After Tet, interest rates at many banks continued to decrease and according to experts, interest rates will hardly increase sharply in the near future.
National Commercial Joint Stock Bank (NCB) has reduced interest rates by 0.1 - 0.3% per year for all deposit terms. Specifically, the interest rate for a 6-month term (interest received at the end of the term) is only 4.5% per year; for a 12-month term, it is 5.05% per year.
Similarly, Dong A Commercial Joint Stock Bank (Dong A Bank) reduced the interest rate for savings terms from 1 to 5 months to 3.5%/year, down about 0.4% compared to the beginning of 2024. The interest rate for deposits from 6 to 8 months decreased to 4.5%/year, terms from 9 to 11 months decreased to 4.7%/year, and terms from 12 months decreased to 5%/year.
At Saigon - Hanoi Commercial Joint Stock Bank (SHB), savings interest rates also dropped sharply right after the Lunar New Year. The 6-month term is only 4.6%/year; the 12-month term is 5.1%/year.
It can be seen that savings interest rates in early 2024 remain at rock bottom.
For a 12-month term, the highest savings interest rate in February 2024 is 7%/year at NamABank. This is the highest mobilization rate since October 2023. In addition, BaoVietBank and CBBank respectively apply interest rates of 5.2%-5.3%/year for this term.
The highest savings interest rate in February 2024 for a 6-month term is 5%/year, applied at CBBank. Ranked second is VietBank (4.8%/year). NamABank, KienlongBank, BaoVietBank all have an interest rate of 4.7%/year for 6-month term deposits.
The 9-month savings interest rate does not differ much from the 6-month term. Most banks only adjust it up by 0.1 - 0.2% compared to the 6-month term. Accordingly, the highest 9-month savings interest rate is 5.1%/year at CBBank; at NamABank it is 5%/year. The lowest interest rate for this term is 3-3.2%/year applied at Agribank, BIDV, Vietcombank, Vietinbank.
With a 3-month term, NamABank continues to be the bank with the highest savings interest rate in February 2024 at 4.65%/year. CBBank applies an interest rate of 4.2%/year.
The highest savings interest rate in February 2024 for a 1-month term is at CBBank at 4.1%/year. The interest rate for this term at VietCapitalBank is 3.6%/year. NCB, VietBank, BaoVietBank all apply an interest rate of 3.4%/year; NamABank pays interest of 2.9%/year.
According to economic experts, in 2024, saving at banks will still be a sustainable investment channel, even though interest rates are no longer as attractive as early last year. Especially in difficult economic times, businesses have not yet recovered stably, investing anywhere must be calculated, even accepting high risks like now, deposits are still the top choice.
Analysts at KB Securities Vietnam (KBSV) forecast that deposit interest rates will continue to remain low for most of 2024.
Dr. Nguyen Tri Hieu, a finance and banking expert, forecasts that in 2024, the economy will face more difficulties and challenges as the capital absorption capacity of enterprises remains low; bad debt tends to increase, the corporate bond market is sluggish...
Globally, geopolitical conflicts continue to be complex and unpredictable, and the business environment remains unstable. Therefore, despite low deposit interest rates, people still direct their money into savings to ensure the safety of their capital, waiting for clearer business opportunities.
Low deposit interest rates have never been the result of banks having "excess money in their vaults". Abundant liquidity is good, but the strong flow of deposits into the system despite the sharp drop in interest rates, according to the deputy general director of a state-owned bank, is also a cause for concern when the money does not circulate into production or investment. The economy's credit demand is unlikely to improve anytime soon, so deposit interest rates will remain low until at least mid-2024.
Sharing the same view, Associate Professor Dr. Nguyen Huu Huan - Ho Chi Minh City University of Economics forecasted that it is likely that savings interest rates will remain at the current level until the end of the second quarter and begin to increase again in the second half of this year if the economy recovers and credit improves again.
(VTC News)
Source
Comment (0)