Dozens of commercial banks cut savings interest rates
Hanoi (VNA) - Dozens of commercial banks have simultaneously decided to reduce deposit interest rates from May 25, after the State Bank's decision to cut policy interest rates.
After maintaining the highest
deposit interest rate among the commercial banks for several days, at 9.2% per
year, An Binh Commercial Joint Stock Bank (ABBank) has lowered its savings interest rates by up to 0.8%.
According to the interest rate for online saving and ABBank App, the
savings interest rates for terms from 15 months and above, which stood at 9.2%
per year for a long time, dropped sharply to 8.4% per year for the 15-month term
(down 0.8%), and 8.5% per year for the terms of 18 months and above (down 0.7%).
Vietnam Thuong Tin Commercial
Joint Stock Bank (VietBank) also cut savings interest rates for the 4th time in a row since early May,
down between 0.1 - 0.4%.
From May 26, Saigon Thuong
Tin Bank Commercial Joint Stock Bank (Sacombank)
also decreased deposit interest rates by between 0.1-0.4% for some terms.
Meanwhile, Asia Commercial Joint Stock Bank (ACB) cut its savings interest rates between 0.2%-0.6%, with
the sharpest decline recorded in the 12-month term with a drop of 0.6% to only
6.6% per year.
Notably, most banks reduced deposit interest rates for the three-month term, with
the strongest decrease recorded at ACB (down 0.7 percent).
The group of the four biggest State-owned
banks (Big 4) also
continued to reduce deposit interest rates from May 26, with reduced rates from 0.1 - 0.7% per year.
Currently, the highest interest rate applied to this group is 7.2% per year.
The State Bank of Vietnam (SBV)
has announced two decisions to further reduce policy interest rates, which will
become effective from May 25, 2023.
According
to the first decision, the interest rates of the overnight interbank electronic payment and
compensatory lending for the capital shortfall in offset payments by the SBV will be reduced from 6.0% per annum to 5.5%
per annum.
Under the second decision, the maximum interest rate of non-term and
term deposits of less than one month remains unchanged at 0.5% per annum. The
maximum interest rate of deposits with terms from one month to less than six
months will be reduced from 5.5% per annum to 5.0% per annum.
The central bank’s decision to further cut the policy interest rates
aims to stimulate economic growth, support liquidity in the interbank market,
and provide favorable conditions for borrowing and lending activities within
the banking system./.