According to Lao Dong, 9 banks have increased their deposit interest rates since the beginning of December, including Dong A Bank, VPBank, VIB, OCB, MSB, GPBank, TPBank, ABBank, and IVB. Of which, ABBank is the first bank to increase interest rates twice in a month.
Year-end savings interest rates increase
Savings interest rates will increase by the end of 2024, reflecting banks' high capital demand to support production and consumption. While state-owned commercial banks keep 12-month term interest rates at 4.7% - 4.8%/year, joint-stock commercial banks record higher interest rates, from 5.4% - 6.2%/year for long terms.
Despite the increase in interest rates, the State Bank remains steadfast in its policy of controlling interest rates to ensure financial market stability. Measures to support liquidity and regulate money supply are applied to reduce inflationary pressures while creating conditions for businesses and individuals to easily access capital.
However, rising capital costs and bad debt pressure remain major challenges, limiting the ability to reduce lending rates. In this context, banks continue to optimize capital mobilization and risk management strategies to ensure long-term financial stability.
A series of banks compete to pay deposit interest from 7%/year?
According to Lao Dong, with a special interest rate, the highest in the market is the interest rate of 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 an interest rate of 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 initial interest 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.
In addition, lower savings rates, from 7.0%/year, are also listed at many banks.
See more daily bank interest rate updates HERE.
