According to statistics from the beginning of May 2024, a series of banks have increased deposit interest rates including: ACB, VIB, GPBank, NCB, BVBank, Sacombank, CB, Bac A Bank, Techcombank, TPBank, PGBank, SeABank, Viet A Bank, ABBank, VPBank, HDBank and MB.

Of which, VIB is the first bank to increase interest rates 3 times since the beginning of the month, on May 4, May 8 and May 21.

CB, SeABank, ABBank, NCB are banks that have increased interest rates twice.

On the contrary, VietBank is the only bank that has adjusted down deposit interest rates for all terms.

Meanwhile, MB reduced the 12-month deposit interest rate, VIB reduced the 24- and 36-month deposit interest rate. Both reduced the interest rate by 0.1 percentage point, lower than the increase in deposit interest rate of these banks.

If at the end of April no bank paid savings interest rates above 4.7%/year for 6-month term deposits, now Construction Bank (CB) pays interest rates for this term at 5.15%/year.

Similarly, there are 3 commercial banks paying 9-month deposit interest rates above 5%, including: CB 5.1%/year (highest among banks for 9-month term); NCB Bank also raised the interest rate for this term to 5.05%/year, and KienLong Bank has just updated the interest rate for this term to 5%/year.

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There are 13 commercial banks maintaining interest rates from 5%/year for 12-month term deposits. Photo: Nam Khanh.

Currently, there are 13 commercial banks maintaining interest rates from 5%/year for 12-month term deposits. Of which, NCB and OceanBank are leading (5.4%/year); CB, HDBank (5.3%/year); KienLong Bank (5.2%/year); GPBank (5.15%/year); Bac A Bank, Nam A Bank, and VietBank (5.1%/year);...

Notably, HDBank last week increased its 18-month deposit interest rate to 6.2% per year, but just one day later it quickly dropped to 6.1% per year. However, this is still the highest interest rate on the market and will continue to “challenge” other banks in the near future.

The 18-month deposit interest rate at NCB and OceanBank is also approaching this threshold when it is listed at 5.9%/year.

Although leading the market in 18-month deposit interest rates, HDBank's 24-36 month interest rates are far behind other banks.

OceanBank is the leading bank in both terms, 6-6.1%/year respectively. OCB also has a 36-month term deposit interest rate of up to 6%/year.

Thus, only HDBank, OceanBank and OCB apply interest rates of 6%-6.1%/year for long-term deposits.

INTEREST RATES ON DEPOSITS AT STATE-OWNED COMMERCIAL BANKS AND BANKS APPLYING INTEREST RATES FROM 5%/YEAR AS OF MAY 25
BANK 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS 24 MONTHS 36 MONTHS
AGRIBANK 3 3 4.7 4.7 4.7 4.7
BIDV 3.3 3.3 4.7 4.7 4.8 4.8
VIETINBANK 3.1 3.1 4.7 4.7 5 5
VIETCOMBANK 2.9 2.9 4.6 4.6 4.6 4.6
BAC A BANK 4.5 4.6 5.1 5.5 5.5 5.5
BAOVIETBANK 4.3 4.4 4.7 5.5 5.5 5.5
BVBANK 4.25 4.55 4.85 5.25 5.35 5.5
CBBANK 5.15 5.1 5.3 5.55 5.55 5.55
EXIMBANK 4.1 4.1 4.9 5.1 5.2 5.2
GPBANK 4.35 4.6 5.15 5.25 5.25 5.25
HDBANK 4.9 4.7 5.3 6.1 5.5 5.5
KIENLONGBANK 4.7 5 5.2 5.5 5.5 5.5
LPBANK 4 4.1 5 5.6 5.6 5.6
MB 3.9 4 4.8 4.7 5.7 5.7
NAM A BANK 4.3 4.7 5.1 5.5 5.5 5.5
NCB 4.85 5.05 5.4 5.9 5.9 5.9
OCB 4.6 4.7 4.9 5.4 5.8 6
OCEANBANK 4 4.1 5.4 5.9 6 6.1
PGBANK 3.8 3.8 4.7 5 5.4 5.4
PVCOMBANK 4.3 4.3 4.8 5.3 5.3 5.3
SACOMBANK 4 4.1 4.9 5.1 5.2 5.4
SAIGONBANK 3.8 4.1 5 5.6 5.7 5.8
SEABANK 3.6 3.8 4.45 5 5 5
SHB 4.2 4.4 4.9 5.2 5.6 5.9
TPBANK 4.2 4.9 5.3 5.6 5.6
VIB 4.1 4.1 4.9 5.1 5.1
VIET A BANK 4.5 4.5 5 5.3 5.4 5.4
VIETBANK 4.4 4.6 5.1 5.7 5.7 5.7
VPBANK 4.4 4.4 5 5 5.4 5.4

In addition to the interest rates for ordinary customers, many banks are applying a "special interest rate" policy of up to 9.5%/year.

In particular, HDBank still maintains special interest rates for 12- and 13-month term deposits, up to 7.7% and 8.1%/year, respectively. The condition to enjoy this interest rate is that customers deposit an amount of VND500 billion or more and receive interest at the end of the term.

PVCombank applies a "special interest rate" of up to 9.5%/year for customers depositing money for a term of 12-13 months, with a minimum deposit of VND 2,000 billion.

"Special interest rate" at Dong A Bank when depositing from 200 billion VND, 13-month term is 7.5%/year.

At MSB, the “special interest rate” is currently 7%/year (down 0.5 percentage points compared to early April), applied to 13-month term deposits and also with deposits from 500 billion VND.

The “special interest rate” at ACB is 5.6%/year when depositing money for a 13-month term (the normal interest rate is 4.4%/year).

In addition, some banks such as VPBank, Techcombank, SeABank, ACB apply a ladder interest rate policy depending on the deposit amount, or by default add interest to customers when depositing from 100 million VND.