Banking-finance

Deposit interest rates surge to 8.4-8.8 percent per annum

SGGP
In the context of tight credit, capital demand often increases at the end of the year, so the race in the deposit interest rates of commercial banks has been increasingly hot. The highest interest rates on deposit products in the market have reached 8.4 percent per annum. Some banks even have offered the highest 13-month deposit interest rate of up to 8.8 percent per annum, but it is for an extremely large sum of deposits.
Deposit interest rates surge to 8.4-8.8 percent per annum ảnh 1 The highest interest rates on deposit products in the market have been risen to 8.4 to 8.8 percent per annum. (Photo: SGGP)
To diversify deposit products for customers, Viet Capital Bank has recently launched a certificate of deposit product for individual and institutional customers with interest rates up to 8.4 percent per annum. Specifically, with VND10 million, customers can participate in the product with two forms of receiving interest at the end of the term and monthly interest.
Accordingly, for receiving interest at the end of the deposit term, customers will receive an interest rate of 7.5 percent per annum - 7.8 percent per annum – 8 percent per annum - 8.2 percent per annum for deposits with terms of six - nine - 12 - 15 months, respectively. For the 18-month deposit term alone, the interest rate is 8.4 percent per annum. The above interest rate is fixed for the deposit duration.
After six months, the holders of the certificates of deposit can freely transfer them in any way, at any time, and still enjoy competitive interest rates compared to regular savings accounts of the same term and the same amount of deposit. Customers who deposit savings online on Digimi Digital Bank of this bank will enjoy the highest interest rate of up to 7.5 percent per annum.

Currently, ABBank has the highest interest rate of up to 8.8 percent per annum for a 13-month term but with a deposit of VND500 billion.

Besides a sharp increase in deposit interest rates to lure capital, from October 3 to the end of December 2022, customers who deposit VND25 million upwards at Vietbank will receive a gift, such as a multi-function cooker, steam iron, vacuum cleaner, and kitchen utensils, at the same time, they can participate in a lucky draw program with a total value of prizes and gifts of up to VND6.5 billion. Specifically, one special prize is a savings book of VND1 billion, nine first prizes are six maces of SJC gold per prize, and 18 second prizes are savings books worth VND20 million per prize.

State-owned commercial banks (Big 4) have also joined in the interest rate race. From the beginning of October 2022, savings interest rates at Vietcombank have been simultaneously increased at most terms, with the highest level of 0.5 percentage points per year compared to the previous ones. Specifically, the over-the-counter interest rate for the above-12-month deposit term increased from 5.6 percent per annum to 6.4 percent per annum.
Interest rates on deposits from six to nine months also edged up to hover at 4.7-4.8 percent per annum; terms from one to three months also rose to 4.1-4.4 percent per annum. Especially, for online deposits, Vietcombank offers the highest interest rate of up to 6.8 percent per annum for 12 and 24-month terms. At the end of September 2022, Vietcombank also raised interest rates by 0.1 to 0.5 percentage points for some deposit terms.

Previously, at the end of September 2022, two other Big-4 banks, VietinBank and Agribank, also raised their deposit interest rates. Specifically, VietinBank put up the deposit interest rate for the term from one month to less than three months to 4.1 percent per annum and that for the deposit term from three months to less than six months to 4.4 percent per annum.
Agribank lifted the interest rate to 4.1 percent per annum for the 1-2-month deposit term and 4.4 percent per annum for the 3-5-month one. Agribank's demand deposit interest rate was increased to 0.3 percent per annum. These three Big-4 banks also upheaved their deposit interest rates for above-12-month terms by 0.8 - 1 percentage points compared to before.

By Nhung Nguyen – Translated by Gia Bao

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