The wave of reducing deposit interest rates continues to spread among commercial banks in accordance with the direction of the State Bank, aiming to create a basis for reducing lending interest rates and supporting economic recovery.
On May 19, Vietnam Prosperity Bank (VPBank) announced a further reduction in deposit interest rates. This is the second consecutive reduction in deposit interest rates by VPBank since the beginning of May.
Accordingly, online interest rates for deposits under VND10 billion, with a term of 1-5 months, decreased by 0.6% to 5.4%/year. Interest rates for deposits with a term of 6-7 months decreased by 0.2% to 7.7%/year; and for deposits with a term of 8-9 months, the rate also decreased by 0.2% to 7.9%/year.
Meanwhile, the interest rate for deposits with a term of 10-13 months decreased by 7.7%/year compared to the previous rate of 7.9%/year. Deposit terms of 15 months or more are now listed at only 6.9%/year, also down 0.2% compared to before.
Thus, a series of banks have participated in reducing deposit interest rates since the beginning of May, including: OCB, Eximbank, MSB, VPBank, TPBank, Vietcombank, Agribank, VietinBank, BIDV, KienLongBank, NamA Bank, NCB, Saigonbank, PVCombank, VietBank, HDBank, OceanBank, Sacombank, Techcombank, BacA Bank.
Banks that have reduced interest rates twice in the past half month are NCB, VietBank, Eximbank and VPBank.
However, some banks, in addition to announcing the "highest interest rate", also have "special interest rates".
For example, at MSB Bank, the highest online deposit interest rate for a 6-month term is 7.5%/year, and for a 12-15 and 24-month term is 7.6%/year.
The "special interest rate" for these terms is added by MSB with 0.5% interest rate.
The conditions to enjoy this special interest rate are quite simple, the maximum deposit amount is 5 billion VND, applicable to customers who do not have savings at MSB at the time of opening the account.
| HIGHEST DEPOSIT INTEREST RATE ON MAY 19 (%/year) | |||||
| BANK | 6 MONTHS | 9 MONTHS | 12 MONTHS | 15 MONTHS | 18 MONTHS |
| ABBANK | 8.5 | 8.7 | 8.8 | 9.2 | 9.2 |
| VIETA BANK | 8.5 | 8.6 | 8.7 | 8.7 | 8.8 |
| GPBANK | 8.3 | 8.4 | 8.5 | 8.6 | 8.6 |
| BAOVIET BANK | 8.3 | 8.4 | 8.4 | 8.5 | 8.5 |
| BACA BANK | 8.1 | 8.2 | 8.3 | 8.5 | 8.6 |
| NCB | 8.2 | 8.2 | 8.25 | 8.15 | 8.15 |
| OCB | 8.1 | 8.2 | 8.2 | 8.2 | 7.9 |
| NAMA BANK | 8.5 | 8.1 | 8.2 | 8.1 | 8.1 |
| KIENLONGBANK | 8.1 | 8.2 | 8.2 | 8 | 8 |
| PVCOMBANK | 7.5 | 7.9 | 8.2 | 8.3 | |
| HDBANK | 8.1 | 6.9 | 8.1 | 7 | 7.1 |
| VIETCAPITAL BANK | 7.4 | 7.7 | 8 | 8.2 | 8.3 |
| SAIGONBANK | 7.6 | 7.7 | 8 | 7.6 | |
| SHB | 7.5 | 7.5 | 7.9 | 8 | 8 |
| VPBANK | 7.7 | 7.9 | 7.7 | 6.9 | 6.9 |
| SCB | 7.8 | 7.8 | 7.85 | 7.65 | 7.65 |
| OCEANBANK | 7.6 | 7.7 | 7.8 | 7.8 | 8.1 |
| LPBANK | 7.7 | 7.7 | 7.8 | 8.2 | 8.2 |
| TPBANK | 7.7 | 7.8 | 7.6 | ||
| SACOMBANK | 7.2 | 7.2 | 7.6 | 7.7 | 7.8 |
| EXIMBANK | 7.5 | 7.5 | 7.6 | 7.6 | 7.6 |
| CBBANK | 7.2 | 7.3 | 7.5 | 7.55 | 7.55 |
| TECHCOMBANK | 7.2 | 7.2 | 7.2 | 7.2 | 7.2 |
| MSB | 7.5 | 7.5 | 7.6 | 7.6 | 7.6 |
| VIB | 7.9 | 7.9 | 8.1 | 8.1 | |
| DONGA BANK | 6.9 | 6.95 | 7 | 7.3 | |
| BIDV | 6.6 | 6.6 | 7.3 | 7.2 | 7.2 |
| AGRIBANK | 6.9 | 6.9 | 7.2 | ||
| VIETINBANK | 6.7 | 6.7 | 7.2 | 7.2 | |
| VIETCOMBANK | 6.5 | 6.5 | |||
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