Following the trend, another Big 4 bank sharply reduced interest rates.

Joint Stock Commercial Bank for Investment and Development (BIDV - HoSE: BID) recently announced a change in its new deposit interest rate schedule, decreasing by 0.2 - 0.3 percentage points for some terms.

For savings at the counter, interest rates for deposits with terms of 12 months or more have decreased by 0.3 percentage points to 5.5%/year.

Meanwhile, interest rates for 6-month and 9-month terms decreased by 0.2 percentage points to 4.5%/year. Interest rates for 3-month and 5-month terms decreased from 3.8%/year to 3.5%/year. Interest rates for 1-month and 2-month terms remained at 3%/year.

For online savings, the interest rate for a term of 12 months or more is equivalent to that for over-the-counter deposits, at 5.5%/year. Meanwhile, for shorter terms, the interest rate will be about 0.1-0.2%/year higher than over-the-counter deposits.

On September 14, Agribank and Vietcombank both lowered their 12-month deposit interest rates to 5.5% per year - equal to the historic low recorded during the Covid-19 period.

Specifically, for 1-month and 2-month terms, Agribank maintains the mobilization interest rate at 3%/year. For terms from 3 months to 5 months, customers will only receive an interest rate of 3.5%/year, corresponding to a decrease of 0.3 percentage points compared to the most recent adjustment.

For terms from 6 months to 9 months, the savings interest rate has been lowered to 4.5%/year, down 0.2 percentage points compared to the old interest rate schedule. For terms from 12 months, Agribank has lowered the mobilization interest rate from 5.8%/year to 5.5%/year, equivalent to an adjustment of 0.3 percentage points.

For long-term terms from 13 months to 24 months, Agribank keeps deposit interest rates at 5.5%/year.

Along with Agribank, Vietcombank's online interest rate for 3-month to 5-month terms also decreased by 0.5 percentage points to 3.5%/year. The 6-month to 11-month term decreased by 0.2 percentage points to only 4.5%/year. The long-term interest rate of 12 months or more decreased by 0.3 percentage points to 5.5%/year.

As for the form of savings at the counter, Vietcombank's highest interest rate is currently only 5.5%/year, applied for terms of 12 months or more. This interest rate has decreased by 0.3 percentage points compared to before. The interest rate for 1-month term remains at 3%/year.

Currently, Vietinbank is the only bank in the Big 4 group that still maintains its deposit interest rate at 5.8%/year.

In the private banking sector, PVCombank has reduced interest rates by 0.3 percentage points for terms from 6 months to 11 months to 6.4%/year, reduced interest rates by 0.2 percentage points for terms from 12 months to 15 months to 6.5%/year, and terms from 18 months to 36 months by 0.1 percentage points to 6.8%/year.

KienLongBank adjusted the mobilization interest rate down for 6-month and 12-month terms by 0.4% and 0.5% respectively and kept it unchanged for 24-month term.

Similarly, Bao Viet Bank reduced the interest rate for deposits with terms from 6 months to 36 months by 0.2 percentage points. According to the online interest rate table, the interest rate for a 6-month term is 6.1%/year, for a 7-month to 8-month term is 6.15%/year, for a 9-month term is 6.3%/year, for a 10-month to 11-month term is 6.2%/year, and for a 12-month to 36-month term is 6.5%/year.

Furthermore, GPBANK adjusted the mobilization interest rate down for all terms, with a stronger decrease than BAOVIETBANK. Specifically, the interest rate for 3-month term decreased by 0.5% to 4.25%; 6-month term decreased by 1% to 4.95%; 12-month term decreased by 0.9% to 5.15%; 24-month term decreased by 0.8% to 5.25%.

Nam A Bank also reduced interest rates for 6-month and 12-month terms by 0.7% and 0.6% respectively. However, the interest rate for 24-month terms remains unchanged at 6.9%.

OCB also follows the downward trend like other banks by reducing interest rates for all terms, with the largest reduction of 0.3% for the 12-month term .

Source