20.09.2020, 23:37

“Big man” the bank further reduced interest rates on savings

In the latest deposit rate schedule, Vietcombank has just adjusted to decrease the interest rate by 0.2 percentage points for 1-2 month term, down to 3.3% /year; 36 month term is 5.8% /year. This is also the lowest savings interest rate applied at state-owned commercial banks so far.


From the beginning of September up to now, many other commercial banks have also applied new interest rates, in the direction of a sharp decrease in terms.


For example, ABBANK changed the new deposit interest rate schedule from September 19 to a direction of sharp decrease in terms. Specifically, interest rates for 1-5-month terms dropped to 355% /year, down 0.4 percentage points from the previous one; 6-8 month period to 5.8% /year, down 0.5% compared to before



“Big man” the bank further reduced interest rates on savings


Deposit rates continued to decline in many banks. Photo: Lam Giang


At National Citizen Commercial Joint Stock Bank (NCB), the deposit rates for long terms were also reduced, as 18-36 month terms decreased by 0.3 percentage points compared to before, to 7.5% /year. .


Or at Techcombank, the 1-month deposit rate for customers under 50 is only 255% /year; 2-month term is 265% /year and for term of 3-5 months, it is 275% /year


At Nam A Bank, interest rates for long-term deposits from 30-36 months decreased by 0.4 percentage points compared to the previous one, to 6.8% /year.


The recent report on money market strategy of SSI Securities Company shows that in August 2020 deposit interest rates have decreased by 0.2-4 percentage points for short terms and 0.2 percentage points for long terms. Accumulated in 8 months, deposit interest rates decreased by a total of 0.5-2.1 percentage points for all terms compared to the end of last year.


By the end of August, new credit grew 423% compared to the end of 2019 while deposit growth was still very good despite a sharp drop in interest rates. The widening mobilization – credit gap makes the dong is redundant in the banking system, so SSI believes that deposit interest rates can still decrease in the near future.



Thai Phuong


Source: nld.com.vn – Translated by fintel.vn