A series of banks compete to pay deposit interest rates from 7.5%/year?
According to Lao Dong, with a special interest rate, the highest in the market is the interest rate of 9.0%/year listed at PVcomBank. PVcomBank customers will enjoy a special interest rate of 9.0%/year when having a new deposit balance of 2,000 billion VND or more.
HDBank currently has a particularly high interest rate, up to 8.1%/year for a 13-month term and 7.7% for a 12-month term, with a minimum balance of VND500 billion. This bank also applies a 6% interest rate for an 18-month term.
MSB applies interest rates for deposits at the counter up to 8.0%/year for a 13-month term and 7.0% for a 12-month term. The applicable conditions are that the savings book is newly opened or the savings book is opened from January 1, 2018, automatically renewed with a term of 12 months, 13 months and the deposit amount is from 500 billion VND.
Dong A Bank has deposit interest rates, terms of 13 months or more, end-of-term interest for deposits of 200 billion VND or more, applying an interest rate of 7.5%/year.
According to Lao Dong, the first month of 2025 recorded 7 banks increasing deposit interest rates, including: Agribank, Bac A Bank, NCB, MBV, Eximbank, KienlongBank, VietBank.
Interest rates forecast to continue to increase slightly in the new year
Vietcombank Securities Company (VCBS) predicts that interest rates for medium and long-term deposits will increase slightly by 0.2 - 0.3 percentage points by the end of 2024, then remain stable in 2025. Lending interest rates are expected to increase by 0.5 - 0.7% as credit demand increases thanks to economic recovery, especially when businesses begin to expand production and business activities after the period affected by the pandemic.
VCBS believes that the State Bank will continue to maintain a flexible monetary policy to support economic growth while controlling inflation well. Factors such as fiscal policy, fluctuating raw material prices, and the speed of global economic recovery will be the main factors affecting interest rates in 2025.
The government also plans to apply support policies to minimize the negative impact of interest rate hikes, especially on the manufacturing and export sectors.
