SACOMBANK launches certificate of deposit with 8.2% interest, no penalty for cashing out early

SACOMBANK launches certificate of deposit with 8.2% interest, no penalty for cashing out early

Saigon Treasure Commercial Joint Stock Bank (SACOMBANK) is offering a certificate of deposit product to meet the growing demand for wealth management solutions that both offer high returns yields and capital flexibility.

SACOMBANK has launched a flexible certificate of deposit product with an interest rate of 8.2 per cent per annum for the first six months. Investors can transfer ownership after six months instead of redeeming prematurely, thus fully retaining the accrued interest. — Photo courtesy of the bank

Saigon Treasure Commercial Joint Stock Bank (SACOMBANK) is offering a certificate of deposit product to meet the growing demand for wealth management solutions that both offer high returns yields and capital flexibility.

It carries a high coupon rate and allows investors to transfer ownership of the certificate.

People buying a 36-month certificate of deposit with a minimum value of VNĐ500 million (US$19,000) will receive 8.2 per cent interest per annum for the first six months, with the interest paid semi-annually.

Subsequently, the rate will be reviewed every six months based on SACOMBANK's prevailing deposit rate framework plus a preferential margin.

After holding the certificate for at least six months, customers wanting to cash out can transfer ownership of the certificate to another investor instead of redeeming it, thus retaining the interest accrued during their actual holding period.

SACOMBANK will connect them with those interested in buying the certificates, making the process more convenient. 

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