According to Lao Dong, 16 banks have increased their deposit interest rates since the beginning of November, including: Kienlongbank, CBBank, SeABank, BaoViet Bank, HDBank, GPBank, LPBank, Nam A Bank, IVB, Viet A Bank, VIB, MB, Agribank, Techcombank, ABBank, and VietBank. Of which, MB, Agribank and VIB are the banks that have increased their interest rates twice since the beginning of the month.
Interest rates may still rise further
VND savings interest rates are expected to increase slightly by the end of 2024, reflecting increased capital demand from banks to meet loans for production and consumption.
Among state-owned commercial banks, 12-month interest rates fluctuate around 4.7% - 4.8%/year, while joint-stock commercial banks have higher interest rates, up to 5.4% - 6.2%/year for longer terms. This partly reflects the fierce competition to attract stable capital sources.
Despite signs of interest rate increases, the State Bank still aims to maintain a reasonable interest rate level to ensure stability for the financial market. Policies to support liquidity and control money supply are implemented in parallel to reduce inflationary pressure, creating conditions for businesses and people to access capital more conveniently.
It is forecasted that by the end of the year, savings interest rates may increase by 0.5 - 1 percentage point depending on the term and policy of each bank.
However, high capital costs and bad debt pressure will continue to be factors that limit the ability to reduce lending rates in the coming time. In this context, banks are optimizing capital mobilization and risk management strategies to maintain financial stability.
Which bank has interest rate from 7.0%/year?
Many commercial banks currently list special interest rates ranging from 6.0-9.5%/year with different deposit conditions.
The highest interest rate in the market is 9.5%/year listed at PVcomBank. PVcomBank customers will enjoy a special interest rate of 9.5%/year when having a new deposit balance of 2,000 billion VND or more.
HDBank also listed a special interest rate of 7.7%/year for a 12-month term and 8.1%/year for a 13-month term. Applicable to savings of at least VND500 billion/savings card, not applicable to mobilization in the form of interest at the beginning of the term or periodic interest.
Dong A Bank is listing a special interest rate of 7.5%/year for customers depositing for a term of 13 months or more, with interest at the end of the term for deposits of VND 200 billion or more, for a period of 365 days/year.
MSB currently offers a special interest rate of 7.0%/year to customers with newly opened savings books or savings books opened from January 1, 2018, automatically renewed with a deposit term of 12 months, 13 months and a deposit amount of VND 500 billion or more.
See more daily bank interest rate fluctuations HERE.
