Many banks are "secretly" adding interest rates to depositors, not transparent about this additional savings interest rate.
Reporters of Lao Dong Newspaper surveyed many commercial banks. Accordingly, preferential interest rates and promotional programs are becoming one of the tricks to attract customers at many banks.
Sky-high interest rates, only added to customers who deposit a lot of money
According to a survey by Lao Dong Newspaper reporters, NamABank is applying fixed interest rates when customers deposit online at 5%, 5.6% and 5.9%/year for terms of 6, 12 and 24 months, respectively. However, at a transaction point of this bank on Trung Kinh Street, Yen Hoa Ward (Cau Giay, Hanoi), the interest rate is advised by consultants to add 0.7%, up to 6.1% and 6.3%/year depending on the deposit amount.
It is worth mentioning that the consultant said: "This preferential interest rate is not publicly listed but only announced directly to customers when they meet the conditions."
At VietinBank, there are also incentives with similar forms.
A teller at VietinBank counter (transaction point on Nguyen Van Huyen Street, Cau Giay, Hanoi) said: “Our listed interest rates are currently quite low, 3-month term is 2.0%, 6-month term is 3.0% and 12-month term is 4.7%. However, depending on the amount of money deposited by customers, we will have different proactive policies.
For example, with a deposit of 1 billion VND, the interest rate for a 12-month term is still 4.7%. We only apply the additional interest rate to customers depositing 2 billion VND or more, adding 0.3%, up to a maximum of 5.0%".
Notably, this bank is applying a maximum additional policy of up to 1.0%-1.2% for short terms.
“For terms of 6 months or less, the interest rate may be high. For example, for a 6-month term, the listed interest rate is 3.0%, but we can add up to 4.0% for a deposit of 1 billion VND,” the bank employee introduced.
The highest incentive rate this bank is applying is for deposits from 1 billion VND, term of 3 months. Bank staff said that the listed interest rate for term of 3 months is 2.0%, if depositing 300 million VND, the interest rate will be added 1.0%, up to 3.0%; if depositing 1 billion VND or more, the interest rate will be added 1.2%, up to 3.2%/year.
Surveying at VIB (transaction point in Cau Giay New Urban Area, Hanoi), reporters were advised that when depositing from 200 million VND or more, the interest rate will be increased by 0.5%. This preferential rate is also not listed on the website or at the counter.
VIB staff confirmed: "No bank is allowed to publicly disclose additional interest rates."
HDBank is also offering an additional interest rate of up to 1.23%/year for terms of 6, 12 and 24 months.
However, this incentive level is not publicly posted and there is a clear difference between trading areas.
For example, at Dong Da branch, the 12-month savings interest rate after addition is 6.1%/year, while at Cau Giay branch, the similar interest rate is only 5.9%/year.
This information is only revealed by staff when customers directly ask at the counter, leading to inconsistency and inconvenience in customers comparing and making decisions.
At BaoVietBank (transaction point in Cau Giay New Urban Area, Hanoi), this bank is listing interest rates of 4.35% for 3-month term; 5.2% for 6-month term; 5.8% for 12-month term; 6% for 24-month term.
However, this bank employee advised and introduced to customers the highest interest rate the bank is applying is 6.5% for 18-month term; 6.25% for 12-month term; 6.3% for 13-month term. Applicable to deposits from 500 to 1 billion VND.
Similar to the above banks, BaoVietBank staff also explained that this interest rate is higher than the official listed rate because "the bank has an additional program, offering additional interest rates for customers".
Are hidden promotions illegal?
According to Circular 48/2024/TT-NHNN issued by the State Bank of Vietnam on September 30, 2024, credit institutions are responsible for publicly posting interest rates on deposits in Vietnamese Dong at legal transaction locations within their operating network and posting them on their websites (if any).
This Circular also stipulates that the maximum interest rate for deposits in Vietnamese Dong, including promotional expenses in all forms, applies to the end-of-term interest payment method and other interest payment methods converted according to the end-of-term interest payment method.
In addition, when receiving deposits, credit institutions are not allowed to conduct promotions in any form (in cash, interest rates and other forms) that are not in accordance with the provisions of law.
In addition, Decree 81/2018/ND-CP also requires promotional programs to be registered or notified to state management agencies and clearly disclosed.
Banks must comply with legal regulations, ensure information transparency and protect customer rights. Public opinion believes that the State Bank needs to strengthen supervision and inspection of interest rate promotion programs of credit institutions to ensure transparency and compliance with legal regulations.
