[NEWS] - Interest rates on May 19: A big bank continues to adjust downwards

At the beginning of May, this bank dropped 0.2 percentage points in a series of maturities of 12 months or more. From May 19, VPBank applied a new deposit interest rate schedule for individual customers, reducing 0.2 percentage points for terms of 6 months or more.

More specifically, the bank’s highest deposit interest rates with terms of 6-13 months decreased from 8 %/year to 7.8 %/year. This is considered the interest rate applicable to customers with online deposits of 10 billion VND or more. Customers with a deposit account of less than 10 billion VND will have a 0.1 percentage point lower interest rate.

Along with that, VPBank also adjusted the 36-month term interest rate from 7.2 %/year to 7 %/year. Meanwhile, the bank kept the interest rate for a 1 - 5 month term at 5.5 %/year.

At the same time, VPBank also decreased by 0.2 percentage points in a series of terms of 12 months or more.

Similarly, NCB has just adjusted the deposit interest rate, the bank’s side decreased by 0.2 percentage points for terms of 6 months or more. Accordingly, the interest rate for a term of 6-9 months of NCB is currently at 8.2 %/year, down from 8.45 %/year. Interest rates for 12-month and 13-month terms were also adjusted to 8.25 %/year, which is also the highest interest rate at NCB today. Meanwhile, the term in 36 months decreased to 7.95 %/year.

NCB still keeps the interest rate unchanged with a term of 1 - 5 months at the maximum and regulated at 5.5 %/year. This is the interest rate applied to online savings at banks.

Within 1 week, a series of other banks such as HDBank, MSB, OceanBank, and Sacombank also continued to reduce interest rates with a popular adjustment of 0.2 percentage points. Before that, banks in the Big 4 group such as Vietcombank, Agribank, Vietinbank, and BIDV  also decreased by 0.2 - 0.3 percentage points for a 1 - 5 month term. Particularly, Agribank also reduced the interest rate with a 12-month term to 7 %/year, which is also the lowest interest rate currently in this term.

If looking for a place with an interest rate of 9 %/year or more, depositors need to deposit for a term of 13 months or more. Currently, there is an ABBank listing 9%/year with a term of 13 months and 9.2%/year with a term of 36 months.

The current 12-month term interest rate is the highest at about 8.8%/year at ABBank, followed by small banks such as VietABank (8.7%/year),  GPBank (8.5%/year), VietBank (8.5%/year),...

In the group of large banks, except for HDBank, which is above 8%, which is 8.3 %/year, the remaining flats have been adjusted below this mark. VPBank, SHB, and ACB have interest rates of 7.8 %/year, 7.9 %/year, and 7.7 %/year, respectively.

Notably, several banks are now listing interest rates for the 24-month and 36-month terms, lower than the 6-month and 12-month terms. Not all flats will charge higher interest rates for longer terms. Typically, HDBank has a 13-month deposit interest rate of up to 8.7 %/year, but only 6.9 %/year for a 36-month term.

Hoang Yen (Collection source)