Deposit interest rates continue to have a clear differentiation between customer groups and terms. Many banks launch preferential interest rate packages, but with strict conditions on minimum balance or deposit form.
At PVcomBank, the special interest rate of 9%/year is applied to a term of 1213 months, but only for customers who deposit money at the counter and maintain a minimum balance of VND 2,000 billion. This is the highest level on the market today, but only applies to large-scale institutional customers.
HDBank is listing interest rates at 8.1%/year for a 13-month term and 7.7%/year for a 12-month term, with customers maintaining a minimum balance of VND500 billion. Meanwhile, Vikki Bank offers a 7.5%/year deposit for terms of 13 months or more, requiring a minimum deposit of VND 999 billion.
Bac A Bank is applying the highest interest rate of 6.2%/year for a term of 1836 months with a deposit of over 1 billion VND. IVB also listed an interest rate of 6.15%/year for a 36-month term, but only for deposits of VND1,500 billion or more.
In the mid-sized commercial joint stock bank group, the highest interest rate ranges around 66.5%/year. ACB applies 6%/year for a 13-month term with interest paid at the end of the term, but only for customers with a deposit balance of VND200 billion or more.
At LPBank, customers depositing VND300 billion or more are entitled to an interest rate of 6.5%/year when receiving interest at the end of the term; if receiving monthly, the interest rate is 6.3%/year, while receiving at the beginning of the term is 6.07%/year.
Viet A Bank deploys Dac Tai Savings products with interest rates above 6%/year for many terms. Of which, the 6-month term interest rate is 6.0%/year; 7-month is 6.1%/year; 12-month is 6.5%/year; 13-month is 6.6%/year; 15-month is 6.7%/year and 18-month is the highest at 6.8%/year. To participate, customers need to deposit at least 100 million VND, transact at the counter and receive interest at the end of the term.
According to analysts, banks listing high interest rates to attract large capital sources, especially institutional deposits. For individual customers, the common interest rate is still around 56%/year for a 612 month term.
