A bank has a high interest rate of 8.1% when depositing for 13 months

Among nearly 30 banks in the system, PVcomBank interest rates are leading the 13-month term market when listing the highest savings interest rate at 9%/year for mass savings products. However, savings at the counter are only applied to newly opened deposit balances of VND 2,000 billion or more.

Under normal conditions, PVcomBank lists interest rates at 5%/year when customers deposit money in a traditional way.

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 5.7%/year. If they deposit online, customers receive an interest rate of 5.8%/year.

Under normal conditions, some banks with interest rates from 5.85%/year for 13-month terms include: GPBank, IVB, VCBNeo...

GPBank is listing the highest interest rate for 13-month deposits at 5.95%/year when customers deposit electronic savings. This is also the highest interest rate that this bank is applying for 13-36-month terms.

For other terms, this bank lists from 0.5-0.95%/year.

IVB is listing the highest interest rate for 13-month deposits at 5.7%/year when customers deposit money online and receive interest at the end of the term. The highest interest rate that this bank is listing is 5.8% when customers deposit money >= 24 months.

VCBNeo (formerly CBBank) is listing the highest 13-month savings interest rate at 5.55% when customers deposit money online. For other terms, VCBNeo lists interest rates from 4.15-5.55%/year.

How much interest do you receive if you deposit 1 billion VND for 13 months?

To calculate bank savings interest, you can apply the formula:

For example, you deposit 1 billion VND in Bank A, term 13 months and enjoy interest rate 5.95%/year, the interest received is as follows:

1 billion VND x 5.95%/12 x 13 = 64.46 million VND.