Two more banks reduce deposit interest rates on March 25

Continuing the trend of reducing deposit interest rates in March, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has recently become the next bank to adjust deposit interest rates down for 1-2 month terms.

Accordingly, in Techcombank's online deposit interest rate table, the bank has reduced 0.2 percentage points for deposit interest rates for 1-2 month terms to 2.25%/year.

The bank keeps the interest rate unchanged for the remaining terms. Specifically, the interest rate is 2.55%/year for the 3-5 month term, applied to all deposit accounts.

For deposits under 1 billion VND, the online mobilization interest rate is 6.35%/year for a term of 6-8 months, 3.7%/year for a term of 9-11 months, 4.55%/year for a term of 12-14 months and 4.55%/year for a term of 15-36 months.

Techcombank adds 0.05 and 0.1% interest rate points respectively for deposit accounts from 1-3 billion VND and from 3 billion VND or more.

On the same day, Vietnam International Commercial Joint Stock Bank (VIB) also adjusted its deposit interest rates down. Accordingly, the bank reduced the deposit interest rates for terms from 6-18 months by 0.1 percentage points.

Specifically, in VIB's latest online deposit interest rate table, the interest rate has decreased to 4%/year for 6-11 month terms and to 4.8%/year for 15-18 month terms.

The bank kept the bank interest rates unchanged at 2.7%/year and 2.8%/year for 1-2 month terms. The interest rate is 3%/year for 3-5 month terms. The highest deposit interest rate at VIB is currently 5%/year for 24-36 month terms.

Late last week, Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) announced a reduction in savings interest rates by 0.1-0.2 percentage points for all terms.

Specifically, for deposits at the counter, the interest rate for 1-2 month term deposits is reduced to 1.7%/year, 3-5 month term deposits is reduced to 2.0%/year, 6-9 month term deposits are applied at 3.0%/year, 12-18 month term deposits are at 4.7%/year, and 24 month term deposits or more are at 4.8%/year.

Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV) has also reduced its savings interest rates. Specifically, the interest rate for 1-2 month deposits has decreased to 1.7%/year, 3-5 month deposits has decreased to 2.0%/year, 6-9 month deposits have decreased to 3.0%/year, and 12 month deposits have decreased to only 4.7%/year.

Since the beginning of March, 25 commercial banks have reduced deposit interest rates, including: BaoViet Bank, BIDV, Sacombank, ABBank, GPBank, PGBank, BVBank, VPBank, PVCombank, Dong A Bank, ACB, Agribank, NCB, KienLong Bank, Agribank, MB, Techcombank, SCB, VietinBank, VIB, Saigonbank, SeABank, CBBank, OceanBank, TPBank .

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