Banks lower savings interest rates to below 9%/year
After the State Bank reduced operating interest rates since March 15, a new lower deposit interest rate level has been formed among commercial banks.
Besides the Big4 group Agribank, Vietcombank, Vietinbank, and BIDV, many joint stock commercial banks have also reduced deposit interest rates such as: VietBank, KienLongBank, VPBank, VietA Bank, NCB, VietCapital Bank, SHB, TPBank, SCB, HDBank,... in which some banks reduced deposit interest rates for the second time in the past 10 days.
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Illustration photo. Source: Internet. |
As of March 20, the highest 6-month online savings interest rate belongs to KienLongBank (8.95%), while ABBank and VietBank are second with 8.9%/year.
This is the second consecutive interest rate reduction by VietBank in the past week, from the market's highest rate of 9.5%/year.
The highest 12-month online savings interest rate belongs to ABBank at 9.1%/year. This bank is also leading the market with terms over 12 months, at 9.2%/year.
KienLongBank also reduced the interest rate for the 6% term from 9.15% to 8.9%/year. Terms of 9 months or more also decreased from 0.2-0.4%/year.
Online savings interest rates at VPBank also dropped sharply by 0.6%, from 8.8% to 8.2%/year for terms of 6-11 months, while terms of 12 months dropped sharply from 9.2% to 8.4%/year; and interest rates for terms over 12 months were only 7.2%/year.
SCB Bank also sharply reduced the 6-month term interest rate from 9%/year to 8.56%/year, and the 9-month term from 8.9%/year to 8.43%/year.
VietCapital Bank sharply reduced 6-month interest rates from 8.6% to 7.9%/year, 12-month interest rates from 9% to 8.5%/year.
At SHB, interest rates for 6-9 month terms decreased from 8.42% to 8%/year, and for 12 month terms or more decreased from 8.5% to 8.82%/year.
However, Nam A Bank is the only bank that increased the online savings interest rate for 1-3 month terms from 5.75% to 6%/year. The interest rates for the remaining terms remain unchanged, in which the highest interest rate belongs to the term of 12 months or more at 8.9%/year.
Meanwhile, savings interest rates at GPBank, OCB, MSB, PVCombank, VIB, Sacombank, Eximbank, CB, ABBank remain unchanged.
According to the latest decision of the State Bank, from March 15, 2023, the rediscount interest rate will decrease from 4.5%/year to 3.5%/year; the overnight lending interest rate in interbank electronic payments and lending to cover capital shortages in the State Bank's clearing payments for credit institutions will decrease from 7.0%/year to 6.0%/year. The refinancing interest rate will remain at 6%/year.
According to Deputy Governor Pham Tien Dung, the State Bank of Vietnam has recently issued a decision to lower the operating interest rate to 1% and the overnight lending rate by 1%. This is a pretty good signal for the market. Through this interest rate reduction, many banks have lowered their deposit interest rates and have a basis to lower their lending interest rates, creating a good driving force for production and business development.
Following the direction of the Prime Minister and the State Bank, the banking sector will strive to best meet the needs of bank capital for economic development activities. Adhering to the resolutions of the National Assembly, the directions of the Government and the Prime Minister, the State Bank will operate monetary policy (CSTT) and banking activities firmly, proactively, flexibly, effectively, in harmonious, reasonable and close coordination with fiscal policy and other macroeconomic policies to contribute to controlling inflation, stabilizing the macro economy, the monetary market, and striving to reduce lending interest rates for businesses and people to support economic growth recovery.
