Deposit interest rates have been adjusted to increase by many banks, with increases ranging from 0.1 - 1.3% depending on the term and bank, and interest rates at some banks have even exceeded 6%/year.
According to statistics, in August, interest rates for 6-month, 9-month, 12-month and 24-month terms were adjusted up by many banks, with increases ranging from 0.1 - 1.3% depending on the term and bank, and interest rates at some banks even exceeded 6%/year, in the context of credit growth increasing 3 times faster than the growth rate of capital mobilization. This has led banks to tend to increase interest rates to improve the competitiveness of savings channels compared to other investment channels in the market.
In addition, data from the State Bank shows that in the second quarter of 2024, deposits of economic organizations in the banking system decreased by 4.66% to VND6,523 trillion; deposits of individuals increased slightly by 1.6% to VND6,637 trillion.
Meanwhile, credit demand began to recover at a rapid pace, forcing banks to find ways to ensure capital balance. Specifically, in the first two months of the year, credit growth was still negative, but by the end of May, outstanding credit in the entire economy had increased to 2.41%.
Currently, the trend of increasing interest rates is still mainly coming from the group of private joint stock banks, while the group of 4 state-owned banks, Vietcombank, BIDV, VietinBank and Agribank, are still applying historically low deposit interest rates. According to MBS Securities Company, the 12-month deposit interest rates of major commercial banks will also increase by 0.7 - 1%, to 5.3% - 5.6% in the second half of 2024.
Forecasting the general interest rate from the beginning of the year to the end of the year, Dr. Le Ba Chi Nhan, an economic expert, said that the last 6 months of the year are always considered the "season" for lending by banks, so in order to meet capital needs, banks must increase mobilization to ensure that money is always available in the market. In addition to meeting capital needs for production and business, the real estate market will be reshaped and developed in the coming period, requiring a large amount of money. Meanwhile, capital from banks is still considered the main factor, so interest rates may increase by 6 - 8%/year from now until the end of the year.
Sharing the same view, experts said that the move to adjust interest rates at banks is to rebalance the profitability of other investment channels, especially the dominance of gold in recent times. Since the beginning of the year, gold has recorded a profit rate of more than 22%, while savings deposits are only about 1.5% (based on a 12-month term). Interbank interest rates will affect the liquidity of the system and determine the increase or decrease of interest rates mobilized in the residential market.
Currently, the mobilization interest rate of 6.1%/year is also the highest interest rate on the market listed at 5 banks, including: NCB and OceanBank (deposit term from 18 - 36 months); HDBank (18-month term); Saigonbank and SHB (deposit term from 36 months).
Dr. Nguyen Tri Hieu, an economic expert, said, "The trend of deposit interest rates is increasing in the second half of this year, but lending interest rates will also be adjusted to increase according to deposit interest rates. The increase in interest rates is a sign of economic vitality, when both individuals and businesses increase their demand for loans. This forces banks to adjust deposit interest rates to attract more deposits to meet the growing capital demand from customers. Increasing interest rates is a solution to attract new cash flows, ensuring liquidity, but at the same time it also increases borrowing costs, because banks need to maintain a profit margin of 3-4%".
The economic recovery, many orders signed and paid to large customers also led to the demand for capital mobilization of banks, thereby causing the increase in interest rates to continue at the end of the year. Specifically, credit growth is forecast to recover more clearly with the warming of the economy in the second half of 2024 with the main driving forces: The sharp increase in import turnover in recent months is a sign of positive prospects for the manufacturing industry and export activities in the coming time; The penetration of monetary and fiscal policies makes domestic demand improve; The real estate market flourishes...
Thus, according to the general assessment, the trend of increasing interest rates in the second half of the year has been clearly shown. So how should people choose the form of savings at banks to get the most benefit? According to experts, short and medium terms are always the hottest segment in the interest rate table. People should also consult experts and directly consult banks to make a decision on choosing savings terms. People's savings also depend on the individual financial plan for each individual, so depositors can choose to divide deposits into different terms for convenience in financial use. It is worth mentioning that if they deposit savings via online channels, customers will also receive an additional 0.1%/year at most applicable banks.
According to Cung Nguyen/VTV
Source: https://doanhnghiepvn.vn/kinh-te/xu-huong-tang-lai-suat-huy-dong-nua-cuoi-nam-nguoi-gui-tien-duoc-loi/20240925063934576
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