Unexpected increase in volatility after a downward correction
According to Lao Dong on September 13, Orient Commercial Joint Stock Bank (OCB) issued a new savings interest rate schedule, increasing by 0.2 percentage points for some terms.
Notably, savings interest rates at OCB recorded a sharp decrease in August, from an interest rate of over 6.0%/year to a level 0.2 - 0.3 percentage points lower.
The online deposit interest rate table at OCB records the following changes:
The 1-month Interest Rate increased by 0.2 percentage points to 3.9% per year.
The 3-month Interest Rate increased by 0.2 percentage points to 4.1% per year.
Interest Rate for 6-month term increased by 0.2 percentage points, to 5.1%/year.
The 9-month Interest Rate increased by 0.1 percentage point to 5.1%/year.
Interest Rate for 12-month term is 5.2%/year.
Interest Rate for 18-month term is 5.4%/year.
Interest Rate for 36-month term is 5.8%/year.
The interest rate table for deposits at the counter at OCB has recorded the following changes:
The 1-month Interest Rate increased by 0.2 percentage points to 3.8% per year.
The 3-month Interest Rate increased by 0.2 percentage points to 4.0% per year.
Interest Rate for 6-month term increased by 0.2 percentage points, to 5.0%/year.
Interest Rate for 9-month term increased by 0.1 percentage point, to 5.0%/year.
Interest Rate for 12-month term is 5.2%/year.
Interest Rate for 18-month term is 5.4%/year.
Interest Rate for 36-month term is 5.8%/year.
Also according to Lao Dong, since the beginning of September, the market has had 8 banks increase interest rates, including: Techcombank, Dong A Bank, OceanBank, Eximbank, GPBank, VietBank, Bac A Bank, NCB, OCB; with the increasing trend mainly in short terms.
In addition, a group of experts from Vietcombank Securities Joint Stock Company (VBCS) said in a recent macro report that VCBS forecasts that deposit interest rates may continue to increase, ensuring the attractiveness of holding VND. However, the expected increase is not too large and has not yet created an interest rate race among commercial banks, when consumer confidence is gradually recovering and credit absorption into the economy is slow.
Details of deposit interest rates at banks, updated on September 13, 2024
