More banks have sharply reduced interest rates, which banks still maintain 7%/year interest rates?

The fact that the four "big" state-owned commercial banks, including Agribank, Vietcombank, BIDV and VietinBank, have simultaneously deeply reduced deposit interest rates has created great motivation for joint stock commercial banks to continue on the trend of reducing interest rates.

Today, a series of joint stock commercial banks announced to reduce their deposit interest rates. Notably, banks that have maintained interest rates above 7%/year for some terms such as ABBank and PVCombank have also simultaneously lowered their interest rates to below 7% for all terms.

This move shows that in the near future, the few banks that still maintain interest rates of 7% or higher will likely continue to lower interest rates.

Currently, there are only 5 banks maintaining interest rates of 7% or higher for long terms, including: NCB, VietA Bank, Nam A Bank, CBBank, and OceanBank.

This morning, August 24, ABBank announced for the first time in August a sharp reduction in deposit interest rates. This is the bank that has maintained a 6-month deposit interest rate of 7%/year for many months.

On the online channel, interest rates for terms from 6 to 60 months have decreased by up to 1 percentage point. Interest rates for 6-month terms have dropped sharply from 7% to 6% per year. 7-8-month terms have dropped from 6.7% to 6.3% per year. 9-12-month terms have dropped from 6.7% to only 5.7% per year.

Deposit terms from 13 - 36 months also decreased sharply from 6.4% to only 5.4%/year, terms from 48 - 60 months decreased from 6% to only 5%/year.

PVCombank also reduced its deposit interest rates for the first time this month starting today. The 0.3 percentage point reduction for deposits with terms from 6 to 36 months has also caused the deposit interest rate at this bank to leave the 7%/year mark.

Accordingly, the interest rate for 6-11 month term is only 6.7%/year, 12-13 month term is 6.8%/year, and 18-36 month term is 6.9%/year.

Construction Bank (CBBank) also reduced interest rates by 0.3 percentage points for terms of 6 months or more from today. This is the second time this month that CBBank has reduced interest rates. The 6-month term at CBBank is now 6.6%/year, the 7-11 month term is now 6.7%/year, the 12-month term is 6.9%/year, and the 13-month term or more is now 7%/year.

Similarly, Bao Viet Bank announced for the third time this month a reduction in deposit interest rates, a reduction of 0.25 - 0.4 percentage points.

Accordingly, the online deposit interest rate for a 6-month term at this bank decreased by 0.3 percentage points to 6.5%/year. With a similar decrease, the interest rate for a 7-8 month term is 6.65%/year, and for a 9-11 month term is 6.7%/year.

Particularly, the 12-month term was reduced by BaoViet Bank by 0.25 percentage points, down to 6.95%/year; the 13-36-month term was reduced the most by 0.4 percentage points, down to 6.9%/year.

Not stopping there, MSB, which is in the group of banks with the lowest interest rates in the market, has also announced a second reduction in deposit interest rates this month.

The interest rate set by MSB is reduced by 0.2 percentage points for term deposits from 6 to 36 months. Accordingly, the online mobilization interest rate for term deposits from 6 to 11 months is 5.7%/year, term deposits from 12 to 36 months is 5.8%/year. The interest rate for terms from 1 to 5 months remains at the old level of 4.5%/year.

According to statistics from the beginning of August until now, banks that have reduced deposit interest rates include: BIDV, 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, ABBank, Pvcombank and KienLongBank.

Of which, Sacombank, BacA Bank, Saigonbank, GPBank, TPBank, SHB, HDBank, CBBank, MSB have reduced interest rates twice since the beginning of August. NCB, Techcombank, VIB, BaoViet Bank have reduced interest rates three times since the beginning of the month, VietBank has reduced interest rates four times, while ACB and Eximbank have reduced interest rates five times since the beginning of the month.

HIGHEST DEPOSITS INTEREST RATE TABLE ON AUGUST 24 (%/year)
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
NCB	4.75	4.75	6.9	7	7.1	7
VIETA BANK	4.6	4.6	6.8	6.9	7	7
BACA BANK	4.75	4.75	6.75	6.8	6.85	6.95
PVCOMBANK	4.25	4.25	6.7	6.7	6.8	6.9
NAMA BANK	4.65	4.65	6.7	6.9	7.1	6.9
CBBANK	4.2	4.3	6.6	6.7	6.9	7
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	6.7	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
BAOVIETBANK	4.4	4.75	6.5	6.7	6.95	6.9
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
ABBANK	4.5	4.5	6	5.7	5.7	5.4
TPBANK	4.55	4.75	6		6.2	6.6
MB	4.1	4.3	6	6.1	6.3	6.5
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
MSB	4.5	4.5	5.7	5.7	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	3.3	4.1	4.9	4.9	5.8	5.8
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