Techcombank has just announced a new interest rate schedule, adjusting down the terms from 6 to 36 months.
Accordingly, the online interest rate for newly opened savings accounts under 1 billion, with a term of 6-8 months, decreased by 0.2 percentage points to 4.75%/year. The term of 9-11 months also officially lost the 5% mark, falling back to 4.8%/year.
Interest rates on deposits for terms of 12-36 months decreased by 0.1 percentage points to 5.25%/year.
For newly opened deposits from 1-3 billion VND and from 3 billion VND or more, Techcombank adds 0.05 percentage points of interest rate compared to the adjacent rate.
Bao Viet Commercial Joint Stock Bank (BaoVietBank) also reduced interest rates for terms of 6 months to 36 months. According to the online interest rate schedule for individual customers, the 6-month term decreased by 0.3 percentage points to 5.5%/year.
Interest rates on deposits with terms of 7-8 months also decreased by 0.3 percentage points to 5.55%/year. Deposit terms of 9-11 months also decreased by the same amount to 5.6%/year.
Meanwhile, the 12-13 month term bank interest rate has lost the 6.1% mark after being adjusted down to 5.9%/year from today.
Currently, only deposit terms from 15 to 36 months have the highest interest rate of 6.2%/year. However, this interest rate also decreased by 0.2 percentage points compared to yesterday.
BaoVietBank keeps the deposit interest rates unchanged for terms from 1 to 5 months. The interest rate for 1-2 months is still 4.4%/year, 3-month term is 4.75%/year, 4-5 month term is 4.5%/year.
National Citizen Commercial Joint Stock Bank (NCB) continues to reduce interest rates for deposits with terms from 6 to 60 months.
Bank interest rates for terms of 6-8 months decreased by 0.2 percentage points to 5.5%/year. Terms of 9-11 months decreased by 0.2 percentage points to 5.65%/year.
Meanwhile, NCB reduced interest rates by 0.1 percentage points for deposit terms of 12 months or more. Bank interest rates for terms of 12-13 months are currently 5.8%/year and for terms of 15-60 months are 6%/year.
Bank interest rates for deposits from 1 to 5 months remain at 4.45%/year.
Saigon - Hanoi Commercial Joint Stock Bank (SHB ) adjusted interest rates for all terms. The 1-5 month term decreased by 0.3 percentage points. The 1-month term interest rate decreased to 3.5%/year, the 2-month term to 3.7%/year, the 3-month term to 3.8%/year, the 4-month term to 3.9%/year and the 5-month term to 4%/year.
Bank interest rates for terms of 6 months or more decreased by 0.2 percentage points. The interest rate is 5.2%/year for online deposits with terms of 6-8 months; 5.4%/year for deposits with terms of 9-11 months; 5.6%/year for terms of 12 months; 5.7%/year for terms of 13 months.
Meanwhile, the 18-month term has dropped to 6.1%/year, while terms of 24 months or more currently have the highest interest rate of 6.3%/year.
Bac A Commercial Joint Stock Bank ( Bac A Bank ) has also just adjusted down the short term from 1 to 5 months by 0.1 percentage points. After adjustment, the interest rate for these terms is 4.45%/year.
Bac A Bank keeps the interest rates for the remaining terms unchanged. The interest rate for 6-8 months is 5.6%/year, the interest rate for 9-11 months is 5.7%/year, the interest rate for 12-13 months is 5.8%/year, the interest rate for 15 months is 5.9%/year and the interest rate for 18-36 months is 6.1%/year.
Nam A Bank also sharply reduced the interest rate for short-term deposits from 1 to 3 months. The 1-2 month term decreased from 4.65% to 3.6%/year. The 3 month term decreased from 4.65% to 4.2%/year.
Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) has sharply reduced interest rates for short terms. The 1-month term is now only 3.9%/year. The 2-month term has dropped to 4%/year. The 3-month term has dropped to 4.1%/year. The interest rates for the 4-month and 5-month terms are now 4.2% and 4.3%/year, respectively.
Previously, VietBank applied a common interest rate of 4.4%/year for the above terms.
Thus, since the beginning of November until now, 9 banks have reduced deposit interest rates: Sacombank, NCB, VIB, BaoVietBank, Nam A Bank, VPBank, VietBank, SHB, Techcombank.
| HIGHEST INTEREST RATE TABLE ON NOVEMBER 7 (%/year) | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| PVCOMBANK | 3.95 | 3.95 | 6.1 | 6.1 | 6.2 | 6.5 |
| OCEANBANK | 4.6 | 4.6 | 5.8 | 5.9 | 6.1 | 6.5 |
| CBBANK | 4.2 | 4.3 | 5.7 | 5.8 | 6 | 6.1 |
| HDBANK | 4.05 | 4.05 | 5.7 | 5.5 | 5.9 | 6.5 |
| VIET A BANK | 4.5 | 4.5 | 5.6 | 5.6 | 6 | 6.3 |
| BAC A BANK | 4.45 | 4.45 | 5.6 | 5.7 | 5.8 | 6.1 |
| BVBANK | 4.4 | 4.7 | 5.55 | 5.65 | 5.75 | 5.75 |
| BAOVIETBANK | 4.4 | 4.75 | 5.5 | 5.6 | 5.9 | 6.2 |
| NCB | 4.45 | 4.45 | 5.5 | 5.65 | 5.8 | 6 |
| DONG A BANK | 4.5 | 4.5 | 5.5 | 5.6 | 5.85 | 5.85 |
| GPBANK | 4.25 | 4.25 | 5.45 | 5.55 | 5.65 | 5.75 |
| SHB | 3.5 | 3.8 | 5.4 | 5.6 | 5.8 | 6.3 |
| KIENLONGBANK | 4.55 | 4.75 | 5.4 | 5.6 | 5.7 | 6.4 |
| SCB | 4.5 | 4.5 | 5.35 | 5.45 | 5.65 | 5.65 |
| OCB | 4.1 | 4.25 | 5.3 | 5.4 | 5.5 | 5.9 |
| SAIGONBANK | 3.4 | 3.6 | 5.2 | 5.4 | 5.6 | 5.6 |
| EXIMBANK | 3.5 | 4 | 5.2 | 5.5 | 5.6 | 5.8 |
| VIB | 3.8 | 4 | 5.1 | 5.2 | 5.6 | |
| PG BANK | 3.8 | 3.8 | 5.1 | 5.3 | 5.4 | 6.2 |
| LPBANK | 3.8 | 4 | 5.1 | 5.2 | 5.6 | 6 |
| MB | 3.5 | 3.8 | 5.1 | 5.2 | 5.4 | 6.1 |
| SACOMBANK | 3.6 | 3.8 | 5 | 5.3 | 5.6 | 5.75 |
| VPBANK | 3.7 | 3.8 | 5 | 5 | 5.3 | 5.1 |
| ACB | 3.5 | 3.7 | 5 | 5.1 | 5.5 | |
| TPBANK | 3.8 | 4 | 5 | 5 | 5.55 | 6 |
| MSB | 3.8 | 3.8 | 5 | 5.4 | 5.5 | 6.2 |
| NAMA BANK | 3.6 | 4.2 | 4.9 | 5.2 | 5.7 | 6.1 |
| ABBANK | 3.9 | 4 | 4.9 | 4.9 | 4.7 | 4.4 |
| SEABANK | 4 | 4 | 4.8 | 4.95 | 5.1 | 5.1 |
| TECHCOMBANK | 3.55 | 3.75 | 4.75 | 4.8 | 5.25 | 5.25 |
| VIETBANK | 3.9 | 4 | 4.1 | 5.5 | 5.8 | 6.4 |
| AGRIBANK | 3.4 | 3.85 | 4.7 | 4.7 | 5.5 | 5.5 |
| VIETINBANK | 3.4 | 3.75 | 4.6 | 4.6 | 5.3 | 5.3 |
| BIDV | 3.2 | 3.5 | 4.4 | 4.4 | 5.3 | 5.3 |
| VIETCOMBANK | 2.8 | 3.1 | 4.1 | 4.1 | 5.1 | 5.1 |
According to data from the State Bank of Vietnam, as of the end of October, credit increased by 7.1% compared to the end of 2022 (a slight increase compared to 6.9% at the end of September). In addition, at its regular meeting in October, the SBV said the average interest rate on new loans decreased by about 200-220 basis points compared to the end of 2022 - higher than the target reduction of about 150 basis points. Interest rates for existing loans have decreased at a slower rate due to the lag with deposit interest rates. Notably, the average interest rate (combining new and old loans) of some state-owned commercial banks has decreased sharply, such as VCB (5.94% - down 175 basis points compared to the end of 2022) or BIDV (6.46% - down 259 basis points). Last week, the State Bank continued to bid for 28-day SBV bills, winning VND56.75 trillion worth of bills at an interest rate of 1.50% (up 5 basis points from the previous weekend). With VND46.9 trillion maturing, the total volume of bills in circulation on the market increased to VND203.2 trillion (from VND193.3 trillion). |
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