Commercial banks raise deposit rates
Commercial banks raise deposit rates
Several commercial banks have raised deposit rates for long-term tenors to over 8%, or 8.5% for tenors of 12 months or longer, to attract more depositors due to the rising corporate demand for loans in the remaining months of the year.
An Binh Commercial Joint Stock Bank (ABBank) has hiked the annual interest rate for Vietnamese dong savings by 0.7 percentage point for six-month savings and 0.8 point for tenors of 12 months at 7.5% and 8.5%, respectively, against the previous rates .
Saigon-Hanoi Bank (SHB) has quoted a spike in deposit rates for some tenors, with six-month deposits enjoying a rate of 7.8% per year. Also, the respective maximum rates for nine-month, 12-month and 13-month tenors are 8%, 8.1% and 8.2%.
With its upward adjustment, SHB is one of the banks offering the highest deposit rates on the local market.
Since August 20, Eximbank has raised its deposit rates for tenors of 13, 15, 24 and 36 months from 8% to 8.3% or 8.4% per year. Customers with 13-month deposits of at least VND100 million can enjoy the highest rate of 8.4%.
Orient Commercial Joint Stock Bank (OCB) is in the deposit rate race as well, offering the highest 36-month rate of 8%, up 0.3 point against its previous rate, while Vietnam International Bank (VIB) applies rates of 8.2%, 8.3% and 8.6% to six-month, 12-month and 18-month deposits, respectively, for customers with VND100-million deposits.
VPBank, BIDV and VietinBank have also entered the race, raising their interest rates for savings with certain tenors by 0.1-0.2 point per year.
Meanwhile, statistics from the State Bank of Vietnam show that annual interest rates for Vietnamese dong deposits are commonly fixed at 4.5%-5.4% for tenors below six months and 5.5%-7.5% for those of six months or longer.
SHB General Director Nguyen Van Le stated that commercial banks on the local market are enhancing capital mobilization, especially for long-term deposits, to meet the high demand of enterprises for capital for their operations for the rest of the year.
Bao Viet Securities Company (BVSC) attributed the higher interest rates to banks restructuring their funds to lower the percentage of short-term capital for medium- and long-term loans to 40% this year and 30% in 2022, as required by the central bank.
