Lowering VND deposit interest rate ceiling to 9%/year from June 11

State Bank Governor Nguyen Van Binh said the ceiling interest rate on VND deposits will be lowered to 9% per year from June 11.

This is the information given by Governor Binh when explaining before the National Assembly forum this afternoon (June 7).

The Governor said that the State Bank has submitted to the Prime Minister and received approval to continue lowering the ceiling on VND mobilization interest rates. Accordingly, from June 11, the ceiling on VND mobilization interest rates will be reduced by 2%/year, from the current 11%/year to 9%/year.



The ceiling interest rate will be reduced sharply by 2%/year.

Governor Binh did not specify the application of the terms, but it can be expected that the above ceiling of 9%/year will apply to terms of 1 month or more; and terms of less than 1 month may be reduced to only 1%/year, if calculated according to this reduction step.

In another development, this morning (June 7),The Bank for Foreign Trade of Vietnam (Vietcombank) has unexpectedly sharply reduced VND deposit interest rates.at most terms, except for demand deposits and 7-day and 14-day terms.

Specifically, the highest mobilization interest rate at Vietcombank has now been reduced to 10.5%/year, applied only to one term of 1 month. The 10%/year rate is only applied to two terms of 2 and 3 months; terms of 6 - 24 months are only 9.5%/year; terms of 36, 48 and 60 months are only 8%/year.

Previously, Vietcombank applied a uniform interest rate of 11%/year for terms from 1 to 12 months; longer terms were 10%/year.

This is the first time in more than a year that the state-owned giant has proactively lowered its deposit interest rates to such a low level. Interest rates here have now fallen below the ceiling of 11%/year, with high levels only limited to a few short-term terms.

According to VnEconomy - H