Bank interest rates today 21/2: Short-term interest rates increase
Bank interest rates on February 21, 2025 continued to record sharp increases in many major banks. A bank suddenly adjusted short-term interest rates.
Banks increase short-term interest rates
According to Decision 2411/QD-NHNN of the State Bank of Vietnam, the maximum interest rate applied to deposits with terms from 1 month to less than 6 months is 4.75%/year. Currently, Vietnam Export Import Commercial Joint Stock Bank (Eximbank) is the only unit applying this ceiling interest rate for deposits under 6 months.
Specifically, Eximbank is implementing an online deposit interest rate of up to 4.75%/year for customers opening online savings accounts on weekends. Meanwhile, the online deposit interest rate for 3-month terms from Monday to Friday is listed at 4.4%/year.
Besides Eximbank, two other banks are also listing the highest interest rates for 3-month terms, namely Vietnam Modern Commercial Joint Stock Bank (MBV) and Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank), with an interest rate of 4.6%/year.
Nam A Commercial Joint Stock Bank (Nam A Bank) is also in the leading group, applying an interest rate of 4.5%/year for a 3-month term. Meanwhile, Vikki Digital Bank (Vikki Bank) listed an interest rate of 4.4%/year. Bao Viet Commercial Joint Stock Bank (BaoViet Bank), Indovina Joint Venture Bank (IVB) and Vietnam Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCBNeo) all apply an interest rate of 4.35%/year for this term.
The National Citizen Commercial Joint Stock Bank (NCB) and Kienlong Commercial Joint Stock Bank (KienlongBank) currently list interest rates at 4.3%/year. A few other banks still maintain interest rates above 4%/year, such as OCB (4.2%), BVBank (4.15%), MSB (4.1%) and GPBank (4.02%).
An Binh Commercial Joint Stock Bank (ABBank), Military Commercial Joint Stock Bank (MB), Viet A Commercial Joint Stock Bank (Viet A Bank) and Vietnam Prosperity Joint Stock Commercial Bank (VPBank) are maintaining online deposit interest rates for 3-month terms at 4%/year.
While many banks maintain deposit interest rates above 4%/year, banks in the "Big 4" group are applying the lowest interest rates. Specifically, at Agribank, the 3-month term interest rate is only 3%/year. VietinBank and BIDV list 2.3%/year, while Vietcombank only applies 1.9%/year.
BaoViet Bank adjusts to increase deposit interest rates
BaoViet Bank has adjusted the 1-month deposit interest rate up by 0.2%, raising the interest rate to 3.5%/year. The remaining terms remain stable, with the 2-month term at 3.6%/year, the 3-month term at 4.35%/year, the 4-month term at 4.4%/year and the 5-month term at 4.5%/year.
The highest interest rate at BaoViet Bank is currently 6%/year, applied for terms from 15-36 months.
Since the beginning of February, 9 banks have adjusted their deposit interest rates. Of which, BIDV, VietABank and BaoViet Bank have increased their interest rates. Some banks such as Eximbank, Techcombank and Vikki Bank have adjusted their interest rates in opposite directions. Meanwhile, Bac A Bank, Agribank and TPBank have reduced their interest rates for many terms.
Long-term savings interest rate exceeds 6%/year
Many banks are currently offering interest rates above 6%/year for long term deposits without requiring a minimum deposit amount.
Eximbank is applying interest rates from 6.2% - 6.5%/year for terms of 15-34 months. At BVBank, the interest rate for 12-month terms is 6.05%/year, 15-month terms is 6.25%/year, 18-month terms is 6.35%/year and 24-36-month terms is 6.45%/year.
IVB currently applies the highest interest rate of 6.45%/year for terms of 5-15 years. Terms of 48 months, 36 months and 12 months have interest rates of 6.25%/year, 6.15%/year and 6.05%/year respectively.
KienlongBank is listing interest rates of 6.1% for 12-24 month terms, 6.3% for 36 month terms and 6.4% for 60 month terms. Meanwhile, GPBank applies interest rates of 6.05%/year for 12 month terms and 6.15%/year for 13-36 month terms.
Several other banks such as Cake by VPBank, OceanBank, VRB, Dong A Bank, VietABank, SaigonBank, HDBank, BaoViet Bank, ABBank and CB are also offering interest rates of 6% or higher for terms of 12 months or more.
