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Deposit interest rates continue to increase

Some commercial banks increased deposit interest rates. (Illustration image – Photo: Investment Newspaper)

Specifically, the expression deposit interest rate for individual customers continued to be slightly increased in early May in some small and medium banks.

Deposit interest rates for customers and organizations were also adjusted up by about 20 basis points in the group of large joint stock commercial banks.

Recently, Saigon Commercial Joint Stock Bank (SCB) applied a new deposit interest rate to increase by 0.1 – 0.3%/year, specifically 6 months to 6%/year, 9 months to 6.5% /year, 12 months to 7.3% / year… Particularly, online savings have a higher interest rate than normal deposit from 0.5 – 0.85%/year, for example, deposit 6 months to 6.85% /year, 9 months to 7%/year…

Asia Commercial Joint Stock Bank (ACB) also increased the deposit interest rate for online savings by 0.5% in short term. Specifically, the interest rate for 1-month term savings to 3.95 – 4%/year, 2 and 3 months to 4%/year, 6 months to 5.2 – 5.4%/year…

At Nam A Commercial Joint Stock Bank (NAM A BANK), the 12-month deposit interest rate increased by 0.2%/year to 6.4%/year. The highest deposit interest rate of this bank is 7.4%/year for deposit periods of 16 months or more when customers deposit online.

Interest rates at some key terms at Military Commercial Joint Stock Bank (MB) increased from 0.15 to 0.24%, such as 6-month term at 4.44%/year, 12-month term at 5, 39%/year, 24 month term listed interest rate is 5.75%/year…

While a number of joint stock commercial banks with a state-dominated ratio, including Agribank, BIDV, Vietcombank, and VietinBank, still maintain low deposit rates. The deposit interest rates of these banks maintained the highest at 5.5%/year for 12-month term, while 24-month term was 5.3-5.5%/year…

The pressure to increase deposit interest rates is also reflected in the difference between credit and capital mobilization, which has fallen to the lowest level in 8 years.

Data from the State Bank shows that as of April 25, credit increased by 6.75% compared to the end of 2021 (equivalent to 16.4% over the same period), while capital mobilization increased by only 3. 55% (equivalent to 10.7% over the same period).

Banks race to increase deposit interest rates Banks race to increase deposit interest rates – In the first week of May, the “race” to increase deposit interest rates had the participation of some commercial banks with an increase of 0.1 – 0.4%/year.

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