Massive increase in short-term interest rates
According to Lao Dong's record on September 19, Prosperity and Development Joint Stock Commercial Bank (PGBank) issued a savings interest rate table with an upward adjustment for terms of 1-3 months.
The VND deposit interest rate table at PGBank records the following changes:
The 1-month Interest Rate increased by 0.2 percentage points to 3.4%/year.
The 3-month Interest Rate increased by 0.1 percentage point to 3.7%/year.
Interest Rate for 6-month term is 5.0%/year.
Interest Rate for 9-month term is 5.0%/year.
Interest Rate for 12-month term is 5.5%/year.
Interest Rate for 24-36 month term is 5.9%/year.
According to Lao Dong, since the beginning of September, 11 banks have increased interest rates, including Dong A Bank, OceanBank, VietBank, GPBank, Agribank, Bac A Bank, NCB, OCB, BVBank, PGBank; with the increasing trend mainly in short terms.
However, the interest rate market also recorded a downward trend in interest rates from a bank that used to lead the market with the highest interest rate, ABBank. The alternating up and down trends at banks created a significant change in the ranking of the top highest interest rates in the market.
Regarding the forecast of the interest rate market in the last 3 months of the year, according to VDSC's research team, the argument about liquidity issues leads to the expectation that deposit interest rates may continue to increase slightly and end 2024 higher than the average level at the beginning of the year by about 0.5-1.0 percentage points.
Details of deposit interest rates at banks, updated on September 19, 2024
