Why will interest rates increase at the end of the year?
The year-end capital demand from businesses and large investment projects is expected to increase, forcing banks, especially small commercial banks, to adjust deposit interest rates to attract funds.
According to Dr. Nguyen Tri Hieu's prediction, 12-month interest rates could increase by 50-70 basis points. This would bring interest rates at major banks to 5.1%-5.5%.
From the beginning of 2024, VND savings interest rates at banks have recorded an increasing trend, with short-term savings interest rates such as 1-month terms ranging from 3.9% - 4.25%/year, slightly down from higher levels at the end of 2023.
Interest rates for long terms such as 12 months or more remain stable at around 5.8% at commercial banks.
Joint stock commercial banks are currently applying higher interest rates than state-owned banks.
At Dong A Bank and Saigonbank, these two banks have the highest savings interest rates for long terms such as 18 months and 36 months, up to 6.15%/year. Meanwhile, large banks such as Vietcombank and Vietinbank maintain lower interest rates, only about 4.7% for long terms.
Some opinions say that the mobilization interest rate can reach 6-8%/year, depending on the term and policy of each bank, to meet the capital demand from the real estate market and businesses.
Highest interest rates at banks updated on November 23
According to Lao Dong on November 23, for the 1-month term, NCB and CBBank are currently leading with an interest rate of 4.25%/year. Other banks such as Viet Capital Bank, OCB, Kien Long Bank apply an interest rate of about 3.9%-4%/year.
At the 3-month term, the banks with the highest interest rates are NCB with 4.25%/year, CBBank with 4.2%/year, and banks like Bao Viet Bank with an interest rate of 4%.
At the 6-month term, the highest interest rate recorded is 5.55%/year at banks such as CBBank, HDBank, and VietBank. Some other banks apply 5.5%/year such as OCB and NCB.
At the 9-month term, the highest interest rate is 5.85%/year, applied at banks such as GPBank and HDBank.
At 12-month term, the highest interest rate is currently 5.8%/year at banks such as HDBank, Saigonbank and OCB.
Where to deposit savings to get the highest interest? See more HERE.
