Two banks sharply reduce interest rates

Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ) became one of the first banks to lower deposit interest rates in February after adjusting interest rates for most deposit terms.

The online deposit interest rate table posted by Sacombank on February 1 shows that the deposit interest rate for 1-3 month terms decreased by 0.4 percentage points, to 2.6% - 2.7% - 2.8%/year, respectively.

Interest rates for 3- and 4-month terms only decreased slightly by 0.1 percentage point, down to 3.1% and 3.2% per year.

Sacombank sharply reduced interest rates by 0.5 percentage points for 6-8 month term deposits, to 4.2% - 4.3% - 4.4%/year, respectively.

The 9-month term bank interest rate decreased by 0.45 percentage points to 4.5%/year, while the 10-month term decreased by 0.35 percentage points to 4.6%/year and the 11-month term decreased by 0.25 percentage points to 4.7%/year.

This bank also reduced interest rates by 0.2 percentage points for 12-13 month term deposits, to 5%-5.2%/year, respectively.

Interest rates for the remaining terms remain the same, 15-month term is 5.5%/year, 18-month term is 5.6%/year, 24-month term is 5.7%/year, 36-month term has interest rates up to 6.2%/year (the highest mobilization interest rate at Sacombank).

Also reducing interest rates on the first day of February is Lien Viet Post Joint Stock Commercial Bank ( LPBank ).

According to the online deposit interest rate table just announced by LPBank, the interest rate for 1-2 month term deposits decreased by 0.2 percentage points, to 2.6% and 2.7%/year, respectively.

LPBank has sharply reduced the interest rate on deposits with terms of 3-5 months by up to 0.4 percentage points. Currently, the interest rate for 3-month term is 2.7%/year, 4-month term is 2.8%/year, and 5-month term is 2.9%/year.

After a 0.3 percentage point reduction, LPBank reduced the 6-8 month deposit interest rate to 4%/year, the 9 month deposit interest rate to 4.1%/year, the 10 month deposit to 4.2%/year and the 11 month deposit to 4.3%/year.

The 12-month deposit interest rate is also only 5%/year after a 0.3 percentage point reduction. This is also the reduction for the 13- and 15-month deposit interest rates, to 5.1% and 5.3%/year, respectively.

LPBank slightly reduced interest rates for 16-18 month deposits by 0.1 percentage points. Currently, the 16-month interest rate is 5.3%/year, and the 18-month interest rate is 5.6%/year.

Notably, LPBank sharply reduced interest rates for terms from 24-60 months by 0.5 percentage points, down to 5.6%/year. This is also the highest mobilization interest rate at LPBank at this time.

Thus, LPBank becomes the next bank to no longer maintain interest rates above 6%.

Apart from Sacombank and LPBank, the deposit interest rates at the remaining banks remained unchanged. Previously, both banks had reduced deposit interest rates once in January.

The fact that banks have continuously lowered deposit interest rates recently shows that liquidity in the system is abundant.

Last week, overnight interbank interest rates decreased by 0.02% to 0.12%, 1-week interest rates remained at 0.26%, while 2-week interest rates increased slightly by 0.01% to 0.41%.

Trading volume on market 2 increased slightly by 7%, to an average of VND245,000 billion/day, and market 2 liquidity is forecast to have more strong fluctuations in the 2 trading weeks before Tet, due to increased cash demand.

The current 12-month deposit interest rate for institutional customers among commercial banks no longer has a significant difference, recorded at 4.3% for 4 state-owned commercial banks, 4.7% for large joint-stock commercial banks and 4.8% for other joint-stock commercial banks.

Thus, compared to the 2021 period, the mobilization interest rates at the group of state-owned commercial banks and other joint-stock commercial banks were much lower, while the group of large joint-stock commercial banks was still about 10 basis points higher than the 2021 interest rate.

HIGHEST DEPOSITS INTEREST RATE TABLE ON FEBRUARY 1
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
CBBANK	4.2	4.3	5.1	5.2	5.4	5.5
NCB	3.9	4.1	5.05	5.15	5.5	6
ABBANK	3.15	3.35	5	4.4	4.4	4.4
VIETBANK	3.5	3.7	4.9	5	5.3	5.8
BAC A BANK	3.6	3.8	4.9	5	5.2	5.6
DONG A BANK	3.9	3.9	4.9	5.1	5.4	5.6
BVBANK	3.65	3.75	4.85	5	5.15	5.55
HDBANK	3.15	3.15	4.8	4.6	5	5.9
PVCOMBANK	2.85	2.85	4.8	4.8	4.9	5.2
BAOVIETBANK	3.5	3.85	4.8	4.9	5.3	5.5
VIET A BANK	3.4	3.5	4.8	4.9	5.2	5.6
GPBANK	2.9	3.42	4.75	4.9	4.95	5.05
SHB	2.9	3.3	4.6	4.8	5	5.2
OCB	3	3.2	4.6	4.7	4.9	5.4
NAMA BANK	2.9	3.4	4.6	4.9	5.4	5.8
KIENLONGBANK	3.75	3.75	4.6	4.8	4.9	5.4
PGBANK	3.1	3.5	4.5	4.7	5.2	5.4
VIB	3.2	3.4	4.5	4.5		5.2
EXIMBANK	3.2	3.5	4.4	4.4	4.9	5.1
OCEANBANK	3.1	3.3	4.4	4.6	5.1	5.5
VPBANK	3.1	3.3	4.4	4.4	5.1	5.2
SACOMBANK	2.6	2.8	4.2	4.5	5	5.6
SEABANK	3.4	3.6	4.15	4.3	4.75	5
LPBANK	2.6	2.7	4	4.1	5	5.6
TPBANK	2.8	3	4		4.8	5
MSB	3.5	3.5	3.9	3.9	4.3	4.3
SAIGONBANK	2.5	2.7	3.9	4.1	5	5.4
ACB	2.9	3.2	3.9	4.2	4.8
MB	2.6	2.9	3.9	4.1	4.8	5.2
TECHCOMBANK	2.75	3.15	3.75	3.8	4.75	4.75
BIDV	2	2.3	3.3	3.3	4.8	4.8
AGRIBANK	1.7	2	3.2	3.2	4.8	4.8
VIETINBANK	1.9	2.2	3.2	3.2	4.8	4.8
SCB	1.75	2.05	3.05	3.05	4.75	4.75
VIETCOMBANK	1.7	2	3	3	4.7	4.7