According to a survey conducted by Lao Dong Newspaper on September 29, among nearly 30 banks in the system, PVcomBank's interest rate is leading the market for a 13-month term when listing the highest savings interest rate at 9.5%/year for mass savings products. However, this only applies to savings deposits at the counter for newly opened deposit balances of VND2,000 billion or more.
Under normal conditions, PVcomBank lists interest rates at 5%/year when customers deposit traditional money.
HDBank applies an interest rate of 8.1%/year for a 13-month term with the condition of maintaining a minimum balance of VND300 billion. When customers deposit at the counter, under normal conditions, they only receive an interest rate of 5.6%/year. If they deposit online, customers receive an interest rate of 5.7%/year.
MSB applies the highest interest rate of 8%/year for a 13-month term when customers have a new savings account or a savings account opened from January 1, 2018 that automatically renews for a 13-month term and a deposit amount of VND 500 billion or more.
Under normal conditions, some banks with high interest rates for 13-month terms include: Cake by VPBank, NCB, BacABank.
Accordingly, Cake by VPBank is listing the highest interest rate for a 13-month term at 6% when customers receive interest at the end of the term. Customers receiving interest at the beginning of the term only receive an interest rate of 5.46%/year.
NCB is listing the highest interest rate for a 13-month term at 5.9% when customers deposit money online. The highest interest rate NCB is listing is 6.15% when customers deposit money online for 18-60 months.
BacABank is listing the highest 13-month interest rate at 5.95%/year when customers receive interest at the end of the term and have a deposit balance of over 1 billion VND. Customers depositing money in other terms enjoy interest rates ranging from 0.5-5.95%.
How much interest do you receive if you save 800 million VND for 13 months?
You can refer to the interest calculation method to know how much interest you will receive after saving. To calculate interest, you can apply the formula:
Interest = deposit x interest rate %/12 x number of months of deposit
For example, you deposit 800 million VND in Bank A, term 13 months and enjoy interest rate 6%/year, the interest received is as follows:
800 million VND x 6%/12 x 13 = 52 million VND.
* Interest rate information is for reference only and may change from time to time. Please contact the nearest bank transaction point or hotline for advice.
Readers can refer to more information about interest rates HERE.
