A bank appears with 9% interest rate for 13-month deposits

Among nearly 30 banks in the system, PVcomBank is leading the market with a 13-month term when listing the highest savings interest rate at 9%/year for mass savings products. However, this only applies to savings deposits at the counter for newly opened deposit balances of VND2,000 billion or more.

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

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 high interest rates for 13-month terms include: GPBank, BacABank, Cake by VPBank.

GPBank is listing the highest interest rate for a 13-month term at 6.15%/year when customers deposit savings electronically. This is also the highest interest rate the bank is applying for a term of 13-36 months.

BacABank is listing the 13-month savings interest rate at 6.1% when customers receive interest at the end of the term. Customers receiving interest monthly only receive an interest rate of 5.95%/year.

Cake by VPBank is listing the highest interest rate for individual customers at 5.9%/year for a 13-month period when customers receive interest at the end of the period. The highest interest rate this bank is listing is 6.1% when customers deposit money for 24-36 months.

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

You can refer to the interest calculation method to know how much interest you will receive after saving. To calculate interest, you can apply the formula:

For example, you deposit 1 billion VND in Bank A, term 13 months and enjoy interest rate 6.15%/year, the interest received is as follows:

1 billion VND x 6.15%/12 x 13 = 66.62 million VND.