Vietcombank cuts deposit, loan interest rates

Vietcombank cuts deposit, loan interest rates

Vietcombank slashed the annual interest rates for short-term Vietnamese dong deposits on November 18.

It was the fourth adjustment the bank has made on deposit interest rates this year.

According to news site vietstock.vn, while the interest rate on long-term deposits of 24 months and more stays unchanged at 6.3 per cent per year, the bank has cut most of the short-term rates.

The rates have been cut for one-month deposits from 4.5 per cent to 4 per cent; for three-month deposits from 5 per cent to 4.9 per cent; and for six-month deposits from 5.5 per cent to 5.4 per cent; as well as for nine-month deposits from 5.5 per cent to 5.3 per cent.

With the reductions, Vietcombank's deposit rates are lower than the State Bank of Viet Nam's rate cut in late October from 6 to 5.5 per cent for short-term deposits.

At the same time, Vietcombank also cut the rate on VND loans from 8 per cent to 7 per cent for households, co-operatives and enterprises involved in animal husbandry and aquaculture, and the animal slaughter and processing industry.

The same rate cut was applied to loans given to counter losses in agricultural production.

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