Savings interest rates are attracting a lot of attention in the context of increasing demand for safe profit channels. Choosing a suitable deposit term helps people balance their capital utilization capacity and the profit they receive.
Among the 4 major banks including Agribank, BIDV, VietinBank and Vietcombank, deposit interest rates for individual customers currently range from about 0.1% to 6%/year depending on the term.
According to the interest rate schedule announced on the morning of September 22, long terms from 24 months are being applied the highest interest rates by many banks. Agribank lists a rate of 6%/year for a 24-month term; BIDV applies 6%/year for a 24--36 month term; Vietcombank is also at 6%/year for a 24-month term. Meanwhile, VietinBank applies the highest rate of 5.9%/year for terms from 12 months to under 24 months.
In the short term group, the interest rate level is lower. For the 3-month term, Agribank is listing 2.9%/year, higher than the 2.4%/year of BIDV, VietinBank and Vietcombank. For the 6-month term, Agribank continues to lead with 4%/year, while the other three banks are at the same level of 3.5%/year.
Depositing 600 million VND, how much interest will you get?
Formula for calculating interest when depositing bank savings, readers can refer to:
Interest = Deposit amount x deposit interest rate %/12 x number of months deposited.
For example, if a customer deposits 600 million VND at BIDV for a term of 36 months, enjoying an interest rate of 6%/year, the expected interest amount received:
600 million VND x 6%/12 months x 36 months = 108 million VND.
Thus, after 3 years, a deposit of 600 million VND can bring in about 108 million VND in interest if it is maintained for a full term and the above interest rate is applied.
Similarly, with an interest rate of 6%/year for a 24-month term at Agribank or Vietcombank, the expected interest amount when depositing 600 million VND in 2 years is:
600 million VND x 6%/12 months x 24 months = 72 million VND.
In case of depositing the same amount but choosing a 12-month term with an interest rate of 5.9%/year, the interest after one year is estimated at approximately:
600 million VND x 5.9%/12 months x 12 months = 35.4 million VND.
The actual interest rate can change depending on the time, form of deposit, method of receiving interest and policies of each bank. Depositors need to check information at the transaction point or official channel of the bank before making a transaction.
