The wave of raising deposit interest rates is taking place strongly, especially in online savings deposit channels, when many banks launch programs to add interest rates to attract idle cash flow.
NCB announced a program to add interest rates up to 2%/year for all individual customers who deposit online savings through the digital banking application. The application conditions are expanded for deposits with terms from 6 months or more and last until January 31, 2026.
With this additional level, the online deposit interest rate at NCB for terms of 6-8 months is 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, applicable to individual customers depositing online savings.
Following the same trend, Cake by VPBank also pushed interest rates above 8% through a policy of adding interest rates for 6-month term deposits, with a gradual increase in deposit balance from 0.2% to 1%/year. After adding, the interest rates customers enjoy range from 7.3%–8.1%/year, depending on the amount of deposit.
At PVcomBank, this bank is applying an additional program of 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 minimum deposit amount from 100 million VND.
With this additional level, the actual interest rate is significantly increased. Deposits 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 rare level on the market today for deposits that are not large.
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 now listed official savings interest rates exceeding the threshold of 7%/year, including Cake by VPBank, PGBank and OCB. The deposit interest rate level has therefore continued to be pushed to a new high, especially for medium and long-term terms, reflecting the fierce competition between banks in attracting input capital.
