Deposit 500 million VND, how much is the highest interest?
According to a survey by Lao Dong at nearly 30 banks, Cake by VPBank has the highest savings interest rate for a 6-month term, up to 8.7%/year.
This interest rate is formed from a normal interest rate of 7.2%/year, plus an incentive of 1.5%/year for customers depositing money for the first time with amounts from 200 million VND.
Thus, customers who deposit 500 million VND, receive interest at the end of the term and fully meet the preferential conditions can calculate interest according to the formula:
Interest = 500 million VND x 8.7%/year x 6 months/12 months
Accordingly, after 6 months, depositors received about 21.75 million VND in interest. The total amount of principal and interest at the end of the period was 521.75 million VND.
In case not eligible for preferential treatment plus 1.5%, customers are applied a normal interest rate of 7.2%/year. The interest received after 6 months is about 18 million VND, 3.75 million VND lower than the preferential rate.
Cake by VPBank also applies different interest rates depending on the method of receiving interest. Specifically, customers receiving interest at the beginning of the period are entitled to 6.78%/year; receiving interest monthly is 7.02%/year and receiving interest quarterly is 7.09%/year.
With a deposit of 500 million VND in 6 months, the converted interest is about 16.95 million VND, 17.55 million VND and 17.73 million VND respectively. The actual amount received may differ depending on the actual deposit date calculation method and bank regulations.
Many banks pay interest from 6.9% to over 7%/year
In addition to Cake by VPBank, some banks are listing 6-month term interest rates around 7%/year.
BAC A BANK applies an interest rate of 7.05%/year for customers who deposit online savings over 1 billion VND and receive interest at the end of the term. The highest interest rate at this bank is 7.1%/year, applied for a 12-month term with deposits over 1 billion VND.
VCBNeo is listing a 6-month term interest rate at 7%/year for online deposits. If depositing 500 million VND, depositors can receive about 17.5 million VND in interest after 6 months.
Meanwhile, PGBank applies an interest rate of 6.9%/year for a 6-month term, receiving interest at the end of the term. With 500 million VND, the expected interest amount is 17.25 million VND. The highest interest rate at PGBank is currently 7%/year, applied for terms of 12 and 13 months.
Before depositing savings, customers need to carefully check the conditions on the minimum deposit amount, online or at the counter deposit method, beneficiaries of incentives and interest receipt method. Interest rate premium programs are usually only applied for a certain period or for a specific group of customers.
