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National Commercial Joint Stock Bank (NCB) has just announced the application of a new deposit interest rate from today (July 3), becoming the first bank to raise deposit interest rates in July with an adjustment of 0.1% per annum for terms from 1 to 13 months.
Specifically, for the An Phu savings product in the form of online money transfer, the 1-month term has a deposit interest rate of 3.7% per annum, the 2-month term is 3.9%, the 3-month term is 4%, the 4-month term is 4.1%, and the 5-month term is 4.2% per annum.
NCB continues to increase savings interest rates for 6-month terms to above 5% per annum, currently at 5.35%. Other terms such as 7 months have an interest rate of 5.4% per annum, 8 months at 5.45%, 9 months at 5.55%, and 10 months at 5.6%. The 11 and 12-month terms are offered interest rates of 5.65% and 5.7% per annum, respectively. With this adjustment, NCB continues to be one of the banks with the highest deposit interest rates below 12 months in the system.
The interest rate for the 13-month term has also increased to 5.8% per annum, equivalent to the listed interest rate for the 15-month term.
Source: NCB
The trend of increasing deposit interest rates has emerged since the end of March and has become widespread in April, May, and continued into June. However, the increase has mainly come from private joint-stock banks.
In June, the market recorded 23 commercial banks that increased deposit interest rates, including: TPBank, VIB, GPBank, BaoViet Bank, LPBank, Nam A Bank, OceanBank, ABBank, Bac A Bank, MSB, MB, Eximbank, OCB, BVBank, NCB, VietBank, VietA Bank, VPBank, PGBank, Techcombank, ACB, SHB, and VietinBank. Many of these banks have raised interest rates two to three times in June.
According to analysts, the low growth of deposits from individuals and businesses in the first months of the year, along with the recovery of credit growth, has forced many banks to increase deposit interest rates to ensure a balance of capital sources. Deposit interest rates are forecast to be under pressure to increase in the second half of the year, but the increase will not be significant as credit demand in this period is not expected to surge.
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