"Huge" interest rate appears for 18-month term, deposit 1 billion and receive up to 108 million?

Illustration: Tra My

PVcomBank interest rates

According to the interest rate table at PVcomBank (October 8, 2023), the highest 18-month term interest rate is 6.8% when customers deposit money online. In case of depositing savings at the counter, the highest interest rate is 6.4%.

PVcomBank interest rates range from 6.4 - 6.8% for 18-month term. Screenshot on October 8, 2023

HDBank interest rates

The 18-month savings interest rate at HDBank is fluctuating from 6.1 - 6.5%. Of which, when making online savings, customers enjoy the highest interest rate of 6.5%.

Deposit savings online at HDBank, the highest interest rate for 18-month term is 6.5%. Screenshot on October 8, 2023

HDBank interest rates when customers deposit savings at the counter. Screenshot on October 8, 2023

NCB interest rates

For the 18-month term, NCB listed the highest interest rate at 6.4%; the lowest interest rate at 6.25%. Compared to HDBank, NCB's interest rate is 0.1 percentage point lower for online savings.

NCB's highest interest rate is 6.4% for an 18-month term in the form of online savings. Screenshot on October 8, 2023

NamABank interest rates

For 18-month term, NamABank listed interest rates ranging from 6.1 - 6.4%, depending on the form of savings. Of which, online interest rates are higher.

NamABank's highest interest rate is 6.4% for an 18-month term. Screenshot on October 8, 2023

In addition, readers can refer to interest rates of other banks below.

OCB's highest interest rate is 5.9% for 18-month term. Screenshot on October 8, 2023

VPBank's 18-month term interest rates range from 4.9 - 5.4%. Screenshot on October 8, 2023

BacABank interest rates. Screenshot on October 8, 2023

Deposit 1 billion after 18 months, how much interest can I receive at most?

You can quickly calculate savings interest rates using the formula:

Interest = deposit x interest rate %/12 x number of months of deposit.

For example: With 1 billion VND, if you save for 18 months at PVcomBank with an interest rate of 6.8%/year, you can receive: 1 billion VND x 6.8%/12 x 18 = 102 million VND.

With the same amount of money, if you deposit it at ABBank, with an interest rate of 4.1%, the interest you receive will be: 1 billion VND x 4.1% / 12 x 18 = 61.5 million VND.

* Interest rate information is for reference only and may change from time to time. Please contact the nearest bank transaction point or hotline for specific advice.

Source: https://laodong.vn/kinh-doanh/xuat-hien-lai-suat-khung-ki-han-18-thang-gui-1-ti-nhan-toi-108-trieu-1251709.ldo