Hanoi (VNS/VNA) - Commercial banks are launching products that can automatically make profits for non-term deposits on payment accounts to draw in customers.

Techcombank has recently upgraded its 'Automatic Profit' product with an aim of adding more flexible profit mechanisms for customers' payment accounts.

Previously, for accounts with a minimum balance of 10 million VND (391 USD), the Techcombank system would automatically start calculating interest at rates of up to 4% per year. However, with this upgrade, the bank has removed the minimum financial limit requirement, allowing profits on all account balances.

According to Techcombank, since its launch, the automatic profit product has attracted nearly three million customers and helped optimise more than 74 trillion VND in customer accounts.

It's not just Techcombank -- many banks are now offering automatic profit accounts with attractive features for customers.

For example, VPBank has launched a 'Super Profit' product with a maximum yield of 3.5% per year. Customers can log in to VPBank NEO and select this feature on the bank’s app to receive an interest rate of 1-3.5% per year, instead of the previous 0.5% per year for non-term deposits in payment accounts.

At LPBank, the profit feature is designed with a minimum balance threshold of 5 million VND. When a customer’s account has more than 5 million VND, the bank’s system will automatically transfer the excess amount to a 'Prosperous Profit' compartment that applies a preferential interest rate of up to 4.3% per year. Accounts with less than 5 million VND will still enjoy the normal interest rate for non-term deposits, currently at 0.5% per year.

The same trend is also taking place at OCB and VIB. OCB has applied a Max Savings feature allowing customers to receive interest at 0.5 percentage points higher than the traditional six-month savings interest rate for amounts from 50 million VND to 1 billion VND in their payment accounts. Meanwhile, VIB offers a 'super yield' feature on MyVIB digital bank, allowing customers to optimise their idle money continuously every day with an interest rate of 2.5-4.3% per year and flexible withdrawals.

According to experts, the automatic profit-making products help commercial banks retain customers in the context of increasingly widespread cashless payments and the increasing number of people keeping money in their payment accounts for daily spending.

Analysts from VPBank Securities Joint Stock Company (VPBankS) said banks are racing to compete in attracting non-term deposits. Most banks have plans to better serve individual customers to maintain their loyalty and use the bank as their main payment account. Banks will therefore have to invest more in technology.

𒁃 The automatic profit-making products will help commercial banks diversify their deposit attraction and encourage customers to increase balances in their payment accounts. Applications also help banks easily deploy links to launch salary payment products and services, as well as integrate payment accounts with stock investments, insurance and credit cards./.