Banks lower deposit rates
Banks lower deposit rates
Several commercial banks have cut their annual deposit rates during the peak season for capital mobilization.
Specifically, VietCapital Bank, after raising its interest rates to 8.6% for savings at the bank’s branches and 8.7% for deposits made online, has announced plans to cut rates by 10 basis points for most tenors, the local media reported.
Vietnam Export Import Bank has also lowered interest rates for deposits of 15 and 18 months by 20 basis points to 8.1% and for the 12-month tenor by 10 basis points to 7.7%.
At Nam A Bank, the interest rates for savings of 16 and 17 months are now 7.4%, down 30 basis points.
In addition, the Bank for Investment and Development of Vietnam has lowered its deposit rate for tenors of one to three months from 4.5%-5% to 4.3%-5%.
On the other hand, many other banks have raised their deposit rates. National Citizen Bank, for example, has hiked its rate by 10-80 basis points.
The interbank market also saw an increase of 30 basis points in interest rates for overnight and one-week tenors, reaching 2.2% and 2.4%, respectively.
