Major banks simultaneously increase interest rates

Since yesterday (March 21), the largest members of the Vietnamese credit institution system have simultaneously increased VND deposit interest rates, focusing on long-term terms.

According to the online interest rate table, Vietcombank has significantly increased interest rates for long terms. Specifically, the highest interest rate at Vietcombank of 6.2% per year for terms of 24-60 months has remained unchanged for the past year, now it has increased to 6.5% per year.

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According to the new schedule applied at Vietcombank's transaction office, for terms of 12-60 months, VND mobilization interest rates also increased to 6.5% per year.

At BIDV, long-term VND deposit interest rates have also increased quite strongly: The previous highest level of 6.8% per year has just been raised to 7.2% per year.

BIDV's reference table in Hanoi area shows that, for a term of 364 days and 12 months, the applicable rate is 6.8% per year, quite close to the rate applied at many joint stock commercial banks.

Notably, for short terms, BIDV's interest rates are much higher than those of many other joint stock commercial banks: For a 3-month term, BIDV applies 5.5% per year, while Sacombank or Eximbank... only apply 5-5.3% per year.

Similarly, the ceiling interest rate for VND deposits with terms of 3-5 months that VietinBank applies in the system is also 5.5% per year (for individual customers), much higher than many other joint stock banks.

The highest reference rate on the VietinBank table currently published is 7% per year, and 6.8% per year applies to terms from 12-36 months.

According to VOV