On August 14, Hoang Minh from Ho Chi Minh City shared that he had a maturity savings deposit of VND 400 million. Previously, he chose to deposit for less than 3 months so that he could withdraw the money for business or investment purposes if needed.
However, with investment channels becoming more challenging recently and interest rates rising significantly, he decided to opt for a 6-month term deposit to benefit from a higher interest rate and have the maturity date fall around the Tet holiday season, allowing him to withdraw the money for year-end expenses.
According to reporters from NLD, state-owned commercial banks like VietinBank, BIDV, and Vietcombank still offer relatively low interest rates for 6-month deposits, ranging from 2.9% to 3% per annum. With a deposit of VND 400 million at this rate, the interest earned would be approximately VND 6 million at the end of the term (VND 1 million per month).
Private commercial banks, on the other hand, offer more attractive rates for the same term. BacABank leads with 5.15%, followed by CBBank at 5.4%, BaoVietBank at 5%, and NCB at 5.05%. VPBank, Saigonbank, Oceanbank, OCB, and Eximbank offer interest rates between 4.7% and 4.9% for 6-month deposits.
With an interest rate of 5% for a 6-month term, a deposit of VND 400 million would earn approximately VND 10 million in interest, translating to VND 1.66 million per month.
Rising savings interest rates at many banks
Commenting on the savings deposit channel, Associate Professor Dr. Nguyen Huu Huan from the University of Economics Ho Chi Minh City, stated that the wave of increasing savings interest rates has been gaining momentum since the beginning of April.
He predicted that in the last months of the year, businesses would require more capital to boost their production and business activities, leading to an increase in investment capital demand in the economy. As a result, banks would need to step up their capital mobilization efforts and offer competitive interest rates to attract deposits.
“If deposit interest rates continue to rise, people may consider returning to the savings deposit channel as it offers both safety and guaranteed profits at attractive rates, especially compared to other investment channels that carry higher risks and require more knowledge and understanding from investors,” Associate Professor Dr. Huan added.
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