Banks Unveil Attractive Interest Rate Hikes and Promotions to Boost Deposits
Several banks have raised interest rates to a range of 5.6% to 6.1% per annum for deposits under 1 billion VND. Many joint-stock commercial banks and foreign banks are also offering additional interest rates of 0.2-1.5% per annum, along with various gift promotions and lucky draws. According to experts, the widespread increase in deposit interest rates in October reflects the growing demand for medium and long-term capital, particularly amid the peak credit disbursement season at year-end and recovering purchasing power.
Since the beginning of October, six banks have raised their deposit interest rates, including GPBank, NCB, Vikki Bank, Bac A Bank, VCBNeo, and HDBank. Notably, Bac A Bank has increased its rates twice this month. Additionally, numerous banks have implemented promotional policies to attract customers, including VietinBank, Vietcombank, Vikki Bank, MB, Techcombank, and VietBank.
Top deposit interest rates at banks range from 6% to 9% per annum
The highest deposit interest rates at banks range from 6% to 9% per annum. However, to qualify for these rates, customers must meet specific conditions. PVcomBank offers a special rate of 9% per annum for 12-13 month terms on over-the-counter deposits, requiring a minimum balance of 2,000 billion VND. HDBank provides rates of 8.1% per annum for 13-month terms and 7.7% per annum for 12-month terms, with a minimum balance of 500 billion VND. Vikki Bank offers 7.5% per annum for deposits of 13 months or more, with a minimum amount of 999 billion VND. Bac A Bank offers a maximum rate of 6.3% per annum for terms of 18 to 36 months; 6.1% per annum for 13-15 month terms; and 6% per annum for 12-month terms on deposits of 1 billion VND or more.
IVB offers a rate of 6.15% per annum for 36-month terms, applicable to deposits of 1,500 billion VND or more. ACB provides a rate of 6% per annum for 13-month terms with interest paid at maturity for customers with a minimum balance of 200 billion VND. At LPBank, for deposits of 300 billion VND or more, the interest rates are 6.5% per annum for interest paid at maturity, 6.3% per annum for monthly interest payments, and 6.07% per annum for interest paid upfront. Viet A Bank offers rates above 6% per annum for its Đắc Tài savings product. Specifically, the rates are 6.0% per annum for 6-month terms, 6.1% per annum for 7-month terms, 6.5% per annum for 12-month terms, 6.6% per annum for 13-month terms, 6.7% per annum for 15-month terms, and a peak rate of 6.8% per annum for 18-month terms. To participate, customers must deposit a minimum of 100 million VND and transact over the counter, with interest paid at maturity.
Businesses Hoard Cash in Banks Despite Low Interest Rates
Despite a significant drop in deposit interest rates to their lowest levels in years, numerous publicly listed companies continue to park tens of trillions of Vietnamese dong in banks.
Major Bank Hikes Savings Interest Rates, Boosting Short-Term Deposits Under 6 Months
The most significant increase in this adjustment is applied to the 5-month fixed-term deposit at the counter.
Latest Interest Rate Forecast: Savings and Loan Rates Poised to Rise in Q4
According to KB Securities, several banks have recorded credit growth exceeding 20% in the first nine months of the year, which could put upward pressure on deposit interest rates. Lending interest rates at many banks have stabilized in recent months, following a significant downward adjustment since the beginning of the year.
Record-Breaking Deposits: Which Bank Offers the Highest Interest Rates?
Amidst a surge in credit growth, numerous banks are hiking deposit interest rates to attract more savings from the public. Several banks are now offering rates exceeding 6% per annum for long-term deposits.
Interest Rates on Deposits See Slight Uptick in Early October
The recent slight increase in deposit interest rates by some banks is a seasonal phenomenon, reflecting their proactive efforts to bolster liquidity reserves in preparation for the year-end credit peak.
