Currently, the highest deposit interest rate in the system is listed at Vietnam Public Joint Stock Commercial Bank (PVcomBank) at 9.5%/year when customers deposit money at the counter. However, to enjoy this interest rate, customers need to deposit from 2,000 billion VND or more, with a term of 12 to 13 months.
Similarly, banks such as Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), Vietnam Maritime Commercial Joint Stock Bank (MSB), DongA Commercial Joint Stock Bank (DongA Bank)... all apply a "special interest rate" policy for large deposits, 2-2.5% higher per year than other regular deposits.
Accordingly, at HDBank, customers depositing from VND500 billion or more will be applied a "special" interest rate for a 13-month term of 8.1%/year and a 12-month term of 7.7%/year. With a balance of VND500 billion or more, MSB applies an interest rate of 7% for a 12-13-month term. As for a deposit balance of VND200 billion or more, DongA Bank applies a special interest rate of 7.5%/year for a 13-month term.
For large banks such as Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Vietnam Bank for Agriculture and Rural Development (Agribank) and Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank), deposit interest rates are still maintained without any change, the highest is only 4.7%/year.
Previously, at the end of September, DongA Bank adjusted the interest rate table for many terms. Of which, the interest rate for 1-5 month terms increased by 0.1%/year to range from 3.9-4.1%/year. The interest rate for 6-8 month terms increased sharply by 0.35%/year to 5.55%/year. The interest rate for 9-11 month terms increased by 0.2%/year to 5.7%/year.
In addition, this bank also continues to apply the policy of adding interest rates based on the amount of deposits with terms from 6-12 months. Specifically, for deposits from 200 million VND to less than 500 million VND, the interest rate is added 0.05%/year; from 500 million VND to less than 1 billion VND, the interest rate is added 0.1%/year; and from 1 billion VND or more, the interest rate is added 0.15%/year.
On the contrary, the decrease in deposit interest rates was recorded at An Binh Commercial Joint Stock Bank (ABBank) with a decrease of 0.1-0.4%/year for terms from 1 to 12 months.
According to experts, the cooling trend in deposit interest rates is taking place in the context of credit growth showing signs of slowing down after a strong breakthrough at the end of the second quarter. Updated data from the State Bank shows that credit growth as of September 17 only reached 7.38%, after accelerating to 6% at the end of June. Although this result is more positive than the same period last year, it is still far from the target of 15% for the whole year.
The banking industry report for the third quarter of 2024 by Vietcombank Securities (VCBS) forecasts that the trend of increasing interest rates in the remaining months of 2024 will be difficult to continue and there will be differentiation among banks. For the group of state-owned banks, deposit interest rates are expected to remain stable or even decrease slightly by the end of the year, especially in the context of the economy being affected by recent natural disasters.
Meanwhile, for the private joint stock commercial bank group, there is still a slight upward pressure on deposit interest rates to attract capital to support credit growth. The group of banks with a high dependence on customer deposits and a lack of flexibility in capital mobilization structure will be under greater pressure to maintain interest rates.
However, experts also pointed out that the high gap between deposit balances and credit balances in the entire system will continue to put pressure on deposit interest rates in the coming time. Some small commercial banks may have to raise interest rates to compete with other investment channels in the market.
In addition, the demand for capital mobilization to meet credit for production and business activities often increases at the end of the year, which can also promote an increase in deposit interest rates. Credit demand in the real estate and construction sector is expected to remain good in the second half of 2024, so banks with a large proportion of loans in this sector need to adjust their mobilization policies to ensure appropriate capital sources for credit growth.
It is not difficult to see the differentiation in interest rates among banking groups in the coming time. Large banks with strong capital positions can continue to maintain low interest rates, while small banks with a lack of stable capital sources will have to offer more attractive interest rate policies to attract customers.
Source: https://doanhnghiepvn.vn/kinh-te/xu-huong-tang-lai-suat-huy-dong-dan-giam-nhiet/20241003082308626
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