According to statistics from the Ho Chi Minh City Representative Office of the Banking Association, in the past three weeks (from August 19 to September 6, 2024), 9 out of 36 banks adjusted their personal deposit interest rates upwards, while 3 banks made downward adjustments. Some notable examples include:
DongABank adjusted interest rates on certain terms, such as: terms of 1-3 months with interest rates ranging from 3.8% to 4.0% per annum, an increase of about 0.5% compared to before; terms of 6-9 months with interest rates at 5.35% – 5.65% per annum, an increase of 0.7% – 0.8%; and terms of 18-36 months with an interest rate of 6.0% per annum. Notably, for savings deposits of VND 200 billion or more at a term of 13 months with interest payable at maturity, the interest rate is 7.5% per annum. This is also the highest deposit interest rate recorded at DongABank.
VPBank also increased rates by 0.5% for 1-month deposits, bringing the interest rate for this term to 3.5% per annum. Currently, the highest rate at this bank is 5.8% per annum for 24-36 months, applicable to online savings products.
Oceanbank increased rates by 0.4% for 1-3 month terms, offering rates of 3.8% – 4.2% per annum. The highest rate at this bank is currently 6.1% per annum for online savings deposits with terms of 24-36 months.
HDBank raised rates by 0.3% – 0.4% for 1-3 month terms, resulting in rates of 3.35% – 3.45% per annum. The highest savings deposit rate at this bank is 6.1% per annum for 18-month online savings deposits.
The remaining banks also made slight adjustments to their deposit interest rates, increasing them by 0.05% – 0.3% for terms ranging from 1 to 60 months, applicable to both over-the-counter and online savings deposits.
According to the same statistics, three banks made minor reductions in interest rates (by 0.05% – 0.2%) for both over-the-counter and online deposits. These banks include ABBank, Eximbank, and PVcombank.
Overall, in the past three weeks, after a number of banks made adjustments to their personal deposit interest rates (payable at maturity), as of now:
For deposits of VND 200 billion or more, there are four banks offering interest rates of 7.0% per annum or higher, including: MSB, with an interest rate of 7.0% per annum for deposits of VND 500 billion or more; DongABank, offering 7.5% per annum for deposits of VND 200 billion or more; HDBank, with an interest rate of 7.7% per annum for deposits of VND 500 billion or more; and PVcombank, providing an interest rate of 9.5% per annum for deposits of VND 2,000 billion or more. These rates are applicable to over-the-counter deposits with terms of 12-13 months.
For deposits below VND 200 billion: The highest deposit interest rate in the system is 6.1% per annum at five banks, including Saigonbank, Oceanbank, NCB, and SHB, applicable to online deposits with terms of 24-36 months; and HDBank, applicable to online deposits with an 18-month term.
For a 12-month term: The highest interest rate is 5.8% per annum offered by DongABank for over-the-counter deposits.
For a 9-month term: The highest interest rate is 5.5% per annum offered by DongABank for over-the-counter deposits.
For a 6-month term: The highest interest rate is 5.55% per annum offered by CBBank for online deposits.
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