Vietcombank reduces highest deposit interest rate to 4.7%/year

Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has just adjusted its deposit interest rates down by 0.1-0.2 percentage points for many terms.

Accordingly, in Vietcombank's online interest rate table, this bank has reduced the interest rate for the 1-month term by 0.2 percentage points to 1.7%/year. For the 3-month term, the interest rate has been reduced by 0.2 percentage points to 2%/year.

The bank adjusted down 0.2 percentage points for the 6-month term interest rate to 3%/year. The mobilization interest rate decreased by 0.1 percentage point from 4.8%/year to 4.7%/year for the 12-month term. The interest rate for the 24-month and 36-month terms is similar to the 12-month term.

Thus, Vietcombank has reduced its highest deposit interest rate to 4.7%/year since January 12. Deposit interest rates at Vietcombank are currently the lowest among the Big4. Meanwhile, BIDV, Agribank and VietinBank still maintain the highest interest rate at 5.3%/year.

On the same day, VietABank also adjusted down 0.1% for deposit interest rates at terms from 1 to 12 months.

Accordingly, in VietABank's online deposit interest rate table, the bank adjusted the deposit interest rate for a term of 1 to 5 months to 4.2%/year, a term of 6 to 11 months to 5.2%/year and a term of 12 months to 5.5%/year.

For the remaining terms, this bank maintains the deposit interest rate. Specifically, the mobilization interest rate is 5.6%/year for the 13-month term, 5.9%/year for the 15-month term, 6%/year for the 18-month term. The bank's highest mobilization interest rate is 6.1%/year for the 24-36-month term.

Thus, since the beginning of the year, a total of 13 banks have reduced deposit interest rates including: BaoViet Bank, GPBank, ABBank, NCB, Eximbank, KienLong Bank, LPBank, OCB, VIB, TPBank, Viet A Bank, SHB, Bac A Bank.

On the contrary, 3 banks adjusted their deposit interest rates up in January 2024, namely ACB, ABBank and VPBank.

According to Bao Viet Securities Corporation (BVSC), interbank interest rates for overnight, 1-week, and 2-week terms all fell sharply last week, with decreases of 0.28%; 2.79%; 2.67% to 0.23%; 0.44%; 0.6%, respectively, returning to the low interest rate level in December.

BVSC forecasts that interbank interest rates will likely continue to remain low in the context of not much pressure on liquidity .

Source