The wave of raising deposit interest rates is taking place strongly, mainly concentrated in online savings deposit channels. Notably, many banks choose to add conditional interest rates, thereby pushing the actual profit margin to a rarely seen high level.
In which, NCB announced a program to add interest rates up to 2%/year for all individual customers depositing online savings through the digital banking application. The program applies to deposits with terms from 6 months or more and lasts until the end of January 31, 2026.
With this additional level, online deposit interest rates at NCB for terms of 6-8 months are pushed up to 8.2%/year; terms of 9-11 months reach 8.25%/year; and terms of 12-36 months reach 8.3%/year. This is currently the highest deposit interest rate on the market for the group of individual customers depositing online savings, far exceeding the general capital level that is fluctuating around the threshold of 6–7%/year for medium and long-term terms.
Cake by VPBank also strongly raises interest rates through a policy of adding to the balance of deposits. For 6-month term deposits, the added rate ranges from 0.2% to 1%/year, depending on the size of the customer's deposit. After adding, the actual interest rate enjoyed is in the range of 7.3%–8.1%/year. This interest rate helps Cake by VPBank join the group of banks with deposit interest rates exceeding the 8%/year mark.
At PVcomBank, this bank implements a program to add up to 1.5%/year for customers who deposit online savings on Fridays every week. The application conditions are online deposit, term from 12 months or more and the minimum deposit amount from 100 million VND.
Thanks to this policy, a deposit of 100 million VND can enjoy an interest rate of 7.6%/year for a 12-month term and 7.8%/year for a 13-month term. If choosing a term from 15–36 months, the actual interest rate is up to 8.3%/year, a very high level compared to the current general level for non-large deposits.
Meanwhile, BVBank is deploying an online deposit certificate product with the highest interest rate of up to 7.8%/year. Customers can buy deposit certificates through digital channels with a minimum amount of 10 million VND, applicable to four terms including 6, 9, 12 and 15 months. The corresponding interest rate is 6.5%/year for terms of 6 and 9 months; 6.8%/year for terms of 12 months; and highest 7.8%/year for terms of 15 months.
In addition to additional incentive programs, some banks have listed official savings interest rates exceeding the threshold of 7%/year, including Cake by VPBank, PGBank and OCB.
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