Business

Banks continue to cut deposit interest rates

A decrease in deposit interest rates has been recorded in a number of banks from the beginning of April.
Banks continue to cut deposit interest rates ảnh 1Transsactions at Vietcombank (Photo: VNA)
Hanoi (VNA) – A decrease in deposit interest rateshas been recorded in a number of banks from the beginning of April.

Specifically, the Joint Stock Commercial Bank forForeign Trade of Vietnam (Vietcombank) has cut the rates by 0.1% per year forsavings with terms from 1-9 months.

Currently, those at Vietcombank range from 1.6-4.7% per year, with the highest being applied on individual customers’ deposit for 12 months or more.

A similar reduction is also applied for organisationcustomers to 1.5-4.2% per year depending on deposit terms.

With the cut, Vietcombank’s deposit interest rates forindividual customers are now equal to those at the VietnamBank for Agriculture and Rural Development (Agribank).

Meanwhile, the rates at the Bank for Investment and Development of Vietnam(BIDV) range from 1.7-4.7% per year, and the Vietnam Joint Stock CommercialBank for Industry and Trade (VietinBank) 1.7-4.8% per year.

At the same time, the Prosperity and Growth Commercial Joint Stock Bank (PGBank)on April 1 cut the deposit interest rates for savings with 6-9 month terms by0.2% to 3.8% per year, while keeping the rates for savings from 1-3 month termsat 2.6-35 per year, and for savings of 12-month term and longer at 4.3% per year.The bank’s highest rate of 5.2% is applied for savings with terms from 24-36months.

Currently, the highest deposit interest rate listed in thebanking system is 10% per year at Vietnam Public Joint Stock Commercial Bank (PVcomBank),applicable to deposits from 2 trillion VND for terms of 12-13 months.

Experts held that the low deposit interest rates will create room for banks tolower their lending interest rates. However, the deposit rates are predicted tohardly be cut further, they added.

Analysts from SSI Securities forecast that deposit interestrates may increase 0.5% from 2023 to 5.5% per year in late 2024, while thelending interest rates may reduce 0.5-1% in the first half of 2024.

Economist Nguyen Tri Hieu commented that input interestrates may increase again in the second half of 2024 when economic activities improve. However, with low deposit interest rates, lending interest rates arestill likely to decrease to support businesses, people, and the economy ingeneral, he held./.
VNA
#Vietcombank #deposit interest rates #Agribank #BIDV #lending interest rates #Vietnam #Vietnam news #Vietnam News Agency
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