Two Big 4 giants reduce deposit interest rates

The Joint Stock Commercial Bank for Investment and Development of Vietnam ( BIDV ) has just announced a reduction in interest rates for deposits with terms from 6 to 36 months starting today. This is the first time BIDV has reduced interest rates since the beginning of November.

Specifically, BIDV reduced 0.1%/year for terms from 6-11 months, down to 4.5%/year. This bank reduced 0.2%/year for online deposits for terms from 12-36 months, down to 5.3%/year.

BIDV still keeps the interest rates for terms from 1-5 months unchanged. Currently, the interest rate for terms from 1-2 months is 3.2%/year, and for terms from 3-5 months is 3.5%/year.

Notably, BIDV is one of three banks that increased deposit interest rates this month. On November 14, the bank unexpectedly increased interest rates for terms from 6 to 36 months, by 0.2% per year.

Another bank in the Big4 group that has just reduced deposit interest rates is the Vietnam Joint Stock Commercial Bank for Industry and Trade ( VietinBank ).

With online deposits applied from today, the interest rate for 1-2 month term is reduced by 0.2%/year to 3.2%/year. The 3-5 month term is reduced by 0.15%/year to only 3.6%/year.

VietinBank adjusted down 0.1%/year for 6-9 month terms, down to 4.5%/year. Interest rates for 12-18 month terms remained at 5.3%/year and for 24-36 month terms remained at 5.5%/year.

Currently in the Big4 group ( Agribank , BIDV, VietinBank and Vietcombank), the 6-9 month deposit interest rate at Vietcombank is the lowest, only 3.9%/year. BIDV and VietinBank are maintaining 4.5%/year, while Agribank is 4.7%/year.

For a 12-18 month term, Vietcombank has the lowest interest rate, 5%/year, while BIDV and VietinBank apply 5.3%/year, and Agribank is 5.5%/year.

INTEREST RATE TABLE FOR ONLINE DEPOSITS AT BIG4 BANKS
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
AGRIBANK	3.4	3.85	4.7	4.7	5.5	5.5
BIDV	3.2	3.5	4.5	4.5	5.3	5.3
VIETINBANK	3.2	3.6	4.5	4.5	5.3	5.3
VIETCOMBANK	2.6	2.9	3.9	3.9	5	5

Also today, Techcombank continue to reduce deposit interest rates. This is the bank that reduced deposit interest rates 3 times this month.

Techcombank adjusted interest rates down for terms from 6-36 months by 0.1%/year.

For newly opened savings accounts under 1 billion VND, the 6-8 month term is currently 4.65%/year. The interest rate for the 9-11 month term is 4.7%/year and the 12-36 month term is 5.05%/year.

For deposits from 1-3 billion VND, customers will receive an additional 0.05%/year compared to the interest rate for deposits under 1 billion VND at corresponding terms.

The bank applies a common interest rate to all types of deposits with terms from 1 to 5 months. The 1-2 month term is 3.55%/year, the 3-5 month term is 3.75%/year.

Since the beginning of November, 29 banks have reduced deposit interest rates: Sacombank, NCB, VIB, BaoVietBank, Nam A Bank, VPBank, VietBank, SHB, Techcombank, Bac A Bank, KienLongBank, ACB, Dong A Bank, PG Bank, PVCombank, VietA Bank, SCB, Eximbank, OceanBank, BVBank, OCB, TPBank, CBBank, HDBank, SeABank, GPBank, Saigonbank, BIDV, VietinBank.

Of which, VietBank, Dong A Bank, VIB, NCB, OCB, Bac A Bank, Sacombank, BaoVietBank, BVBank are the banks that have reduced interest rates twice this November.

Techcombank alone has reduced interest rates 3 times.

On the contrary, VIB, OCB and BIDV increased their deposit interest rates. With OCB, the bank increased interest rates for terms from 18 to 36 months. Meanwhile, BIDV increased the terms from 6 to 36 months, and VIB increased the terms from 2 to 5 months.

HIGHEST INTEREST RATE TABLE ON NOVEMBER 29 (%/year)
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
HDBANK	3.85	3.85	5.7	5.5	5.9	6.5
PVCOMBANK	3.65	3.65	5.6	5.6	5.7	6
OCEANBANK	4.3	4.5	5.5	5.6	5.8	5.8
VIETBANK	3.8	4	5.4	5.5	5.8	6.2
KIENLONGBANK	4.55	4.75	5.4	5.6	5.7	6.2
VIET A BANK	4.4	4.4	5.4	5.4	5.7	6.1
NCB	4.25	4.25	5.35	5.45	5.7	6
BAOVIETBANK	4.2	4.55	5.3	5.4	5.6	6
GPBANK	4.05	4.05	5.25	5.35	5.45	5.55
SHB	3.5	3.8	5.2	5.4	5.6	6.1
BAC A BANK	3.8	4	5.2	5.3	5.5	5.85
LPBANK	3.8	4	5.1	5.2	5.6	6
OCB	3.8	4	5.1	5.2	5.4	6.1
CBBANK	4.2	4.3	5.1	5.2	5.4	5.5
MB	3.5	3.8	5.1	5.2	5.4	6.1
VIB	3.8	4	5.1	5.2		5.6
BVBANK	3.8	3.9	5.05	5.2	5.5	5.55
EXIMBANK	3.6	3.9	5	5.3	5.6	5.7
MSB	3.8	3.8	5	5.4	5.5	6.2
VPBANK	3.7	3.8	5	5	5.3	5.1
SCB	3.75	3.95	4.95	5.05	5.45	5.45
NAMA BANK	3.6	4.2	4.9	5.2	5.7	6.1
SAIGONBANK	3.3	3.5	4.9	5.1	5.4	5.6
PGBANK	3.4	3.6	4.9	5.3	5.4	6.2
DONG A BANK	3.9	3.9	4.9	5.1	5.4	5.6
ABBANK	3.7	4	4.9	4.9	4.7	4.4
TPBANK	3.6	3.8	4.8		5.35	5.7
AGRIBANK	3.4	3.85	4.7	4.7	5.5	5.5
SACOMBANK	3.6	3.8	4.7	4.95	5	5.1
TECHCOMBANK	3.55	3.75	4.65	4.7	5.05	5.05
SEABANK	3.8	4	4.6	4.75	5.1	5.1
ACB	3.3	3.5	4.6	4.65	4.7
BIDV	3.2	3.5	4.5	4.5	5.3	5.3
VIETINBANK	3.2	3.6	4.5	4.5	5.3	5.3
VIETCOMBANK	2.6	2.9	3.9	3.9	5	5