BIDV adjusts savings interest rates down from March 19

Joint Stock Commercial Bank for Investment and Development of Vietnam ( BIDV ) has recently made a move to reduce deposit interest rates at many terms.

Specifically, in the online interest rate table, BIDV has reduced the interest rates for deposits with terms from 1-11 months and from 24-36 months by 0.2%. The bank also reduced the interest rates for deposits with terms from 12-18 months by 0.1%.

Accordingly, the mobilization interest rate is 1.8%/year for 1-2 month term, 2.1%/year for 3-5 month term, 3.1%/year for 7-11 month term, 4.7%/year for 12-18 month term and 4.8%/year for 24-36 month term.

After BIDV adjusted interest rates, VietinBank is now the bank with higher deposit interest rates than the other 3 banks in the Big 4 group: Agribank , BIDV and Vietcombank.

On the same day, Saigon Bank for Industry and Trade (Saigonbank) also adjusted its deposit interest rates. Notably, this bank only reduced the deposit interest rates for short terms, while the deposit interest rates for long terms were increased.

Accordingly, in Saigonbank's online interest rate table, interest rates for 1-5 month terms decreased by 0.2%. Specifically, the interest rate is 2.3%/year for 1 month term, 2 month term decreased to 2.4%/year, 3 month term decreased to 2.5%/year, 4 month term decreased to 2.7%/year and 5 month term decreased to 2.8%/year.

SaigonBank reduced the deposit interest rate by 0.1% for the 6-month term to 3.8%/year. Similarly, SaigonBank also reduced the deposit interest rate by 0.1% for the 7-8 month term to 3.9%/year and the deposit interest rate for the 13 month term to 5.2%/year.

Meanwhile, Saigonbank increased the interest rate for 18-month term deposits by 0.2 percentage points to 5.4% per year; the interest rate increased by 0.3 percentage points for 24-month term deposits to 5.7% per year and the interest rate for 36-month term deposits increased by 0.4 percentage points to 5.8% per year.

Thus, since the beginning of March until now, a total of 17 banks have reduced deposit interest rates including:ACB , MB, Techcombank, SCB, Saigonbank, PGBank, BVBank, Agribank, Agribank, VPBank, PVCombank, Dong A Bank, BaoViet Bank, GPBank, NCB, KienLong Bank, BIDV.

Previously, Saigon Commercial Joint Stock Bank (SCB) also reduced the interest rate for 1-5 month terms by 0.1 percentage point. This bank reduced the online interest rate for 1-2 month terms to 1.65%/year and for 3-5 months to only 1.95%/year.

SCB keeps deposit interest rates unchanged for the remaining terms. The 6-11 month term is 3.05%/year, only 0.05 percentage points higher than the interest rates for the same term at Agribank and Vietcombank, but lower than other banks.

According to Bao Viet Securities (BVSC), the level of mobilization interest rates has decreased, the amount of capital mobilized in the economy has also decreased by 0.7% in the first two months of this year, which may increase the need to find other profitable assets instead of savings .

Source