Agribank increases interest rates
According to Lao Dong, recently, the Bank for Agriculture and Rural Development of Vietnam (Agribank) adjusted the savings interest rate for terms from 12 months with an additional increase of 0.1% (for online deposits).
The current counter savings interest rate is listed as follows:
1-month term savings interest rate is 2.1%/year.
3-month term savings interest rate is 2.4%/year.
6-month term savings interest rate is 3.5%/year.
9-month term savings interest rate is 3.5%/year.
12-month term savings interest rate at 4.7%/year.
24-month term savings interest rate is 4.8%/year.
After increasing interest rates, Agribank is currently listing online deposit interest rates as follows:
1-month term deposit interest rate is 2.4%/year.
3-month term deposit interest rate is 3.0%/year.
Interest rate for 6-9 month term deposits is 3.7%/year.
12-month term deposit interest rate is 4.8%/year.
18-month term deposit interest rate is 4.8%/year.
Interest rate for 24-36 month term deposits is 4.9%/year.
Comparing interest rates between four major banks shows that Agribank has the highest rate for short terms (1-9 months), especially 6-9 months at 3.7%/year.
VietinBank and BIDV have similar interest rates for most terms, but BIDV is slightly better at 24-36 months (4.9% compared to 4.8-5.0%).
Vietcombank has the lowest interest rate, especially for terms under 12 months.
How much interest do you receive if you deposit 700 million VND at Agribank?
Readers can quickly calculate bank deposit interest using the following formula:
Interest = Deposit x interest rate (%)/12 months x number of months deposited.
If depositing 700 million VND at Agribank, the interest received for each term is as follows (for online deposit interest rates):
1-month term: 1,400,000 VND
3-month term: 5,250,000 VND
6-month term: 12,950,000 VND
9-month term: 19,425,000 VND
12-month term: 33,600,000 VND
18-month term: 50,400,000 VND
24-month term: 68,600,000 VND
36-month term: 102,900,000 VND
* Interest rate information is for reference only and may change from time to time. Please contact the nearest bank transaction point or hotline for specific advice.
Readers can refer to more articles on interest rates HERE.
