Many banks have implemented preferential interest rate packages, but require customers to maintain a large minimum balance. At PVcomBank, the special interest rate of 9%/year is applied to a term of 1213 months, but only for customers depositing at the counter and with a minimum balance of VND 2,000 billion. This is considered the highest interest rate on the market today, but only applies to customers with a large capital source.
HDBank listed interest rates at 8.1%/year for 13-month terms and 7.7%/year for 12-month terms, requiring customers to maintain a minimum balance of VND500 billion. Similarly, Vikki Bank offers 7.5%/year for terms of 13 months or more, with a minimum deposit of VND 999 billion.
In the group of banks with lower deposit requirements, Bac A Bank applies the highest interest rate of 6.5%/year for terms from 1836 months, 6.3%/year for terms of 1315 months and 6.2%/year for terms of 12 months. This interest rate is for deposits of VND1 billion or more. At IVB, the bank listed an interest rate of 6.15%/year for a 36-month term, with a deposit condition of VND1,500 billion or more.
In the mid-sized commercial joint stock bank group, the highest interest rate recorded fluctuated between 66.5%/year. ACB is applying a rate of 6%/year for a 13-month term with interest paid at the end of the term, for customers with a 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; while receiving monthly interest at 6.3%/year and receiving interest at the beginning of the term at 6.07%/year.
Viet A Bank deploys Dac Tai Savings products with interest rates from 66.8%/year for many terms. The 6-month term applies an interest rate of 6.0%/year; 7 months 6.1%/year; 12 months 6.5%/year; 13 months 6.6%/year; 15 months 6.7%/year; and 18 months reach the highest rate of 6.8%/year. Customers need to deposit at least 100 million VND, transact at the counter and receive interest at the end of the term.
Some other banks such as VietinBank, Vietcombank, MB, Techcombank, VietBank are implementing a program to add interest rates or gifts to encourage online deposits. The common additional rate ranges from 0.10.3 percentage points depending on the deposit form.
According to analysts, listing high interest rates for institutional customers or large deposits is to increase capital mobilization capacity in the context of increasing year-end credit demand. For individual customers, the common interest rate is still at 56%/year for a 624 month term, depending on whether you deposit at the counter or online.
