In December 2024, the Vietnam Bank for Agriculture and Rural Development (Agribank) adjusted deposit interest rates, focusing on increasing terms of less than 12 months, while terms of 1 year or more kept the old interest rates.
According to the new interest rate schedule, the interest rate applied to the form of receiving interest at the end of the term ranges from 2.2% to 4.8%/year. Specifically, the 1-2 month term recorded an interest rate of 2.2%/year, an increase of 0.5 percentage points compared to November. Similarly, the 3-5 month term also increased to 2.5%/year.
For the 6-11 month term, the interest rate was raised to 3.5%/year, 0.5 percentage points higher than the previous month. Meanwhile, the 12-18 month term maintained the interest rate at 4.7%/year and the 24 month term remained at 4.8%/year.
Interest rates for non-term accounts and payment accounts at Agribank remain at 0.2%/year.
Agribank leads the Big4 group in savings interest rates
Notably, while Agribank continuously adjusts interest rates, the remaining banks in the Big4 group (VietinBank, BIDV, Vietcombank) have not changed their deposit interest rates up to now. This helps Agribank become the bank with the highest savings interest rates in the Big4 group for all terms.
Agribank adjusts interest rates for corporate customers
In addition to individual customers, Agribank also adjusted interest rates for corporate customers this month. Accordingly, the interest rate paid at the end of the term applied to businesses ranges from 2.1% to 4.5%/year, an increase of 0.3 - 0.5 percentage points depending on the term.
The interest rate for 1-2 month terms is 2.1%/year, while the interest rate for 3-5 month terms is 2.4%/year. Enterprises depositing savings for 6-11 month terms will enjoy an interest rate of 3.4%/year, and the highest interest rate is 4.5%/year for 12-24 month terms.
Despite the increase in interest rates for many terms, interest rates for corporate payment accounts and demand deposits remain unchanged at 0.2% per year.
These moves show Agribank's efforts to increase the attractiveness of deposits and enhance competitiveness in the context of a vibrant year-end financial market.
