More banks lower interest rates, only a few banks left...

On March 27, the Vietnam Bank for Agriculture and Rural Development (Agribank) adjusted savings interest rates with a decrease in some short-term terms, while long-term interest rates remained the same as before.

Interest rates for 1-month and 2-month savings terms decreased from 2.2% to 2.1%, down 0.1%. The 3-month, 4-month and 5-month terms also recorded a decrease of 0.1%, from 2.5% to 2.4%.

For longer terms, 6 months and above, interest rates remain the same. The interest rates for 6 months, 7 months, 8 months, 9 months and 10 months remain unchanged, all at 3.5%. Longer terms such as 12 months, 13 months, 15 months, 18 months and 24 months also maintain the old interest rates, ranging from 4.7% to 4.8%.

In addition, for demand deposits and payment deposits, Agribank customers are applied a common interest rate of 0.2%/year.

Regarding deposits mobilized from enterprises, Agribank pays the same interest rate for terms from 1 to 5 months as for individual deposits. However, from terms from 6 to 11 months, the interest rate applied is 0.1% lower. For terms from 12 to 18 months, the interest rate for enterprises is 0.2% lower than that for individual deposits; and 0.3% lower for terms from 24 months.

Previously, on March 10, 2025, another "big guy" in the Big4 group, BIDV, adjusted down 0.1% for terms from 1 month to less than 6 months.

Accordingly, the bank applies a common interest rate of 1.6%/year for 1 and 2 month terms; 1.9%/year for 3 and 5 month terms. The interest rate for 6 and 9 month terms remains at 3.0%/year.

For terms from 12 months to 36 months, BIDV sets the mobilization interest rate at 4.7%/year. This is also the highest listed interest rate at this bank, 0.1%/year lower than the previous 4.8%/year for terms of 24 months.

Only a few banks pay interest from 6%/year

Since the direction of the State Bank, banks have made simultaneous adjustments and most of them have followed the trend of reducing deposit interest rates.

According to the update on March 27, BAOVIET Bank has adjusted down 0.1% of online deposit interest rates for terms from 15 to 36 months. After the adjustment, the highest interest rate at this bank has left the 6.0%/year mark, down to 5.9%/year.

Previously, ABBank announced a reduction in deposit interest rates by 0.1%/year for individual customers with terms of 2-60 months, bringing the highest savings interest rate at this bank down to 5.7%/year. This is the first time this bank has reduced interest rates since September 2024, after a long period of maintaining an upward trend.

For a 12-month term, the only unit that pays interest from 6%/year is GPBank, with an interest rate of 6.05%/year.

To receive this interest rate, customers must deposit for a long term of 18 months or more. For example, BaoVietBank and BVBank pay an interest rate of 6%/year; GPBank 6.15%/year, HDBank 6.1%/year.

Some other banks listed interest rates approaching 6%/year for an 18-month term. MBV (formerly OceanBank) pays interest at 5.9%/year, VietABank 5.9%/year, VietBank 5.9%/year, Viki Bank 5.9%/year, VCBNeo 5.85%/year, SaiGonBank 5.8%/year, PVcomBank 5.8%/year, PGBank 5.8%/year.

Up to now, about 26 banks have adjusted their interest rates following urgent instructions from management agencies. The State Bank of Vietnam leader said that in the coming time, the banking industry will continue to implement the Prime Minister's instructions, ensuring stable deposit and lending interest rates, supporting the economy.

Interest rates are forecast by experts to likely remain flat or decrease slightly next month.

"The State Bank is controlling interest rates quite well to support economic growth," said economist Le Xuan Nghia. According to him, the group of state-owned commercial banks will continue to maintain stable interest rates, even reducing them, while some private banks can flexibly adjust to attract customers.

In general, interest rates are unlikely to increase again in March. In addition to the above reasons, inflation is still well controlled, helping savings channels still attract cash flow, limiting pressure to increase interest rates.

Source: https://baodaknong.vn/them-ngan-hang-ha-lai-suat-chi-con-vai-ngan-hang-tra-lai-tu-6-nam-247446.html