Interest rate on June 19: Sharp decrease, some banks only have 3.6%
According to the new regulations of the State Bank of Vietnam, from today (June 19), banks will simultaneously adjust to reduce interest rates for deposits with terms of 1 month to less than 6 months. However, some banks have also drastically reduced interest rates for terms of 6 months or more.
BacA Bankslightly reduced by 0.1 percentage point for deposits with terms of 6 months to 15 months. Interest rates for deposits with terms of 6-8 months at this bank are 7.6%/year. 9-11 month terms are 7.7%/year; 12 month terms are 7.8%/year; 13-15 month terms are 7.85%/year. In particular, deposits with terms of 18 months or more are adjusted down by 0.2 percentage points to 7.9%/year.
This is the first time since early June that BacA Bank, PVCombank and NamA Bank have reduced deposit interest rates, bringing the total number of commercial banks reducing interest rates to 23.
In the group of banks that reduced interest rates for the first time this month, there is a notable "big guy"Vietcombank. Interest rates for 1-2 month deposits at Vietcombank have dropped sharply from 4.5% to only 3.6% per year. 3-5 month deposits have dropped from 5% to 4.3% per year.
In particular, the interest rate for 6-11 month deposits decreased to 5.2%/year compared to 6%/year last week. The interest rate for 12 months or more also decreased sharply from 6.8% to 6.3%/year.
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Illustration photo. Source: Internet |
Agribankinterest rates for 1-2 month terms decreased from 4.7% to 4.3%/year; 3-5 month terms decreased from 4.9%/year to 4.5%/year. At the same time, this bank continued to reduce interest rates for long terms for the first time this month. 6-9 month terms decreased from 6% to 5.7%/year; 12 month terms or more decreased from 6.8%/year to 6.3%/year.
Meanwhile, some banks have reduced interest rates 2 or 3 times since the beginning of the month.HDBankjust announced a third reduction in deposit interest rates, with a reduction of 0.2 percentage points for deposits with terms of 6 months or more.
According to the online interest rate table, the interest rate for 6-month term is 7.5%/year; the interest rate for 7-11-month term is only 6.9%/year; the interest rate for 12-13-month term is 7.5%/year. Meanwhile, the interest rate for 18-month term remains at 7.1%/year.
VietinBankInterest rates for 1-2 month terms have been reduced from 4.5% to 4.25% per year, and for 3-5 month terms from 4.9% to 4.65% per year. VietinBank has kept the old rates for the remaining terms.
Since the beginning of June, the market has recorded 23 banks reducing deposit interest rates, including: Agribank, Vietcombank, BacA Bank, NamA Bank, PVCombank, TPBank, BaoViet Bank, GPBank, BIDV, Sacombank, VIB, HDBank, NCB, OCB, BVBank, VPBank, SCB, VietA Bank, TPBank, SHB, HDBank, KienLongBank, and Saigonbank.
Of which, BaoViet Bank, VIB, Saigonbank, TPBank, NCB, VietA Bank, SCB, OCB, VietA Bank are the banks that have reduced interest rates twice since the beginning of the month.
Particularly, HDBank reduced interest rates 3 times in June.
The State Bank of Vietnam decided to adjust interest rates, effective from June 19, 2023; specifically as follows: Decision No. 1123/QD-NHNN dated June 16, 2023 on refinancing interest rates, rediscount interest rates, overnight lending interest rates in interbank electronic payments and loans to cover capital shortages in clearing payments of the State Bank of Vietnam for credit institutions. Accordingly, the overnight lending interest rates in interbank electronic payments and loans to cover capital shortages in clearing payments of the State Bank of Vietnam for credit institutions are reduced from 5.5%/year to 5%/year; the refinancing interest rate is reduced from 5.0%/year to 4.5%/year; the rediscount interest rate is reduced from 3.5%/year to 3.0%/year.
Decision No. 1124/QD-NHNN dated June 16, 2023 on the maximum interest rate for deposits in Vietnamese Dong (VND) of organizations and individuals at credit institutions as prescribed in Circular No. 07/2014/TT-NHNN dated March 17, 2014. Accordingly, the maximum interest rate applied to non-term deposits and deposits with terms of less than 1 month remains at 0.5%/year; the maximum interest rate applied to deposits with terms from 1 month to less than 6 months decreases from 5.0%/year to 4.75%/year, while the maximum interest rate for deposits in VND at People's Credit Funds and Microfinance Institutions decreases from 5.5%/year to 5.25%/year; the interest rate for deposits with terms of 6 months or more is determined by credit institutions based on the supply and demand of capital in the market.
Decision No. 1125/QD-NHNN dated June 16, 2023 on the maximum short-term lending interest rate in VND of credit institutions for borrowers to meet capital needs for a number of economic sectors and industries as prescribed in Circular No. 39/2016/TT-NHNN dated December 30, 2016. Accordingly, the maximum short-term lending interest rate in VND of credit institutions for borrowers to meet capital needs for a number of economic sectors and industries is reduced from 4.5%/year to 4.0%/year; in particular, the maximum short-term lending interest rate in VND of People's Credit Funds and Microfinance Institutions for these capital needs is reduced from 5.5%/year to 5.0%/year.
