Commercial banks raise deposit rates after SBV adjustment
VIETNAM, September 28 –
HÀ NỘI — Many commercial banks have raised interest rates for Vietnamese đồng deposits over the past few days after the State Bank of Việt Nam raised its policy rate by 100 basis points last Thursday.
Vietnam Prosperity Commercial Joint Stock Bank (VPBank) sharply raised interest rates on short-term deposits. Specifically, customers who deposit with VPBank for a term of 2-5 months will enjoy a capped interest rate of 5% per annum for savings of VNĐ10 billion or more, up 1 percentage point. As for deposits ranging from 3 billion VNĐ to less than 10 billion VNĐ, the interest rate is 4.9% per annum. The rate of 4.8% per annum concerns deposits ranging from 300 million VNĐ to less than 3 billion VNĐ.
Interest rates for 12-month deposits at VPBank also increased by 0.5 to 0.6 percentage points per year to between 6.4 and 7.2% per year depending on the value of the deposit. .
Notably, the highest interest rate quoted by VPBank is 7.7% per annum for customers who deposit from VNĐ 50 billion or more with a tenor of 36 months, up 0.7 points. percentage per year. This rate is currently the highest rate in the banking system for deposits below 100 billion VNĐ.
At the Saigon-Hanoi Commercial Joint Stock Bank (SHB), the interest rate on deposits for terms of less than one month has also increased to a maximum of 0.5 percentage points per year. The one-month to less than six-month deposit rate also increased by 0.8 to 0.9 percentage points per year to between 4.38 and 4.9 percent per year.
For longer terms, interest rates on deposits at the SHB increased by 0.4 to 0.5 percentage points per year to 5.73 to 7.35% per year depending on conditions.
SHB has the highest interest rate of 8.1% and 7.9% per annum for the Phát Lộc certificate of deposit with tenors of eight and six years, respectively.
Many other banks, such as Asia Commercial Joint Stock Bank (ACB), Vietnam Import-Export Commercial Joint Stock Bank (Eximbank), Bắc Á Commercial Joint Stock Bank (Bac A Bank), Việt Capital Commercial Joint Stock Bank (Viet Capital Bank ) and Kiên Long Commercial Joint Stock Bank (Kienlongbank), have also adjusted upward the interest rate on deposits for many terms, in particular terms of less than six months.
Meanwhile, major public banks in the Big 4 group, including Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Joint Stock Commercial Bank for Industry and Commerce of Vietnam (VietinBank) and Bank of Agriculture and Rural Development of Vietnam (Agribank), have not yet made further adjustment. Currently, the highest interest rates quoted by these banks range from 5.6-5.8% per annum for online deposits and 5.6% per annum for over-the-counter deposits. Their short-term interest rates of less than six months are 3.1 to 3.4% per annum.
According to the Maybank Investment Banking Group (Maybank IBG) forecast after last week’s adjustment, the SBV would keep the interest rate on deposits unchanged by the end of 2022.
According to Maybank IBG, the increase in the key rates of the SBV last week would not significantly affect the economic recovery. Maybank IBG maintains its GDP growth forecasts of 8% for Việt Nam for 2022 and 6% for 2023, respectively. —VNS