Deposit interest rates edge up after Tet

Compared to before Lunar New Year, interest rates at some banks have increased by 0.1-0.3% depending on the term, not including lucky money, gifts or prizes...

From February 8, customers who deposit savings for 7-11 months at Orient Commercial Bank (OCB) will receive an interest rate of 6.6-7% per year, an increase of 0.1-0.2% compared to before. Currently, OCB's highest interest rate is 7.7% for terms of 13 months or more.

Previously, on the first day of resumption of operations after the Lunar New Year holiday (the 6th day of the Lunar New Year, February 2), Eximbank also announced a new interest rate schedule withVND, up 0.1-0.2% per year in some terms. Earlier this month1, this bank also increased interest rates by 0.1-0.2% in some terms.

Deposit interest rates show signs of increasing due to capital attraction demand after Tet. Photo: PV

Ms. Bich Van (District 6, Ho Chi Minh City) shared that after Lunar New Year, she and her husband still have unused bonus money, plus the lucky money from their children, so they are thinking about saving it because the family does not do any business and also works all day so they do not have time to invest. "SCompared to a few months ago, bank interest rates are now about 0.5% higher, and we also get lucky money gifts at the beginning of the year," Ms. Van shared after a few days of research at banks.

At the end of the Lunar New Year, banks actually adjusted their deposit interest rates to attract depositors. Accordingly, theBanks such as VPBank, DongA Bank, TPBank, Techcombank... all simultaneously add 0.1-1.2% per year to VND deposits for some short terms.

In addition to increasing interest rates, banks also continuously launch attractive promotional campaigns to attract capital such as the larger the deposit, the higher the interest; lucky draw, giving away New Year's lucky money gifts in the form of consumer goods...

The leader of a southern joint stock bank said that before Tet, a large amount of money was withdrawn by companies to pay salaries and bonuses, while people spent money, shopped... "Now is the time for banks to come up with attractive policies on interest rates, promotions... to attract capital back", he shared and added that the slight increase in interest rates is also to rebalance the capital structure more reasonably.

On the management side, the State Bank confirmed that in the first days of 2017, some banks slightly increased their deposit interest rates by about 0.1-0.3% per year, but this interest rate adjustment only took place at some small-scale banks, not reflecting the general trend of the whole market.

According to the State Bank, with the synchronous and flexible management of monetary policy tools, especially open market operations to ensure liquidity for the credit institution system at the end of the year, the deposit and lending interest rates of the entire system continue to be stable.

Currently, the common interest rate is 0.8-1% per year for non-term deposits and deposits under 1 month; 4.5-5.4% per year for deposits from 1 month to under 6 months; 5.4-6.5% per year for terms from 6 months to under 12 months and 6.4-7.2% per year for longer deposits.

The common lending interest rate is 6-7% per year for priority sectors, 6.8-9% for normal production and business loans (short term) and 9.3-11% (medium and long term). For good customers with healthy and transparent financial situation, short-term lending interest rate is about 4-5% per year.

In the coming time, the State Bank affirms to continue to synchronously operate monetary policy tools to regulate liquidity reasonably, operate interest rates in accordance with macroeconomic and monetary developments to strive to stabilize interest rates. This agency will continue to direct banks to balance capital to maintain stable mobilization interest rates, reduce operating costs and improve business efficiency to create conditions to reduce lending interest rates to share difficulties with borrowers but ensure financial safety in operations.

According to VNE