Banks race to increase deposit interest rates

In terms of deposit interest rates, Techcombank is still leading with 7.8%/year. However, in order to enjoy this interest rate, customers must meet certain conditions.

Cash flow is returning to the banking system because deposit interest rates are gradually becoming more attractive again. (Illustration image – Photo: Investment Newspaper)

Following is Saigon Commercial Joint Stock Bank (SCB) with 7.6%/year, NamABank 7.4%/year. Asia Commercial Joint Stock Bank (ACB), MSB or VietCapitalBank apply the highest interest rate from 7 to 7.1%/year… with some specific conditions.

Meanwhile, the savings interest rates in the “big 4” group are Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank). Joint Stock Trade of Industry and Trade of Vietnam (VietinBank) and Bank for Agriculture and Rural Development (Agribank) continued to remain stable, the highest at 5.5 – 5.6%/year.

Saigon – Hanoi Commercial Joint Stock Bank (SHB) has sharply increased deposit interest rates both online and over the counter. Currently, the highest online savings interest rate at SHB is up to 6.7%/year for term from 36 months, up 0.35%/year compared to before and 6.4%/year for 12-month term, up 0 ,3 years.

With over-the-counter savings, the deposit interest rate also increased by 0.4%/year to 6.5 – 6.6%/year with a term of 36 months and 6.1 – 6.2%/year with a term of 36 months. term 12 months.

SHB also listed the interest rate of Phat Loc certificate of deposit up to 7.4%/year for 8-year term and 7.2%/year for 6-year term.

Savings interest rates at Military Commercial Joint Stock Bank (MB) also increased from 0.15 to 0.24%/year in some terms. Among them, the interest rate for 24-month term increased by 0.24%/year to 5.75%/year; 12-month term increased 0.18%/year to 5.39%/year…

Previously, from the second half of April, many banks have adjusted to increase interest rates such as Vietnam Prosperity Joint Stock Commercial Bank (VPBank), An Binh Commercial Joint Stock Bank (ABBank), Commercial Joint Stock Bank Vietnam Maritime Joint Stock Company (MSB), Ho Chi Minh City Development Commercial Joint Stock Bank (HDBank), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), etc. from 0.1 – 0.4%/year depending on the term.

According to VCBS Securities Company, the interest rate level this year is unlikely to decrease compared to the end of 2021, maybe even increase again, with an increase of about 0.5 – 1%/year, especially in second half of this year.

According to SSI securities, the liquidity in the stock market slowed down and the deposit interest rate increased, helping to increase the personal cash flow deposited in the bank.

Statistics of the State Bank show that people’s idle cash flows are returning to the banking system. At the end of February 2022, customer deposits reached more than VND 11.1 million billion, up 1.38% compared to the beginning of the year. Among them, mainly thanks to the increase in deposits from the population.

After the first two months of the year, deposits from residents increased by more than VND 159,600 billion compared to the end of 2021, reaching VND 5.46 million billion.

The fact that cash flow is returning to the banking system is partly due to the fact that deposit interest rates are gradually becoming more attractive with many promotions, and partly because this is always considered a safe investment channel, especially in the context that the stock market, gold, electronic money… are having unpredictable fluctuations.

According to VTV Digital