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According to the latest deposit interest rate table updated on March 15, the Agricultural Bank of Vietnam (Agribank) continues to adjust and decrease the interest rates for various terms.
Specifically, the interest rate for a 1-month term decreases from 1.7% per annum to 1.6% per annum; for 3-5 months term, the interest rate decreases from 2% per annum to 1.9% per annum;
For 6-11 months term, the interest rate remains unchanged at 3% per annum. Meanwhile, the interest rate for 12 and 13 months terms have decreased by 0.1 percentage point, from 4.8% per annum to 4.7% per annum; the interest rate for 24 months term decreases from 4.9% per annum to 4.7% per annum.
After this adjustment, the interest rates for terms of 12 months and above at Agribank have returned to levels equivalent to Vietcombank. Meanwhile, the interest rates for terms below 6 months are even lower by 0.1 percentage point compared to Vietcombank.
Compared to VietinBank or BIDV, the deposit interest rates at Agribank are lower by around 0.1 – 0.3 percentage point, depending on the term.
For corporate customers, Agribank also decreases the deposit interest rates by 0.1 percentage point for terms below 12 months and keeps it unchanged for terms of 12 months and above at 4.2% per annum.
Agribank is the bank with the largest transaction network and customer deposit volume in the system. The latest published data shows that the total deposits mobilized in 2023 by Agribank reached over VND 1.88 million trillion. Therefore, the bank’s interest rate reduction will encourage similar actions by other banks in the system, thereby potentially further reducing the deposit interest rate level.
