Bank interest rates today, August 22nd: Sharp increase, reaching the highest level in the market

After more than 2 years of keeping the interest rate schedule unchanged since the adjustment on April 15, 2024, Saigon Commercial Joint Stock Bank (SCB) suddenly took new action on deposit interest rates.

Accordingly, SCB has just adjusted the interest rate for the "Normal 13-month Deposit" product, from 3.9%/year to 8.7%/year. Under normal conditions, this is the highest interest rate on the market today for the 13-month term. Other terms and deposit products are kept unchanged.

Thus, the interest rate of this product has increased by 4.8 percentage points after just one adjustment. This is a rare increase in an interest rate adjustment.

The rate of 8.7%/year is currently the highest interest rate in SCB's deposit interest rate schedule. However, this interest rate is only applied to the 13-month term of the "Normal 13-month Deposit" product, for customers receiving interest at the end of the term.

While sharply increasing interest rates for the above products, SCB maintains the same interest rates for the remaining terms and deposit products. This bank still lists deposit interest rates at a low level in the market.

According to the online deposit interest rate schedule being listed by SCB for the end-of-term interest payment form, the 1-2 month term has an interest rate of 1.6%/year; the 3-5 month term is 1.9%/year; the 6-11 month term is 2.9%/year; the 12 month term is 3.7%/year and the 13-36 month term is 3.9%/year.

For the listed interest rate for ordinary savings and "Phat Loc Tai" savings product, SCB also applies an interest rate equivalent to online savings, with the highest listed rate of 3.9%/year.

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