Savings interest rates lack transparency
A survey by Lao Dong Newspaper at many commercial banks shows that many units are applying additional interest rates, but this information is not publicly posted at transaction counters or on official websites.
For example, at HDBank, the additional interest rate for customers can be up to 1.23%/year for long terms. However, bank staff only inform customers in detail when they directly ask or meet the conditions, instead of widely announcing.
This makes it difficult for customers to compare and make decisions, and raises controversy about the fairness and transparency of interest rate policies.
What does HDBank say about "hidden" policies?
Responding to Lao Dong Newspaper, HDBank admitted that it has applied preferential interest rate programs specifically for specific customer groups, such as long-term customers who use many products and services at the bank. However, the bank said that not publicizing these incentives is to avoid causing misunderstandings about their universality.
Explaining the fact that the same program but the preferential interest rates are different between HDBank branches (according to Lao Dong), this bank said: "The bank is a service business organization with a large network for customers across the country to access banking products and services. The branches deploy different programs and products to meet the needs of customers in each branch's operating area. Branches all have different characteristics in terms of operating area, the specific tastes of customer groups in the area due to the specific geographical location, socio-economic conditions, regional economic sectors, etc.
However, HDBank always advocates implementing traditional basic programs and products that can be applied widely across the entire network in a consistent manner and within the framework of legal regulations. At the same time, we always focus on monitoring and improving to ensure consistency and synchronization throughout the system with the goal of achieving a certain level of fairness for all our Customers."
To ensure fairness, HDBank affirmed that it has implemented many measures, including: Applying a uniform interest rate policy from the Head Office to branches; Using central interest rate management software to synchronize information; Strengthening internal supervision and training of employees to avoid errors in consulting.
Also related to the fact that commercial banks are applying additional interest rates but are not publicly listed at transaction counters or on official websites, on December 12, 2024, Lao Dong Newspaper sent an official dispatch to the State Bank, raising the issue of the State Bank's role in monitoring and handling this issue.
However, up to now, Lao Dong Newspaper has not received any response from the State Bank.
Legality and transparency - problems needing solutions
According to Circular 48/2024/TT-NHNN issued by the State Bank 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.
