HANOI: Vietnam’s four largest banks, Agribank, VietinBank, BIDV and Vietcombank, have continued to sharply reduce savings interest rates.
BIDV last Wednesday announced a new online savings interest rate schedule of up to 0.4 percentage points per year.
Accordingly, one-to-two month deposits decreased by 0.4 percentage points per year to 2.7% per year; three-five month deposits decreased by 0.3 percentage points per year to 3.1% per year.
The rates for six-to-11 month deposits are 4.1% per year and 5% per year for 12-to-18 month deposits.
BIDV had previously adjusted interest rates twice, on December 11 and December 12.
Similarly, at Agribank, online savings interest rates have decreased by 0.5 percentage points per year since last Wednesday. It was also one of rare times the bank drastically adjusted deposit interest rates.
Accordingly, interest rates at Agribankbank for terms of one-to-two months decreased by 0.5 percentage points per year to 2.7% per year. The rates for both terms of three-to-five months and 12-to-18 months decreased by 0.3 percentage points per year to 3.3% and 5% per year.
Notably, VietinBank last Wednesday made the highest savings interest rate cut of up to 0.6 percentage points per year for terms under six months. Accordingly, the bank’s interest rates are only 2.6% per year for one-to-two month terms and 3% per year for three-to-five month terms.
For terms of six to 11 months, the decrease is 0.5 percentage points per year to only 4% per year; the decrease for 12-18 months is 0.3 percentage points per year to 5% per year.
Terms of 24 months or more remained at 5.5% per year, which is the highest deposit interest rate at VietinBank. — Viet Nam News/ANN
