Bank interest rates drop sharply

    Quốc Huy |

    On March 10, after a meeting with the State Bank of Vietnam (SBV), 18 commercial banks (CMs) adjusted their deposit interest rates down by 0.1-0.9%/year.

    18 banks reduce interest rates

    Banks adjusted down include: Vietnamese version, Hai Hai, Viet Nam Thuong Tin, Saigon Cong Thuong, International, Bao Viet, Kien Long, Bac A, Viet A, Thinhinh va Phat Phat (PGbank), Xuat nhap Khau, Loc Phat, Nam A, Saigon Ha Noi (SHB), Quoc Dan (NCB), VCBNeo, BIDV and Techcombank.

    Details of reduced interest rates at some banks

    Vietnamese version (BVBank) - from 25.2: Reduced 0.1-0.4%/year for 6-60 month term deposits at the counter; reduced 0.1-0.4%/year for online deposits depending on the term.

    Malaysia (MSB) - from 25.2: Reduced 0.2%/year for terms from 13-36 months at the counter, reduced 0.2%/year for terms of 1-5 and 12-36 months online.

    Vietnam Thuong Tin (VietBank) - from February 26: Reduced by 0.2-0.4%/year depending on the term and deposit form.

    Saigon Industry and Trade - from 27.2: Reduced by 0.2%/year for 12-36 month terms at the counter, online and deposit for payment.

    VIB - from 28.2: Reduced by 0.1-0.2%/year for customers with a balance of VND10 million or more.

    Bao Viet - from February 28: Reduced by 0.1-0.3%/year for a term of 12-36 months.

    Kien Long (KienlongBank) - from 26.2-1.3: Reduced by 0.2-0.9%/year for online deposits, reduced by 0.2-0.3%/year at the counter.

    North Asia - from 1.3: Up 0.1-0.2%/year for 1-36 month terms at the counter.

    Viet A - from 3.3: Up 0.1%/year for 12-36-month term.

    PGbank - from 3.3: Up 0.2%/year for a term of 24 and 36 months.

    Loc Phat (LPBank) - from 3.3: Discount of 0.1%/year for 1-60 month term, applied both online and at the counter.

    NCB - from 5.3: Reduced by 0.1%/year for all terms from 1-60 months.

    SHB - from 5.3: Reduced by 0.1-0.3%/year depending on the term.

    South Asia - from 5.3: Reduced by 0.1-0.4%/year for both online and counter deposits.

    VCBNeo - from 6.3: Discount of 0.15%/year for terms of 6 months or more.

    Import-Export - from 25.2-7.3: 5 interest rate reductions with a reduction of 0.1-0.8%/year.

    BIDV - from 10.3: Reduced by 0.1%/year for terms under 6 months.

    Techcombank - from 10.3: Reduced by 0.1-0.2%/year for all forms of deposits.

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