A bank in the big 4 group, the Bank for Agriculture and Rural Development ( Agribank ), suddenly increased its deposit interest rate on the first day of August. This is the first time in 4.5 months that this bank has adjusted its deposit interest rate, and also the first time in more than a year that Agribank has increased its interest rate.

According to the online interest rate schedule just announced by Agribank, the interest rate for 1-2 month term is adjusted to increase by 0.2%/year, to 1.8%/year.

Interest rates for 3-5 month deposits increased by 0.3% per year to 2.2% per year. Meanwhile, the new interest rates for 6-9 month deposits are 3.2% per year after increasing by 0.2%.

Agribank kept the interest rate for deposits with terms of 12-18 months unchanged at 4.7%/year, however, the bank interest rate for terms of 24 months or more increased by 0.1%/year to 4.8%/year.

Thus, 3 out of 4 banks in the big 4 group have increased deposit interest rates since April 2024.

As for Agribank, although it has just increased its interest rate, its deposit interest rate is still lower than that of VietinBank and BIDV listed for most terms. Currently, these 3 banks still maintain an interest rate of 4.7%/year for 12-18 month term deposits.

BIG4 BANK DEPOSITS INTEREST RATES ON AUGUST 1, 2024
TERM VIETINBANK BIDV AGRIBANK VIETCOMBANK
1 MONTH 2 2 1.8 1.6
3 MONTHS 2.3 2.3 2.2 1.9
6 MONTHS 3.3 3.3 3.2 2.9
9 MONTHS 3.3 3.3 3.2 2.9
12 MONTHS 4.7 4.7 4.7 4.6
18 MONTHS 4.7 4.7 4.7 4.6
24 MONTHS 5 4.9 4.8 4.7
36 MONTHS 5 4.9 4.8 4.7

Also this morning, HDBank increased its short-term deposit interest rates. Specifically, online deposit interest rates for 1-5 month terms were listed at 3.55% per year after increasing by 0.3% per year.

HDBank increased the interest rate for 6-month term deposits by 0.2%/year, to 5.1%/year. This is the first time in many months that the interest rate for this term has exceeded the threshold of 4.9%/year.

HDBank keeps the interest rates for the remaining terms unchanged. The 7-11 month term still has an interest rate of only 4.7%/year; the 12 month term has an interest rate of 5.5%/year; the 13 month term has an interest rate of 5.7%/year; the 15 month term has an interest rate of 6%/year; the 18 month term has an interest rate of 6.1%/year and the 24-36 month term has an interest rate of 5.5%/year.

Notably, HDBank still maintains the special interest rate at 7.7%/year (12-month term) and 8.1%/year (13-month term). The condition to enjoy this interest rate is that customers deposit at least 500 billion VND.

Except for HDBank and Agribank, savings interest rates at other banks remain unchanged.

HIGHEST DEPOSITS INTEREST RATES AT BANKS ON AUGUST 1, 2024
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
ABBANK 3.2 4 5 5.5 6 5.7
ACB 3 3.4 4.15 4.2 4.8
BAC A BANK 3.7 3.9 5.15 5.25 5.75 5.85
BAOVIETBANK 3.3 4 5.2 5.4 5.8 6
BVBANK 3.7 3.8 5.1 5.5 5.8 6
CBBANK 3.4 3.6 5.15 5.1 5.3 5.55
DONG A BANK 2.8 3 4 4.2 4.5 4.7
EXIMBANK 3.5 4.3 5.2 4.5 5 5.1
GPBANK 3 3.52 4.85 5.2 5.75 5.85
HDBANK 3.55 3.55 5.1 4.7 5.5 6.1
KIENLONGBANK 3.7 3.7 5.2 5.3 5.6 5.7
LPBANK 3.4 3.5 4.7 4.8 5.1 5.6
MB 3.3 3.7 4.4 4.4 5.1 5
MSB 3.7 3.7 4.6 4.6 5.4 5.4
NAM A BANK 3.1 3.8 4.6 5.1 5.4 5.7
NCB 3.7 4 5.35 5.55 5.7 6.1
OCB 3.7 3.9 4.9 5 5.2 5.4
OCEANBANK 3.4 3.8 4.8 4.9 5.5 6.1
PGBANK 3.2 3.7 5 5 5.5 5.8
PVCOMBANK 3.35 3.55 4.5 4.7 5.1 5.8
SACOMBANK 3 3.3 4.1 4.3 4.9 5.1
SAIGONBANK 3 3.3 4.5 4.6 5.5 5.7
SCB 1.6 1.9 2.9 2.9 3.7 3.9
SEABANK 3.2 3.7 4.4 4.54 5.25 6
SHB 3.5 3.6 4.7 4.8 5.2 5.5
TECHCOMBANK 2.85 3.25 4.25 4.25 4.95 4.95
TPBANK 3.3 3.6 4.5 5.2 5.4
VIB 3.1 3.4 4.4 4.4 4.9 5.2
VIET A BANK 3.4 3.7 4.8 4.8 5.4 5.7
VIETBANK 3.6 3.8 4.9 5 5.4 5.9
VPBANK 3.1 3.6 4.8 4.8 5.3 5.3

According to statistics from the State Bank of Vietnam (SBV) in the week from July 22 to 26, this agency injected a net VND42,191 billion in the open market. Through outright sales, the SBV absorbed VND16,200 billion (14-day term, 4.5% interest rate), while VND33,650 billion issued previously had matured. At the same time, the SBV purchased nearly VND59,045 billion (7-day term, 4.5% interest rate), while VND34,304 billion issued previously had matured.

During the week, overnight, 1-week, and 2-week interbank interest rates increased by 0.38%; 0.39%; 0.27% to 4.86%; 4.96%; and 4.95%, respectively. In general, short-term interbank interest rates are still fluctuating around the 5% threshold set since April. The domestic interest rate level has reduced the difference compared to US interest rates, helping to reduce pressure on the VND/USD exchange rate.

The most notable news was last night (Vietnam time), the Federal Reserve (Fed) kept interest rates unchanged and emphasized progress in the process of reducing inflation... At the press conference afterward, Fed Chairman Jerome Powell said if data continued to provide confidence that inflation was slowing, the Fed could be ready to act.

The Fed's decision not to change interest rates at this meeting was not beyond the market's previous forecast. US stocks reacted very positively after the Fed's meeting.