Going against the usual rule of gradual increases in the last months of a year, deposit interest rates in most banks are anchored at low levels, and even some continue to decrease.
The highest rate at VPBank drops to only 5.5% per year for 12-month and 13-month terms. (Photo: VPBank)
Hanoi (VNA) – Going against the usual rule of gradual increases inthe last months of a year, deposit interest rates in most banks are anchored atlow levels, and even some continue to decrease.
On the first day of October, deposit interest rates at somebanks such as Vietnam Prosperity Joint Stock Commercial Bank (VPBank), AsiaCommercial Joint Stock Bank (ACB), Bac A Commercial Joint Stock Bank (Bac ABank) continued to be cut by 0.15 - 0.3 percentage point for various terms.
The highest rate at VPBank dropped to only 5.5% per yearfor 12-month and 13-month terms from the previous 5.8%. Those for termsfrom 6-9 months decreased from 5.3% to 5.1% a year. This interest rate is alsoapplied for long terms of 15, 18, 24 and 36 months.
At ACB, the interest rate for deposits under 200 million VND(8,205 USD), with 6-9 month terms, has been cut from 5-2-5.3% to 5-5.1% a year. Thebank has kept the 12-month term interest rate unchanged at 5.5% a year.
Meanwhile, the highest deposit interest rate at Bac A Bankdecreased from 6.4% to 6.25% a year applicable to deposits of over 1 billionVND for 18 months or more.
Illustrative image (Photo: VNA)
Earlier, the Big 4, including the Joint Stock CommercialBank for Foreign Trade of Vietnam (Vietcombank), the Vietnam Joint StockCommercial Bank for Industry and Trade (VietinBank), and the Joint StockCommercial Bank for Investment and Development of Vietnam (BIDV) and the VietnamBank for Agriculture and Rural Development (Agribank), lowered their depositinterest rates to the lowest levels recorded during the COVID-19 pandemic.
The highest interest rate at these banks is only 5.5% a year,applicable for terms of 12 months or more.
At the same time last year, the interest rate of 8% a yearwas quite popular, applicable to terms of 6 months or more./.
Two more State-run commercial banks, Vietinbank and BIDV, on September 19 lowered their deposit interest rates matching the lowest level recorded during the COVID-19 pandemic.
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The highest rate at VPBank drops to only 5.5% per year for 12-month and 13-month terms. (Photo: VPBank) 
Illustrative image (Photo: VNA) 
