In addition to the interest rates listed publicly on their websites, commercial banks are offering other interest rates, 0.5-1%/year higher than the listed interest rates. At some banks, the offered interest rates are only agreed upon implicitly.
Reflecting to Lao Dong Newspaper, some readers said that adding savings interest rates of banks is like "a dream", not transparent and lacking clear commitment.
To verify this information, Lao Dong Newspaper reporters recorded at a series of commercial banks.
Promotion plus interest
In early December, posing as a customer depositing money, a reporter from Lao Dong Newspaper went to the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) Tran Thai Tong branch (Hanoi).
Here, the bank staff introduced a promotional program with an additional 0.5% interest rate compared to the listed rate.
This program applies to new customers, depositing from 50 million VND, term of 3 months or more. In particular, for larger amounts such as 1-3 billion VND, the current listed interest rate of 3.85%/year (term of 3 months) will be added 0.5%, bringing the total interest rate to 4.35%/year. Similarly, the 6-month term has a listed interest rate of 4.5%/year, after adding 0.5%, it will reach 5.0%/year.
Irregularities in the interest rate incentive program
Despite its appeal, the program raises questions about its transparency. According to bank employees, the additional interest rate is not shown on the customer’s savings account but is only updated via text message 45 days after the deposit.
The teller emphasized: "The savings book still shows the listed interest rate, but after 45 days, the bank will notify the interest rate via text message."
In particular, bank staff confirmed that there is no document or commitment that the bank will add interest to customers. That is an agreement between the bank and the customer. "But customers who deposit money will receive additional interest if they meet the conditions, especially for new customers, it will definitely be added," a staff member of Techcombank Tran Thai Tong Branch (Hanoi) committed.
"In the customer's book, we will add a line to allow for interest, not directly on the savings book," the bank employee added.
According to Circular 48/2024/TT-NHNN issued by the State Bank of Vietnam, effective from November 20, 2024, credit institutions must publicly disclose actual interest rates, including incentives or promotions.
But the fact that Techcombank did not record the additional interest on the savings book but only notified it by text message after 45 days made depositors "half-believing, half-doubting".
Sharing with reporters, Ms. Nguyen Thu Ha - a customer depositing money at Techcombank - indignantly shared: "I chose to deposit money because I heard the interest rate was attractive, but the lack of a clear commitment makes me worried. What if the bank later refuses?".
Ms. Ha believes that the lack of official commitment from Techcombank staff puts customers at a disadvantage. In case of disputes over preferential interest rates, it is difficult for customers to protect their rights without strong evidence.
Dr. Nguyen Dinh Linh - lecturer at Ho Chi Minh City Banking University - said that banks use tricks to add interest rates to stimulate deposits from potential customers and pressure capital mobilization targets of each bank.
Even on social networking sites, bank employees are actively offering different deposit interest rates, different from the interest rates listed on the website.
Dr. Linh believes that doing so will cause information interference. At this point, it will negatively impact the brand value of that bank because the bank is not consistent.
