Customers transacting at Techcombank. Photo: Thanh Tan/TTXVN
Specifically, Agribank has just reduced the deposit interest rate for online deposits with terms from 6 to 9 months and 24 months; bringing the applicable interest rates for these terms down to 3% per annum and 4.8% per annum respectively.
For other terms, Agribank keeps the deposit interest rates unchanged as before: 1.7% per annum for a term of 1-2 months, 2% per annum for a term of 3-5 months, and 4.8% per annum for a term of 12-18 months.
This is the first bank among the “big 4” banks to adjust interest rates since the beginning of March.
Not only Agribank, some other banks have also made adjustments such as: Asia Commercial Joint Stock Bank (ACB), Vietnam E-Commerce Bank (BVBank), Bao Viet Joint Stock Commercial Bank (BaoVietBank), Global Petro Commercial Joint Stock Bank (GPBank)…
ACB reduced deposit interest rates by 0.1-0.4% per annum for several terms under 12 months. Among them, the most significant reduction is for a 3-month term, from 3.2% per annum to 2.8% per annum. The online deposit interest rate for a 1-2 month term also decreased by 0.2% per annum, to 2.5-2.6% per annum; the 9-month term decreased by 0.1% per annum to 3.9% per annum.
BVBank also lowered the savings deposit interest rates for all terms, with reductions ranging from 0.15-0.4% per annum. The most significant reduction is for a term of 1-4 months, decreased by 0.4% per annum to a range of 3.3-3.45% per annum.
BVBank reduced the 6-month term interest rate by 0.25% per annum to 4.4% per annum; the 9-month term by 0.2% per annum to 4.6% per annum; the 12-month term by 0.15% per annum to 4.8% per annum. Interest rates for terms of 15 months and above range from 5.3-5.6% per annum, reduced by 0.1-0.15% per annum compared to before.
At BaoVietBank, the reduction in interest rates ranges from 0.2-0.3% per annum. The latest interest rate schedule applicable is at a range of 3.3-3.55% per annum for a 1-3 month term; 4.6-4.7% per annum for a 6-9 month term; 5% per annum for a 12 month term.
PGBank took a similar approach by reducing the interest rates for a 1-3 month term to a range of 2.9-3.3% per annum; the 6-month term is 4.1% per annum; the 9-month term is 4.2% per annum.
As of the morning of March 5, the highest posted interest rate in the banking system is at 10% per annum at PVcomBank, applicable for new deposits of 2,000 billion VND and above, for a 12 and 13 month term.
The next highest rate is 9.65% per annum at An Binh Commercial Joint Stock Bank (ABBank), for cases of savings deposits totaling 1,500 billion VND and above, with a 13 month term, end-of-term interest and approval from the CEO required.
HDBank applies the highest interest rate of 8.1% per annum for a minimum 13 month term starting from 300 billion VND.
Regarding interest rate trends, experts from the Research Center of Saigon Securities Incorporation (SSI Research) believe that the State Bank of Vietnam still has room to further reduce the operating interest rate once more. However, it will be difficult for savings deposit interest rates to continue to decrease significantly.
SSI forecasts that the 12-month savings deposit interest rate at the end of 2024 will be around 5.5% per annum, an increase of 50 basis points compared to 2023. Meanwhile, lending rates for current loans may be further reduced by 50 – 100 basis points in the first half of 2024.
