At a recent meeting among the State Bank of Vietnam, commercial banks and property developers, a bank leader said the ceiling deposit rate would be brought down to 8.7% per year in the coming time instead of the current 9.5% per year.
HO CHI MINH CITY: Commercial joint stock banks have continued to lower deposit interest rates since the middle of this month, a move that is expected to help reduce lending rates and support businesses.
From Feb 14, GPBank lowered its saving interest rates by 0.4 percentage points. The six-month term and 12-month term rates now stand at 8.9% and 9.1% per year, down from 9.3% and 9.5% per year, respectively.
From Feb 18, Techcombank also cut saving rates for VIP customers by 0.5 percentage points for both terms of 12 months and 24 months to 8.7% per year. It also cut the saving rate for six-month term deposits by 0.3 percentage points to 8.7% per year.
From Feb 14, Sacombank decreased saving rates for six-month, 12-month and 24-month terms, bringing the six-month rate down to 8.2% per year, the 12-month rate to 8.6% per year and the 24-month rate to 8.8% per year.
On the contrary, from Feb 14, Saigon Hanoi Commercial Joint Stock Bank slightly increased deposit interest rates.
For online deposits, the interest rate increased to 8.42% per year from 8.12% per year. For the 24-month term, the deposit interest rate increased to 8.82% per year from 8.52% per year.
The highest deposit rate on the market is now 9.5% per year (the six-month term at Saigon Commercial Joint Stock Bank (SCB) and PVcombank).
Meanwhile, the 9.5% deposit interest rate is also applied for 12-month and 24-month terms at Bao Viet Bank, SCB, PVcombank, Dong A Bank, Viet A Bank, MSB and Bac A Bank.
At a recent meeting among the State Bank of Vietnam (SBV), commercial banks and property developers, a bank leader said the ceiling deposit rate would be brought down to 8.7% per year in the coming time instead of the current 9.5% per year.
The fact that commercial banks have continued to lower deposit interest rates since early this month and cut further last week has raised hope of a drop in lending rates.
Over the past week, banks such as Agribank, Techcombank, VietinBank, Sacombank, MB and SeABank have lowered lending interest rates by 1%-3% per year.
Agribank has announced a maximum lending interest rate reduction of 3% per year for outstanding loans for real estate as of Jan 31, 2023.
Economist Le Xuan Nghia, a member of the National Financial and Monetary Policy Advisory Council, said deposit interest rates are still too high.
Recently, the Vietnam Banks Association called on commercial banks to keep deposit interest rates at 9.5% or below to reduce lending interest rates.
SBV governor Nguyen Thi Hong has constantly called on banks to cut operating costs and improve administrative procedures so as to reduce lending interest rates. — Viet Nam News/ANN
