Short-term interest rates hit record high
Military Commercial Joint Stock Bank (MB) has just attracted attention in the financial market when launching the "MB Super Savings" product with outstanding preferential interest rates. This is the second interest rate adjustment of this bank in less than a month, showing that the capital mobilization race is gradually heating up.
The biggest highlight in the new interest rate is the 8.4%/year rate applied for terms from 6 months. This is considered a very competitive interest rate for large joint-stock commercial banks. However, this interest rate comes with the condition that customers deposit money through a digital banking application.
In addition to high interest rates, the new product also allows users to transfer savings books directly on a digital platform. This feature helps customers flexibly recover capital when there is an unexpected need without having to suffer interest rate disadvantages like the usual pre-term settlement method.
MB Bank simultaneously adjusts long terms
Not only focusing on the 6-month term, MB also strongly raises interest rates in other term groups from March 18. Specifically, interest rates for terms of 12–18 months currently range from 6.5% to 6.6%/year depending on the value of the deposit.
In particular, long terms from 24 to 60 months recorded the strongest increase, up to 7.5%/year. Compared to the beginning of March, this adjustment has increased by about 0.8 - 0.9 percentage points.
Interest received when depositing 500 million VND at MB Bank
If you choose to deposit 500 million VND into the "Super Savings MB" product with an interest rate of 8.4%/year for a 6-month term, the interest received when fully paid on time will be:
Interest = (500,000,000 x 8.4% x 6) / 12 = 21,000,000 (VND)
Thus, after half a year of depositing savings, you will receive a total of 521 million VND (including principal and interest). This is a relatively attractive profit level in the context that other investment channels are fluctuating.
