A series of banks abandon the 6.0% interest rate mark
According to Lao Dong, recently, Bac A Bank, Saigonbank and VIB continued to reduce deposit interest rates, following the trend of Eximbank, BVBank, KienlongBank, VietBank and MSB.
Bac A Bank adjusted interest rates for the second time this month. 1-11 month term decreased by 0.1%/year, to 3.5%-5.05%/year. The 12-36 month term decreased by 0.2%/year, the highest was only 5.8%/year. Customers depositing from 1 billion VND can enjoy an interest rate of 6%/year.
Saigonbank officially leaves the 6%/year mark. The 12-month term decreased to 5.6%/year, the 36-month term decreased from 6.1% to 5.9%/year.
VIB reduced interest rates for the first time after 3 months, down 0.1%/year for all terms, highest at 5.3%/year for a term of 24-36 months.
Eximbank sharply reduced long-term interest rates, 15 months to 5.8%/year, 18-36 months to 0.4%/year to 6-6.1%/year.
BVBank, KienlongBank, VietBank also simultaneously adjusted, bringing the common interest rate down to below 6%/year.
MSB also reduced 0.2%/year for 1-5 month and 12-36 month terms, and abandoned the preferential interest rate of 6.3%/year. The special rate of 8%/year for a savings of VND500 billion also decreased to 7%/year.
Previously, there were 13 banks on the market listing the highest interest rate from 6.0%/year, the highest being 6.8%/year when depositing at Eximbank for the weekend. After a series of banks reduced interest rates, currently only 8 banks on the market still hold the highest interest rate of over 6.0%/year, mainly for 18-36 month terms.
Refer to banks with high interest rates HERE.
SBV requests to stabilize interest rates, support reduction in lending interest rates
On February 25, the State Bank of Vietnam (SBV) issued Official Letter No. 1328/NHNN-CSTT, requesting credit institutions (CIs) and local branches of the SBV to implement measures to stabilize deposit interest rates and reduce lending interest rates to support people and businesses.
Credit institutions need to reduce costs, promote the application of technology, simplify procedures to facilitate interest rate reduction, support credit for the fields of production, consumption, investment, export, digital transformation, green technology, etc. At the same time, strictly control credit for areas with potential risks to ensure system safety.
The SBV requires credit institutions to clearly announce lending interest rates, deposit - loan interest rates, and preferential credit programs. Local branches of SBV closely monitor interest rate developments, monitor credit institutions to comply with regulations, and handle violations if any.
The SBV is committed to continuing to inspect and monitor interest rate activities, strictly handling cases of unfair competition to ensure a transparent and effective credit market.
