Deposit 200 million VND in savings, what is the highest interest rate?
According to a survey by Lao Dong at nearly 30 banks, Cake by VPBank is offering 6-month term savings interest rates at the highest level of up to 8.7%/year.
Specifically, the normal 6-month term interest rate at Cake by VPBank is 7.2%/year when customers receive interest at the end of the term. In addition, the bank is applying an additional incentive of 1.5%/year for customers depositing money for the first time from 200 million VND.
Thus, for a deposit of 200 million VND, term of 6 months, if the conditions for enjoying incentives and receiving interest at the end of the term are met, the interest amount can be calculated as follows:
Interest = 200 million VND x 8.7%/year x 6 months/12 months
According to this formula, after 6 months, customers can receive about 8.7 million VND in interest. The total amount of principal and interest at the end of the period is 208.7 million VND.
In case not eligible for incentives plus 1.5%, customers are applied a normal interest rate of 7.2%/year. At that time, depositing 200 million VND in 6 months will receive about 7.2 million VND in interest.
Cake by VPBank also applies different interest rates depending on the method of receiving interest. If receiving interest at the beginning of the period, monthly or quarterly, the interest rates are 6.78%/year, 7.02%/year and 7.09%/year respectively.
With a deposit of 200 million VND for a 6-month term, the interest converted according to the above levels is about 6.78 million VND, 7.02 million VND and 7.09 million VND respectively.
Some banks list interest rates around 7%/year
In addition to Cake by VPBank, some banks are listing 6-month term interest rates around 7%/year.
BAC A BANK lists the highest interest rate for a 6-month term at 7.05%/year when customers deposit online savings over 1 billion VND and receive interest at the end of the term. Therefore, this interest rate does not apply to a deposit of 200 million VND if the deposit amount does not meet the conditions.
VCBNeo is listing the highest interest rate for a 6-month term at 7%/year when customers deposit money online. With 200 million VND, depositors can receive about 7 million VND in interest after 6 months.
PGBank lists the highest interest rate for a 6-month term at 6.9%/year when customers receive interest at the end of the term. If depositing 200 million VND, the expected interest after 6 months is about 6.9 million VND.
Savings interest rates at GPBank:
Savings interest rates at VCBNeo:
Savings interest rates at Bac A Bank, for savings under 1 billion VND:
Before depositing savings, depositors should carefully check the conditions for applying interest rates, the form of deposit, the method of receiving interest and the validity period of preferential programs. The actual interest rate may change depending on the regulations of each bank and the deposit time.
