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Deposit interest rates continue to rise

Banks continue to increase savings deposit interest rates with a popular margin of 0.3-0.4% a year, some banks increase to 0.8% a year.

There were nearly 10 banks that adjusted savings interest rates in the second half of May, most of them increased interest rates, fluctuating 0.1-0.8% a year.

In there, VIB there is an increase of 0.8% a year for online deposits with term of 9, 11 months and term of 9 months deposited at the counter. This is also the strongest increase in the whole industry since the beginning of the year. In addition, other terms are also added with an interest rate of 0.3-0.7% a year. However, with the old interest rate base being quite low, VIB’s ranking did not improve much after this move.

Banks like OceanBank, BaoVietBankPGBank, ACB… this phase also races to raise interest rates with a popular rate of 0.3-0.4% a year. Thanks to that, BaoVietBank raised its rank from 11th to 4th place with the highest interest rate in the market. OceanBank also increased 6 places to rank 6. The rest of banks like BacABank, GPBank… only slightly increased by 0.1-0.2% a year.

After this adjustment, 20 out of 34 units received VnExpress The survey lists the 12-month deposit interest rate over 6% a year. This number with online channels is 23 banks. The average 12-month deposit interest rates at counters and online reached 6.11% and 6.28%, respectively, up 0.04-0.05% compared to mid-May.

SCB continues to be the champion of 12-month term savings interest rates. This bank pays 7.3% for both over-the-counter deposits and online transactions. The above interest rate has been applied by SCB since mid-May.

Tellers are counting money at a bank in Hanoi.  Photo: Giang Huy

Tellers are counting money at a bank in Hanoi. Image: Giang Huy

Before that, in mid-May, there were also 11 banks that adjusted up savings deposit interest rate. In which, many banks offer an increase of over 0.3% a year such as NCB, GPBank, Sacombank, VietABank

Deposit interest rates continued to go up, helping to raise capital of credit institutions in the first quarter of the year, increasing by 2.15% over the same period, according to data of the State Bank. People alone have netted nearly 174,000 billion VND, bringing the total amount of residents’ deposits to 5.47 million billion VND, an increase of 3.28% compared to the end of 2021.

The trend towards the bank deposit channel also took place in the context that the previous hot investment channels gradually cooled down. Since the beginning of April, the stock market has had 27 liquidity sessions under VND 20,000 billion. In which, nearly a month, there were only 5 trading sessions that exceeded the mark of 15,000 billion dong. Level Liquidity This is relatively low compared to the average of VND 26,000 billion in the first quarter of the year.

The bond channel also gradually subsided after many macro moves to tighten the market. The report of the Vietnam Bond Market Association (VBMA) said that there were 23 issuances in April bonds individually with a value of 16,470 billion dong, although an increase compared to the previous 2 months, it is still low compared to the average level of last year.

Increase interest rate is becoming the main trend of private banks since the beginning of the year (meanwhile, four state-owned banks: Agribank, Vietcombank, BIDV, Vietinbank are out of the race). According to VnDirect’s statistics, the 3-month and 12-month term deposit interest rates of the private sector at the end of April increased by 14 basis points and 13 basis points respectively compared to the end of 2021.

VnDirect expects deposit rates to continue to increase from now until the end of 2022 due to rising USD interest rates and high inflationary pressures in Vietnam in the coming quarters. However, the increase will not be large, about 30-50 basis points for the whole year. In which, the 12-month term deposit interest rate of commercial banks may increase to 5.9-6.1% a year by the end of 2022 (currently at 5.5-5.7% a year). , still below pre-pandemic levels of 7% a year.

With the same opinion, BSC Securities believes that the deposit interest rate will increase slightly by 0.5-1% in 2022. The above forecast comes from the scenario of rising inflation and the lending-to-deposit ratio of banks. Trade shows signs of increasing again.

Below is the official listed interest rate from high to low (for an amount less than 1 billion VND), excluding the actual agreement of the bank with each customer (patrons, VIPs, large deposits – but less than one billion). Interest rates for online deposits are usually 0.1% to 0.2% higher, some places pay 1% higher a year than when depositing at the counter.


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