Banks offer incentives to lure savings for year-end capital demands

Banks offer incentives to lure savings for year-end capital demands

Analysts forecast that the interest rate scenario until the end of 2025 is likely to remain stable, thanks to the SBV’s flexible management orientation.

A customer deposits at a bank in Hà Nội. — Photo cafef.vn

Deposit interest rates are seeing fresh moves this month as banks launch a flurry of promotions and incentives to attract capital in the run-up to the year-end.

Vietcombank has announced a large-scale programme for both in-person and online savings deposits, running until October 31.

Customers who deposit from VNĐ30 million with a six or 12-month term will receive a prize code for a lottery draw, with a special prize of VNĐ1 billion. On 'golden days' such as October 1 (for customers aged 60 and over) and October 20 (for female customers), prize codes are doubled to increase the chances of winning.

In addition, customers depositing from VNĐ1 billion or more at Vietcombank will earn VCB Loyalty points, which can be redeemed for e-vouchers for shopping.

Not only Vietcombank, but a range of joint stock commercial banks are also adjusting interest rate policies to lure depositors.

MB, for instance, is offering an additional 0.8 percentage point per year for online savings deposits. This raises actual rates to 4.4 per cent annually for two-month terms, 4.6 per cent for three months, and 5.2 per cent for six and nine months.

SeABank is adding 0.5 percentage point per year for online deposits starting from VNĐ100 million, while Techcombank offers an extra 0.5 percentage point for first-time savings, though still within the ceiling set by the State Bank of Vietnam (SBV).

Digital bank Vikki is targeting niche customer groups, including people over 80 and members of the armed forces, with an extra 0.4 percentage point per year.

Some banks are pushing higher headline rates of 6–9 per cent per year, though only for very large deposits. PVcomBank is currently offering the highest — 9 per cent for 12–13 month terms — but only for balances of VNĐ2 trillion or more.

Analysts expect deposit interest rates to remain relatively stable until the end of 2025, thanks to the SBV’s flexible policy approach.

According to Vietcombank Securities Company (VCBS), credit growth is forecast to reach 18–20 per cent this year, well above the SBV’s 16 per cent target. Analysts point to the supportive low-interest rate environment fuelling loan demand, progress in resolving real estate legal issues, acceleration of public investment, and ongoing measures to back the private sector.

VCBS analysts added that as capital demand continues to rise, some commercial banks may slightly increase deposit rates to balance liquidity, though such adjustments are not expected to be significant. 

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