Commercial banks cut down deposit rates
Commercial banks cut down deposit rates
Commercial banks continued to cut deposit rates on September 19 after the State bank revised down benchmark rates.
Illustrative image (Photo: VNA)
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Accordingly, annual rate for deposits from one to six months stands at 4.75 percent while those for medium- and long-term ones are also lowered.
Specifically, Vietcombank and VietinBank offer a 4.3 percent yield per year for one-month and two-month deposits, 4.7 percent for the three-month term and 4.75 percent for the 3-6 month term.
Techcombank and VIB apply a rate of 4.3-4.75 percent for the 1-6 month term, and 0.5 percent for those below one month and non-term ones.
For deposits above six months, the rate remains high at over 7 percent.
Lending rates will be also brought down to facilitate businesses’ access to low-cost credit.
