Commercial banks raise deposit interest rates simultaneously

SGGP
It was recorded that the highest deposit interest rate in the market was up to 9.5 percent per annum for a deposit from VND300 million upwards.
Commercial banks raise deposit interest rates simultaneously ảnh 1 Viet Capital Bank has recently adjusted the deposit interest rate to as high as 8.9 percent per annum from October 26. (Photo: SGGP)
After the State Bank of Vietnam (SBV) raised the operating interest rates as of October 25, in which, the ceiling deposit rate was expanded by 1 percent, many commercial banks simultaneously increased their deposit interest rates by 0.5 - 1.2 percentage points, depending on the term. Many commercial banks lifted the deposit interest rate for less than six-month terms to the ceiling of 6 percent per annum.

Specifically, from October 26, Viet Capital Bank continues to adjust the deposit interest rates at the counter for a term from one to five months from 5 percent per annum to 6 percent per annum. Not only short-term interest rates, but this bank also increases interest rates for deposits of six to 11 months from 6.5-6.7 percent per annum to 7.6-8.1 percent per annum, and the interest rate for 12-month deposits rises from 7 percent per annum to 8.2 percent per annum. Long-term deposits of 18, 24, 36, 48, and 60 months see interest rate jump to 8.9 percent per annum. For online deposits, this bank raises the interest rate to 8 percent per annum for six-month deposits, 8.6 percent per annum for 12-month ones, and 8.9 percent per annum for 24-month ones.

At OCB, the interest rate at the counter increased to 6.8 percent per annum for deposits of six months, 7.5 percent per annum for deposits of 12 months, and 7.8 percent per annum for deposits of 36 months. As for the online channel, OCB's interest rate for 12 to 24-month deposits surged to 7.8 percent per annum, and that for 36-month deposits was 7.85 percent per annum.

In addition, in the market, the highest interest rate belongs to Cake Digital Bank by VPBank. With a deposit of VND300 million upwards for a term of 36 months, the interest rate is up to 9.5 percent per annum.

The deposit interest rate race has only taken place at private commercial banks. State-owned commercial banks, such as BIDV, Vietcombank, VietinBank, and Agribank, still maintain interest rates for under six months at 4-4.5 percent per annum, and the deposit interest rate for 12 months is still at 6-6.4 percent per annum.

By Nhung Nguyen – Translated by Thanh Nha

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