On the morning of May 29th, VietA Bank announced a significant reduction in deposit interest rates, effective from today. This is the second time VietA Bank has lowered deposit interest rates since the beginning of May for deposits with maturities exceeding 5 months.
According to the latest interest rate, online deposits with terms of 6-11 months at VietA Bank have decreased by 0.3-0.4% and now only offer a single interest rate of 8% per year.
Interest rates for online deposits with terms of 12-18 months also decreased by 0.1-0.3%, now all at 8.2% per year. Interest rates for terms of 24-36 months also decreased by 0.2% to 8% per year.
Similarly, Lien Viet Post Bank ( LPBank ) announced a sharp reduction in deposit interest rates for terms longer than 5 months.
Online deposit interest rates for terms of 6-11 months decreased by 0.5% to 7.2% per year. This was also the same decrease for 12-month term deposits, with interest rates for that term falling to 7.3% per year.
Interest rates for terms after 12 months have been uniformly reduced by 0.3%. Currently, LPBank applies a common interest rate of 7.9%/year for these terms.
Also this morning, National Commercial Bank (NCB) continued to lower deposit interest rates slightly. This is the third consecutive time this month that the bank has cut interest rates.
Specifically, online deposit interest rates for 6-9 month terms decreased by 0.1% to 8.1%/year. Interest rates for other terms also decreased by 0.1%. The 10-13 month term is now 8.15%/year; the 15-18 month term is 8.05%/year; the 24-30 month term is 7.95%/year; and the 36-month term is only 7.85%/year.
Last weekend (May 27th), NamA Bank further reduced deposit interest rates for the second time this month.
The sharpest decline was for the 6-7 month term, falling by 0.5% to 8% per year. Deposit interest rates for the 12-14 month term also dropped to 8% per year after a 0.2% decrease.
Notably, NamA Bank uniformly reduced interest rates by 0.3%, to just 7.8% per year for terms of 15-36 months.
According to statistics from Vietnamnet, from the beginning of May until now, the banks that have reduced deposit interest rates include: VietA Bank, VIB, OCB, Eximbank, MSB, VPBank, TPBank, Vietcombank, Agribank, VietinBank, BIDV, KienLongBank, NamA Bank, NCB, Saigonbank, PVCombank, HDBank, OceanBank, Sacombank, Techcombank, BacA Bank, SCB, DongA Bank, VietBank, MB, SeABank,ACB , LPBank and BaoViet Bank.
The banks that reduced interest rates twice during this period were Eximbank, VPBank, BIDV, VietinBank, Vietcombank, Agribank , KienLong Bank, Saigonbank, TPBank, BacA Bank, OCB, MSB, VietA Bank, NamA Bank, and Techcombank.
OCB, NCB, and Sacombank have reduced deposit interest rates three times in less than a month.
VietBank alone has reduced deposit interest rates four times since the beginning of May.
| HIGHEST DEPOSIT INTEREST RATES AT BANKS ON MAY 29 (%/year) | |||||
| BANK | 6 MONTHS | 9 MONTHS | 12 MONTHS | 15 MONTHS | 18 MONTHS |
| GPBank | 8.3 | 8.4 | 8.5 | 8.6 | 8.6 |
| VIETA BANK | 8 | 8 | 8.5 | 8.5 | 8.5 |
| ABBANK | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 |
| PVCOMBANK | 7.5 | 7.9 | 8.2 | 8.3 | |
| NCB | 8.1 | 8.1 | 8.15 | 8.05 | 8.05 |
| OCB | 8 | 8.1 | 8.1 | 8.1 | 7.9 |
| BAOVIETBANK | 7.7 | 7,8 | 8.1 | 7.9 | 7,8 |
| HDBANK | 8.1 | 6.9 | 8.1 | 7 | 7.1 |
| NAMA BANK | 8 | 8.1 | 8 | 7,8 | 7,8 |
| VIETCAPITAL BANK | 7.4 | 7.7 | 8 | 8.2 | 8.3 |
| BACA BANK | 7.7 | 7,8 | 7.9 | 8 | 8.1 |
| SHB | 7.5 | 7.5 | 7.9 | 8 | 8 |
| SCB | 7,8 | 7,8 | 7.85 | 7.65 | 7.65 |
| VIETBANK | 7,8 | 7.7 | 7,8 | 7.9 | 7,8 |
| KIENLONGBANK | 7.7 | 7.9 | 7,8 | 7.6 | 7.6 |
| SAIGONBANK | 7.4 | 7.5 | 7,8 | 7.4 | |
| OCEANBANK | 7.6 | 7.7 | 7,8 | 7,8 | 8.1 |
| TPBANK | 7.6 | 7.7 | 7.5 | ||
| VPBANK | 7.7 | 7.9 | 7.7 | 6.9 | 6.9 |
| EXIMBANK | 7.5 | 7.5 | 7.6 | 7.6 | 7.6 |
| CBBANK | 7.2 | 7.3 | 7.5 | 7.55 | 7.55 |
| MSB | 7.3 | 7.3 | 7.4 | 7.4 | 7.4 |
| SACOMBANK | 6.8 | 7.1 | 7.4 | 7.6 | 7.7 |
| SEABANK | 7.1 | 7.19 | 7.4 | 7.55 | 7.6 |
| LPBANK | 7.2 | 7.2 | 7.3 | 7.9 | 7.9 |
| MB | 6.5 | 6.6 | 7.2 | 7.3 | 7.3 |
| MB | 6.2 | 6.2 | 6.9 | 6.8 | 6.8 |
| TECHCOMBANK | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 |
| VIETINBANK | 6 | 6 | 6.8 | 6.8 | |
| AGRIBANK | 6.6 | 6.6 | 6.8 | 6.6 | 6.6 |
| VIETCOMBANK | 6 | 6 | 6.8 | ||
| DONGA BANK | 6.35 | 6.45 | 6,7 | 6.9 | |
| ACB | 6.2 | 6.4 | 6.6 | 6,7 | 6,7 |
| VIB | 7.7 | 7,8 | 7.9 | 7.9 | |
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