Many banks continue to increase deposit interest rates from May

At SHB, the bank has sharply increased the deposit interest rate by 0.2-0.4 percentage points depending on the term. Specifically, at 36-month term when deposited at the counter, the interest rate increased by 0.4 percentage points to 6.5-6.6%/year. In which, the amount of deposits under 2 billion has an interest rate of 6.5%/year and from 2 billion or more is 6.6%/year.

Similarly, for a 12-month term, SHB’s deposit interest rate increased from 5.7-5.8%/year to 6.1-6.2%/year.

For online deposit, the interest rate has also increased sharply. Currently, the highest interest rate is 6.7%/year when depositing terms from 36 months, up 0.35%/year compared to before. Similarly, 12-month term increased by 0.3 percentage points to 6.4%/year.

Notably, the bank applied the smart savings interest rate table from April 28, in which the highest interest rate is 6.95%/year when depositing from 36 months. This is a product that integrates savings, account overdraft, card and e-banking services, only applicable for some terms such as 12 months, 13 months, 18 months, 24 months, 36 months maximum amount. at least 100 million.

This bank also has certificates of deposit with interest rates up to 7.4%/year (8-year term) and 7.2%/year (6-year term).

Eximbank also updated the new interest rate schedule on April 28. The bank still keeps the deposit interest rate at the counter, the highest is 6%/year when depositing from 15 months or more.

Meanwhile, for online deposit, the highest interest rate increases to 6.5%/year, about 0.2 percentage points higher than before, applicable to customers who deposit from 15 months or more. Currently, the short-term interest rate of 1 month – 3 months when depositing online reaches the maximum allowed level of 4%/year. Accordingly, from the beginning of the year until now, the online deposit interest rate at Eximbank has increased by about 0.2-0.5%/year.

In addition, Eximbank applies a series of gift giving programs for savings customers such as hair dryers, tea pots, coffee cups, etc.

VietCapitalBank also updated the interest rate schedule on April 28. Currently, the highest deposit interest rate at this bank is 7%/year when depositing for a 24-month term online. Meanwhile, with over-the-counter deposit, the highest interest rate is 6.8%/year when depositing 24 months or more.

Before that, in the second half of April, many banks also adjusted deposit interest rates. In which, from April 15, VPBank increased sharply by 0.3-0.6 percentage points compared to before.

The highest interest rate at this bank is currently 6.9%/year, applied to online savings customers of VND 50 billion or more with a term of 36 months, an increase of 0.2 percentage points compared to before. For smaller amounts with a term of 36 months, for example from 10 billion to less than 50 billion, the interest rate skyrocketed from 6.1% to 6.7%/year. Or the amount under 300 million dong, the interest rate increases by 0.5 percentage points to 6.1%/year.

From April 22, ACB increased deposit interest rates by 0.1 percentage point for online deposit. BacABank from April 21 also increased 0.1 percentage points for many terms, to the highest level of 6.9%/year.

According to the macro report of Bao Viet Securities Company (BVSC), by the end of April, the 12-month deposit interest rate continued to increase by 0.08 percentage points, to 5.66%/year. . This development has caused operating profit to increase by 0.02 percentage points over the same period, after more than 2 consecutive years of decreasing.

Credit growth (as of March 31, 2022) reached 5.04%, the highest level in the past 10 years. The sharp increase in credit made the liquidity of the banking system somewhat more stressful and had to continuously use the OMO channel to pump short-term money out of the system after it was frozen for a year near this channel.

According to BVSC, with pressures from inflation as well as high credit demand during the economic recovery process, interest rates are likely to continue to increase slightly in the near future. The increase in interest rates will not be too big this year to support the recovery of the economy

According to Thanh Anh

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