Commercial banks rush to increase deposit rates. (Photo: Vietnam+)
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On May 28, several commercial banks, including Prosperity and Development Joint Stock Commercial Bank (PGBank), Vietnam Commercial Joint Stock Bank (VIB), Saigon-Hanoi Commercial Joint Stock Bank (SHB), and Vietnam Technological and Commercial Joint Stock Bank (Techcombank), raised their deposit rates by 0.1%-0.3% compared to their previous rate sheets.
PGBank made the most significant increase, raising its rates by up to 0.4%. After increasing rates for 12-36-month terms on May 9, the bank implemented its second rate hike of the month, with rates for 1-18-month terms rising by 0.2%-0.4% annually.
As per PGBank’s rate sheet on May 28, rates for 1-2-month terms increased by 0.3% annually, reaching 2.9%-3%. The rate for 3-month deposits also rose by 0.2% to 3.2%.
Savings rates for 6-9-month terms witnessed a substantial increase of 0.4%, climbing to 4.2%, while 12-13-month terms saw a boost of 0.3%, reaching 5% and 5.1% respectively.
Other banks made more modest adjustments. Specifically, for the 3-month term, Techcombank raised its rate to 2.9%, BVBank to 3.3%, VIB to 3%, and SHB to 3%, reflecting a 0.1% increase across the board.
For the 6-month term, customers will enjoy higher rates at several banks following the adjustments. Techcombank now offers a rate of 3.8%, MB at 3.5%, BVBank at 4.6%, and SHB at 4.3%.
Among these banks, Techcombank has adjusted its deposit rates upward three times since the beginning of May. Previously, the bank increased its savings rates on May 9 by an average of 0.1% across all terms. On May 8, Techcombank also adjusted its savings rates, with an average increase of 0.3%-0.4%.
Since the start of May 2024, a string of banks have raised their deposit rates, including ACB, VIB, GPBank, Sacombank, CB, TPBank, SeABank, Viet A Bank, ABBank, VPBank, and HDBank. Notably, several banks have made repeated rate hikes, such as ABBank with four increases and NCB with two.
According to experts’ forecasts, the trend of increasing savings rates is expected to continue, but the increments will likely remain modest.
Thuy Ha
