Savings interest rate ceiling reduced again
The State Bank has just cut its operating interest rate for the fourth time this year, including reducing the ceiling interest rate on short-term deposits to 4%/year.
Accordingly, from October 1,interest rateThe maximum interest rate applied to VND deposits with terms from 1 month to 6 months is reduced from 4.25% to 4% per year. Non-term deposits or deposits with terms of less than 1 month have a maximum interest rate of 0.2% per year.
Interest rates on deposits with terms of 6 months or more are still set by banks based on market supply and demand of capital.
Similar term interest rates atPeople's credit fund, microfinance institutions reduced from 4.75% to 4.5% per year.
The State Bank has adjusted the short-term lending interest rate of credit institutions to meet the capital needs of a number of economic sectors and industries from 5% to 4.5% per year. The interest rate for this capital need at People's Credit Funds and microfinance institutions has decreased from 6% to 5.5% per year.
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| Transaction at a bank in Vinh city. Photo by Viet Phuong |
The refinancing, rediscounting, overnight lending rates in interbank electronic payments and lending to cover capital shortages in the State Bank's clearing payments to banks also decreased by 0.5% per year.
This is the fourth time this year that the State Bank has reduced operating interest rates. The previous times were in March, May, and August.and is expected by experts to have a positive impact on the economy, creating the premise forbusiness support bankextending and restructuring loans. As for the ceiling interest rate on VND deposits, this is the third reduction this year.
According to the General Statistics Office, as of September 22, credit growth reached 5.21% due to the negative impact of the credit system's operations on the epidemic.
