OCB Bank has announced a new deposit interest rate structure, reducing rates for certain long-term deposits. The interest rate for 24-month term deposits at the bank has decreased from 5.8% to 5.6% per annum; similarly, the 36-month term deposit rate has been reduced to 5.8% per annum.
At least three banks have now lowered their deposit interest rates for select terms, marking a shift from the upward trend observed over the past several months.
SeABank, for instance, has introduced a new deposit interest rate structure, reducing rates for various terms by approximately 0.25 percentage points. Customers who opt for a 9-month term deposit at this bank will earn an interest rate of 3.95%, while those choosing a 12-month term will receive 4.5%, and the 24-month term now stands at 5.45% per annum.
ABBANK has also lowered its deposit rates by 0.2 to 0.3 percentage points for most online deposit terms. Consequently, customers opting for a 3-month term deposit will now earn an interest rate of 4% per annum, while the 6-month and 9-month terms offer 5.3% and 5.5%, respectively.
Some banks unexpectedly lowered their deposit interest rates
Contrarily, some banks continue to raise their deposit interest rates. Cake by VPBank, a digital bank, has increased its interest rates for various terms by 0.1 percentage points. Customers opting for a 12-month term deposit will now earn an interest rate of 6%. The highest interest rate offered by this digital bank is 6.1% per annum for deposits ranging from 24 to 36 months.
According to experts, the fluctuation in interest rates among banks is influenced by their unique capital requirements and structures during different phases. Nonetheless, the overall trend leans towards increases.
Mr. Truong Dac Nguyen, Head of Research at Wigroup Financial Data Company, shared that recent data from February to August 2024 indicates a significant rise in 12-month deposit interest rates offered by small commercial banks compared to their larger counterparts and state-owned commercial banks.
The increase in deposit interest rates by small commercial banks can be attributed to their competitive efforts to attract capital.
During the first half of this year, deposit interest rates among different groups of banks were relatively similar, making small commercial banks less appealing when compared to their larger competitors.
Raising interest rates is a strategy employed to create attractive interest rate differentials and entice depositors.
“State-owned commercial banks have not shown any signs of increasing their interest rates, maintaining an average of 4.68% even as the market rates climbed. It is anticipated that the 12-month deposit rates of large banks may increase by 0.25 to 0.5 percentage points, reaching 5 to 5.2% by the year’s end,” predicted Mr. Nguyen.
Latest Interest Rates at Agribank in February 2023: Highest Rate for 24-month Term
Interest rates for deposits at Agribank have further decreased in early February 2024 compared to January. Specifically, individual customers’ deposits are subjected to interest rates ranging from 1.7% to 4.9% per annum, while business customers’ deposits are subjected to interest rates ranging from 1.7% to 4.2% per annum.
OCB Achieves Strong Business Growth and Efficient Cost Control, Profit Increases by 19.1% in 2023
OCB’s capital mobilization in 2023 has grown by 23.4% compared to 2022, while credit has also grown by over 20%. In the service sector, OCB’s card has experienced a breakthrough growth with the number of cards issued almost doubling compared to 2022 and a strong growth for 3 consecutive years.
Latest Interest Rates from VietinBank in February 2024: Up to 5% per annum
According to the latest survey in February 2024, VietinBank offers the highest deposit interest rate of 5% per annum for personal deposits of 24 months or more with interest paid at maturity.
