Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has announced new deposit interest rates effective from January 28th, with a 0.25% annual increase for 3-5 month term deposits. This adjustment pushes the interest rate for these terms to the maximum allowed for deposits under 6 months, reaching 4.75% per annum. Other term deposit rates remain unchanged.
This marks the second interest rate hike by VPBank in less than a week. Earlier, the bank increased rates by 0.1% per annum for 1-5 month term deposits and by 0.3% per annum for 6-36 month terms at the beginning of the week.
According to VPBank’s newly released online term deposit rates with interest paid at maturity—the product offering the highest rates—1-month term deposits range from 4.4% to 4.6% per annum, depending on the deposit amount. Two-month term deposits offer rates between 4.5% and 4.7% per annum, while 3-5 month terms have reached the maximum rate of 4.75% per annum.
Meanwhile, interest rates for 6-11 month terms remain steady at 5.6% to 5.8% per annum, 12-18 month terms at 5.8% to 5.9% per annum, and 24-36 month terms at 5.9% to 6.1% per annum.
Source: VPBank
At a recent Business Results Announcement, Mr. Vu Minh Truong, Director of the Capital and Financial Markets Division at VPBank, highlighted the prolonged issue of credit growth outpacing deposit growth, which is putting pressure on liquidity and interest rates in the near future.
VPBank’s leadership noted that year-to-date credit growth in the system has reached approximately 13.5%, while deposit growth stands at 9.6%. Similarly, compared to the same period last September, credit has increased by nearly 19%, whereas deposits have grown by about 16%, resulting in a 3% gap between the two figures.
“These indicators have been on the rise recently, leading to a relatively high loan-to-deposit ratio (LDR) in the system, currently around 98% when considering only the primary market. These factors clearly indicate the current pressure to raise interest rates,” stated Mr. Truong.
Observations reveal that since the beginning of November, approximately 20 banks have increased their deposit interest rates. The common rate increase ranges from 0.1% to 0.5%.
Notably, the November deposit mobilization race has seen direct or indirect participation from major private banks such as MB, Techcombank, VPBank, and Sacombank. Prior to VPBank, Techcombank also raised interest rates for term deposits under 6 months to the maximum allowable limit of 4.75% per annum, targeting Private customers depositing online.
State-owned banks have not directly increased deposit interest rates but have launched various promotional programs to attract customer deposits.
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