Eximbank leads with deposit interest rates
Vietnam Export Import Commercial Joint Stock Bank (Eximbank) has just set a new milestone in the deposit interest rate market, with the highest online interest rate of up to 6.8%/year for a term of 24-36 months. This is a sharp increase, with the 24-month term increasing by 0.7%/year and the 36-month term increasing by 1.6%/year - the highest fluctuation in the market today.
In addition, Eximbank also adjusted the 15- and 18-month terms up by 0.8%/year, reaching 6.5% and 6.6%/year, respectively. This makes Eximbank the bank paying the highest interest rate for terms from 15 to 36 months.
Notably, the interest rates applied on weekends are now equal to those on weekdays for long terms. However, there is still a significant difference for short terms.
According to the newly announced interest rate schedule, interest rates for terms from 1 to 12 months remain unchanged. Online interest rates applied from Monday to Friday range from 3.9%/year for terms of 1-2 months, to 5.2%/year for terms of 12 months. Meanwhile, at the end of the week, short-term interest rates increased slightly from 0.05-0.6%/year, reaching the maximum level as prescribed by the State Bank of Vietnam (SBV).
Techcombank reduces deposit interest rates
While Eximbank increased sharply, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) adjusted the interest rate for terms from 6 to 11 months down by 0.1%/year, to 4.45%/year for deposits under 1 billion VND. Interest rates for other terms remained unchanged, ranging from 3.55%/year (1-2 month term) to 4.85%/year (12-36 month term).
Techcombank also applies a tiered interest rate, with higher interest rates for deposits of VND1 billion or more. For example, the interest rate for a 1-2 month term is 3.75%/year, while a 12-36 month term reaches a maximum of 4.95%/year.
State Bank tightens regulations on deposit interest rates
Faced with the fact that some banks apply different interest rates between branches or have signs of ambiguity in listing as reported by Lao Dong Newspaper, Mr. Pham Chi Quang - Director of Monetary Policy Department, State Bank of Vietnam - affirmed that they will inspect and strictly handle cases if there are violations. According to Mr. Quang, in principle, interest rates are determined by market supply and demand. However, Circulars 47 and 48/2024/TT-NHNN clearly stipulate mobilization interest rates, including promotional expenses in all forms.
Credit institutions must publicly post interest rates and must not conduct promotions that are not in accordance with the law. The State Bank will review banks' internal procedures to ensure transparency and fairness in applying interest rates.
"If violations are detected, the State Bank will request clarification and strict handling to ensure customer rights as well as market stability," Mr. Pham Chi Quang emphasized.
