Four state-owned banks reduce savings interest rates to 7.2%/year

On March 15, four state-owned commercial banks, Vietinbank, Vietcombank, BIDV and Agribank, simultaneously reduced interest rates by 0.2 percentage points for 12-month over-the-counter deposits, down to 7.2% per year.

This interest rate reduction continues to bring the mobilization interest rate of this group of banks to the lowest level in the market.

Last week, all four banks simultaneously reduced their interest rates by 0.2-0.3 percentage points per year for over-the-counter deposits with terms of 6 months to less than 12 months, bringing the interest rates for these terms down from 6-6.1% per year to the current common 5.8% per year.

At the end of February, interest rates on deposits with terms of 12 to 36 months at this group of banks also decreased from 7.4%/year to 7.2%/year.

The reduction in deposit interest rates of the above “Big 4” group took place after the State Bank announced its decision to reduce a series of operating interest rates from March 15.

According to the survey, the above interest rate reduction is only applied by banks to deposits at the counter, while for online deposits, Vietcombank still maintains an interest rate of 7.4%/year with a term of 12 months.

Similarly, VietinBank is still offering a 6%/year interest rate for online deposits with a term of 1-5 months. For a term of 6-9 months, this bank offers an interest rate of 7.8%/year and still accepts to pay an interest rate of 8.2%/year for deposits with a term of 12-24 months.

At BIDV, although the online deposit interest rate has been reduced more strongly than at the counter, the maximum interest rate that customers can receive online at BIDV is still 7.7%/year, applied to terms of 12-13 months, down 0.5 percentage points compared to before. For terms of 15 months or more, BIDV's interest rate for online deposits is 7.4%/year and for terms of 6-11 months, the interest rate is 7.2%/year, both lower than before the adjustment.

After consecutive adjustments to reduce deposit interest rates by commercial banks, up to now, only two banks still apply deposit interest rates above 9%/year for 12-month terms, including VietBank (9.2%/year) and ABBank (9.1%/year).

In addition, 4 banks listed a 9%/year interest rate for a 12-month term: Baovietbank, Oceanbank, VietAbank and SCB.

Meanwhile, other banks have sharply reduced their savings interest rates to a common level of 8.4%/year to 8.9%/year for a 12-month term such as Kienlongbank, Saigonbank, BacAbank...

Two major commercial banks, HDbank and VPbank, currently have deposit interest rates of 8.8%/year. Meanwhile, ACB, SHB and MSB are listing interest rates for this term at 8.6%/year, 8.5%/year and 8.4%/year, respectively.