1 percentage points to 3.2%/year; 3-5 month terms also decreased similarly to 4%/year; 6-9 month terms decreased by 0.3 percentage points to 4.7%/year; 12-36 month terms decreased sharply by 0.5 percentage points to 5.8%/year.
Among the four state-owned commercial banks, BIDV has yet to make any move to reduce deposit interest rates as of 9:30 a.m. on August 23.
Joint Stock Commercial Bank Group "Follows the Race"
The group of private joint stock commercial banks, Kien Long Commercial Joint Stock Bank (KLB) also started reducing deposit interest rates since August 23. This is the first time KLB has reduced interest rates since the beginning of August.
However, although deposit interest rates have only been lowered once since the beginning of the month, the reduction is up to 0.6 percentage points for deposit terms from 6 to 36 months.
With this sharp decrease, KLB's current online deposit interest rate schedule is as follows: 6-month term interest rate is 5.8%/year, 9-month term is 6%/year, 12-month term is 6.2%/year, 13-36-month term is all 6.4%/year.
Notably, Asia Commercial Bank (ACB) has just become one of the first two banks to reduce interest rates up to 5 times in 1 month.
According to the online interest rate table on August 23, ACB's interest rate has decreased sharply by 0.4 percentage points for terms from 6 to 12 months. This decrease reduces the interest rate for terms from 6 to 12 months to 5.6%/year for deposits under VND100 million, 5.7%/year for deposits from VND100 million to under VND1 billion, 5.75%/year for deposits from VND1 billion to under VND5 billion, and 5.8%/year for deposits from VND5 billion or more.
Thus, compared to the beginning of August, ACB's interest rate has decreased by exactly 1 percentage point after 5 adjustments.
Also in the latest adjustment, ACB reduced the mobilization interest rate for short-term deposits of 1-5 months. Accordingly, the interest rate for 1-month term decreased from 4.4% to 4.2%/year, and for 2-5 month term decreased from 4.45% to 4.25%/year.
Not only ACB, Eximbank has also just reduced interest rates for the fifth time since the beginning of August. This adjustment took place just two days after the previous interest rate reduction adjustment.
This time, Eximbank has reduced the interest rate by 0.1 percentage point for 6-36 month deposit terms. Accordingly, the online deposit interest rate for 6-36 months at Eximbank is only 5.8%/year.
After 5 consecutive interest rate cuts, the 6-36 month term deposit interest rate at Eximbank has dropped sharply by 1.4 percentage points compared to early August.
Similarly, Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) has reduced its deposit interest rates for the fourth consecutive time since the beginning of August after slightly reducing the interest rates for 6-36 month deposit terms by 0.1 percentage points starting today.
Accordingly, the interest rate for 6-8 month and 18-36 month terms at VietBank is 6.6%/year, 9-12 month terms are 6.7%/year, and 13-15 month terms have the highest interest rate of 6.8%/year.
| HIGHEST DEPOSITS INTEREST RATE TABLE ON AUGUST 23 (%/year) | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| ABBANK | 4.5 | 4.5 | 7 | 6.7 | 6.7 | 6.4 |
| PVCOMBANK | 4.25 | 4.25 | 7 | 7 | 7.1 | 7.2 |
| NCB | 4.75 | 4.75 | 6.9 | 7 | 7.1 | 7 |
| CBBANK | 4.2 | 4.3 | 6.9 | 7 | 7.2 | 7.3 |
| VIETA BANK | 4.6 | 4.6 | 6.8 | 6.9 | 7 | 7 |
| BAOVIETBANK | 4.5 | 4.75 | 6.8 | 7 | 7.2 | 7.3 |
| BACA BANK | 4.75 | 4.75 | 6.75 | 6.8 | 6.85 | 6.95 |
| NAMA BANK | 4.65 | 4.65 | 6.7 | 6.9 | 7.1 | 6.9 |
| VIETBANK | 4.75 | 4.75 | 6.6 | 6.7 | 6.7 | 6.6 |
| HDBANK | 4.75 | 4.75 | 6.6 | 6.7 | 6.8 | 6.8 |
| PG BANK | 4.75 | 4.75 | 6.6 | 6.6 | 6.7 | 6.8 |
| OCEANBANK | 4.75 | 4.75 | 6.6 | 6.7 | 6.9 | 7.3 |
| BVBANK | 4 | 4.7 | 6.55 | 6.65 | 6.85 | 6.95 |
| SHB | 4.5 | 4.75 | 6.5 | 6.6 | 6.8 | 6.8 |
| OCB | 4.6 | 4.75 | 6.4 | 6.5 | 6.6 | 6.8 |
| SAIGONBANK | 4.3 | 4.4 | 6.4 | 6.4 | 6.6 | 6.6 |
| SCB | 4.75 | 4.75 | 6.35 | 6.35 | 6.45 | 6.35 |
| DONG A BANK | 4.5 | 4.5 | 6.35 | 6.45 | 6.7 | 6.9 |
| LPBANK | 4.35 | 4.35 | 6.3 | 6.3 | 6.4 | 6.8 |
| VPBANK | 4.4 | 4.45 | 6.3 | 6.3 | 6.4 | 5.4 |
| GPBANK | 4.75 | 4.75 | 6.15 | 6.25 | 6.35 | 6.45 |
| VIB | 4.75 | 4.75 | 6.1 | 6.1 | 6.4 | |
| TPBANK | 4.55 | 4.75 | 6 | 6.2 | 6.6 | |
| MB | 4.1 | 4.3 | 6 | 6.1 | 6.3 | 6.5 |
| MSB | 4.5 | 4.5 | 5.9 | 5.9 | 6 | 6 |
| SACOMBANK | 3.9 | 4.1 | 5.9 | 6.05 | 6.3 | 6.4 |
| TECHCOMBANK | 3.85 | 3.95 | 5.85 | 5.9 | 5.95 | 5.95 |
| KIENLONGBANK | 4.75 | 4.75 | 5.8 | 6 | 6.2 | 6.4 |
| EXIMBANK | 4.75 | 4.75 | 5.8 | 5.8 | 5.8 | 5.8 |
| ACB | 4.2 | 4.25 | 5.6 | 5.6 | 5.6 | |
| SEABANK | 4.75 | 4.75 | 5.4 | 5.55 | 5.7 | 5.8 |
| BIDV | 3.6 | 4.4 | 5.3 | 5.3 | 6.3 | 6.3 |
| AGRIBANK | 3.6 | 4.1 | 4.9 | 4.9 | 5.8 | 5.5 |
| VIETCOMBANK | 3 | 3.8 | 4.7 | 4.7 | 5.8 | 5.8 |
| VIETINBANK | 3.2 | 4 | 4.7 | 4.7 | 5.8 | 5.8 |
According to statistics from the beginning of August until now, banks that have reduced deposit interest rates include: Vietcombank, Agribank, VietinBank, TPBank, ACB, Eximbank, Techcombank, NCB, VietBank, ABBank, OceanBank, HDBank, Sacombank, VIB, VPBank, MSB, BacA Bank, Saigonbank, CBBank, VietA Bank, SHB, OCB, BaoViet Bank, BVBank, GPBank, MB, SeABank, VietA Bank, SCB, and KienLongBank.
Of which, Sacombank, BacA Bank, Saigonbank, GPBank, TPBank, SHB, HDBank have reduced interest rates twice since the beginning of August. NCB, Techcombank, VIB have reduced deposit interest rates three times; VietBank has reduced interest rates four times, while ACB and Eximbank have reduced interest rates five times since the beginning of the month.
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