Major banks continue cutting deposit interest rates
Deposit interest rates at four major banks of Vietnam were adjusted sharply, down by 0.4% per year from the previous listings, bringing the rate to 1.8% per year at the lowest.
Hanoi (VNA) - Deposit interest rates at four major banks of Vietnam were adjustedsharply, down by 0.4% per year from the previous listings, bringing the rate to1.8% per year at the lowest.
The Joint Stock Commercial Bankfor Foreign Trade of Vietnam (Vietcombank) on January 17 cut its rate by 0.2% per yearfor terms under 12 months, pulling interest rates for 1-2 month, 3-month and 6-9-month deposits down to 1.7%, 2% and 3% per year, respectively. The highest interest rate at the bank is 4.7% per year whencustomers deposit for 12 months or more.
Vietcombank currently applies the lowestdeposit interest rates among the four largest State-owned banks, including Vietcombank, the VietnamBank for Agriculture and RuralDevelopment (Agribank), the Bank for Investment and Development of Vietnam (BIDV), and the Vietnam Joint StockCommercial Bank for Industry and Trade (VietinBank).
Agribank follows with the latest deposit interest rates at the bank going down by 0.2% - 0.4% per annum for terms under 12 months. Its interest rate for a 3-6-monthterm experienced the most significant decrease, falling to 2.1% from 2.5%. Forterms from 6 to under 12 months, the interest rate was down to 3.2% from 3.5% peryear.
BIDV and VietinBank have also simultaneously cut deposit interest rates by 0.3% perannum for terms under 12 months.
They apply the same interest rate for 1-2month deposits at 1.9% per year. Customers depositing for a term of 3-6 months and 6-12 months at the two banks will receive an interest rate of 2.2% and 3.2% peryear, respectively.
All Agribank, BIDV, and VietinBank still maintain the previous deposit interestrates at 5% per year when customers deposit for 12 months ormore, and 5.3% per year forterms of 24 months or more.
On January 17, the Saigon - HanoiCommercial Joint Stock Bank (SHB) and the Vietnam International Commercial Joint Stock Bank (VIB) announced a reduction of their depositinterest rates by 0.1% or 0.2% per year compared to the previous week.
Since the beginning of January, manycommercial banks have cut their deposit interest rates, including Techcombank, KienLongBank, PVCombank andSCB./.
Deposit interest rates at four major banks of Vietnam have been adjusted sharply, down by 0.2-0.4% per year from the previous listings, bringing the rate to 2.2% per year at the lowest.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) continued slashing deposit interest rates on January 12, with the lowest standing at 1.7% per year.
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Illustrative image (Photo: VNA) 
