On November 20, Dong Branch Commercial Joint Stock Bank (OCB) joined the wave of interest rate increases with a fairly strong adjustment range. Notably, for terms under 6 months, this bank has pushed interest rates to 4.75%/year. This is the maximum interest rate ( ceiling) that the State Bank currently allows to apply, putting OCB in the group of banks paying the highest interest rates in this segment along with MB, Nam A Bank, VIB...
Not only short terms, long terms of 6 months or more will also be increased by about 0.3 percentage points by OCB. Of which, the highest interest rate recorded is 6.2%/year for online deposits with a term of 13 months or more.
Tien Phong Commercial Joint Stock Bank (TPBank) also adjusted the price up slightly by 0.1 - 0.2 percentage points for terms under 12 months. Currently, the highest interest rate at TPBank is listed at 5.9%/year for long terms of 24-36 months.
Thus, in November alone, the market recorded about 20 banks entering the race to increase interest rates.
According to Vietcombank Securities (VCBS), this push-up of deposit interest rates is aimed at attracting capital to meet the rapidly accelerating credit demand at the end of the year (the whole year's credit growth is expected to reach 18-20%), while balancing the system's liquidity pressure.
