Saigon Joint Stock Commercial Bank for Industry and Trade (Saigonbank) has sharply reduced deposit interest rates from today, for all fixed deposit terms.
Accordingly, the interest rate for 1-5 month term deposits decreased by 0.2-0.4 percentage points. The bank interest rate for 1-month term is 3.4%/year, 2-month term is 3.5%/year, 3-month term is 3.6%/year, 4-month term is 3.8%/year and 5-month term is 4%/year.
Notably, the bank interest rate for 6-month deposits was adjusted down by 0.5 percentage points to only 5.2%/year, while the 9-10 month term decreased by 0.3 percentage points to 5.4%/year.
The 12-month term bank interest rate only decreased slightly by 0.1 percentage point to 5.6%/year, while the 28-36 month term decreased by 0.3 percentage point to 5.6%/year.
Currently, Saigonbank only maintains a 13-month deposit term at an interest rate of 6%/year. This is also the first time in October that this bank has reduced its deposit interest rate.
VietBank became the first bank to reduce deposit interest rates for the third time since the beginning of October. In this adjustment, VietBank also reduced interest rates for fixed deposits from 1 to 36 months.
According to the latest online interest rate schedule, interest rates for 1-5 month terms at VietBank have decreased by 0.15 percentage points to 4.4%/year.
Bank interest rates for 6-8 month terms were reduced by 0.2 percentage points to 5.4%/year, and for 9-11 month terms, they were slightly reduced by 0.1 percentage points to 5.5%/year.
Interest rates on deposits for 12 and 13-month terms also decreased similarly to 5.8% and 5.9% per year.
VietBank still maintains interest rates for deposits of 15-36 months at over 6%. After a 0.2 percentage point reduction, online deposit interest rates for these terms are now 6.4%/year.
After VietBank reduced interest rates, currently only MB is applying a deposit interest rate of 6.6%/year for deposits with terms of 24 - 60 months.
Vietnam International Commercial Joint Stock Bank (VIB) also reduced deposit interest rates for the second time this October with a reduction of 0.2 - 0.3 percentage points for 6-36 month term deposits, and a reduction of 0.1 - 0.15 percentage points for 1-5 month term deposits.
According to the online interest rate table, applicable to deposits under 300 million VND, the term of 1-2 months is 3.9%/year, the term of 3-5 months is 4.1%/year.
For 6-11 month term deposits, interest rates decreased by 0.2 percentage points to 5.2%/year. Interest rates for 15-18 month term deposits have also officially lost the 6% mark after decreasing to 5.7%/year (down 0.3 percentage points).
Similarly, the interest rate for 24-36 month term deposits has now dropped to 5.9%/year.
VIB applies the common interest rate for 1-5 month terms for different deposit amounts. However, for terms of 6 months or more, this bank adds 0.1 percentage point of interest rate for deposits of 300 million VND or more.
Apart from the above 3 banks, the remaining banks did not change interest rates today.
According to statistics from the beginning of October, 23 banks have reduced deposit interest rates, including: PVCombank, VIB, Sacombank, VietBank, SCB, VPBank, SHB, BIDV, VietinBank, HDBank, BaoViet Bank, Techcombank, SeABank, Viet A Bank, PG Bank, Dong A Bank, Vietcombank, LPBank, Nam A Bank, CBBank, ACB and Bac A Bank.
Of which, VIB, Vietcombank, SHB, Dong A Bank, PG Bank, Nam A Bank, HDBank, LPBank, Viet A Bank and Bac A Bank are the banks that reduced interest rates twice this month. VietBank reduced interest rates for the third time this month. On the contrary, there was one bank that increased deposit interest rates, GPBank, on October 4.
Notable information this week is that the market will record an additional VND73.8 trillion of maturing treasury bills. Meanwhile, the interbank interest rate has gradually increased to 1.5% for overnight terms, up 120 basis points compared to the previous week.
Last week, the State Bank continued to issue credit with a total issuance volume of VND55.9 trillion at a 28-day term, using the bidding method of interest rate competition.
Winning volume tended to decrease during the week and conversely, winning interest rates tended to increase and ended the week at 1.45% (up 45 basis points compared to the previous weekend).
With VND20 trillion maturing last week, the total volume of outstanding treasury bills reached VND241.6 trillion, down slightly from the peak of VND255 trillion recorded in the trading session on October 18.
According to SSI Research, the decrease in winning bids on the treasury bill channel is more likely due to the possibility of weakening demand from commercial banks for the 28-day term to prepare for capital sources at the end of the year rather than due to the system's liquidity being tense when credit has not recovered.
| HIGHEST DEPOSITS INTEREST RATE TABLE ON OCTOBER 24 (%/year) | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| NCB | 4.75 | 4.75 | 6.3 | 6.35 | 6.4 | 6.4 |
| PVCOMBANK | 3.95 | 3.95 | 6.1 | 6.1 | 6.2 | 6.5 |
| CBBANK | 4.2 | 4.3 | 6 | 6.1 | 6.3 | 6.4 |
| VIET A BANK | 4.5 | 4.5 | 5.8 | 5.8 | 6.1 | 6.3 |
| BAOVIETBANK | 4.4 | 4.75 | 5.8 | 5.9 | 6.1 | 6.4 |
| OCEANBANK | 4.6 | 4.6 | 5.8 | 5.9 | 6.1 | 6.5 |
| BAC A BANK | 4.55 | 4.55 | 5.75 | 5.8 | 5.9 | 6.1 |
| BVBANK | 4.4 | 4.7 | 5.75 | 5.9 | 6.05 | 6.15 |
| HDBANK | 4.05 | 4.05 | 5.7 | 5.5 | 5.9 | 6.5 |
| DONG A BANK | 4.5 | 4.5 | 5.5 | 5.6 | 5.85 | 5.85 |
| GPBANK | 4.25 | 4.25 | 5.45 | 5.55 | 5.65 | 5.75 |
| VIETBANK | 4.4 | 4.4 | 5.4 | 5.5 | 5.8 | 6.4 |
| SHB | 3.8 | 4.1 | 5.4 | 5.6 | 5.8 | 6.3 |
| KIENLONGBANK | 4.75 | 4.75 | 5.4 | 5.6 | 5.7 | 6.4 |
| SCB | 4.5 | 4.5 | 5.35 | 5.45 | 5.65 | 5.65 |
| SACOMBANK | 3.7 | 3.9 | 5.3 | 5.6 | 6.2 | 6.4 |
| OCB | 4.1 | 4.25 | 5.3 | 5.4 | 5.5 | 5.9 |
| SAIGONBANK | 3.4 | 3.6 | 5.2 | 5.4 | 5.6 | 5.6 |
| VIB | 3.9 | 4.1 | 5.2 | 5.2 | 5.7 | |
| EXIMBANK | 4 | 4 | 5.2 | 5.5 | 5.6 | 5.8 |
| PG BANK | 3.8 | 3.8 | 5.1 | 5.3 | 5.4 | 6.2 |
| LPBANK | 3.8 | 4 | 5.1 | 5.2 | 5.6 | 6 |
| MB | 3.5 | 3.8 | 5.1 | 5.2 | 5.4 | 6.1 |
| VPBANK | 3.9 | 3.95 | 5 | 5 | 5.3 | 5.1 |
| ACB | 3.5 | 3.7 | 5 | 5.1 | 5.5 | |
| TPBANK | 3.8 | 4 | 5 | 5 | 5.55 | 6 |
| MSB | 3.8 | 3.8 | 5 | 5.4 | 5.5 | 5.5 |
| TECHCOMBANK | 3.55 | 3.75 | 4.95 | 5 | 5.35 | 5.35 |
| NAMA BANK | 4.65 | 4.65 | 4.9 | 5.2 | 5.7 | 6.1 |
| ABBANK | 3.7 | 3.9 | 4.9 | 4.9 | 4.7 | 4.4 |
| SEABANK | 4 | 4 | 4.8 | 4.95 | 5.1 | 5.1 |
| AGRIBANK | 3.4 | 3.85 | 4.7 | 4.7 | 5.5 | 5.5 |
| VIETINBANK | 3.4 | 3.75 | 4.6 | 4.6 | 5.3 | 5.3 |
| BIDV | 3.2 | 3.5 | 4.4 | 4.4 | 5.3 | 5.3 |
| VIETCOMBANK | 2.8 | 3.1 | 4.1 | 4.1 | 5.1 | 5.1 |
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