In a recent move to attract more deposits, ACB (Asia Commercial Bank) has increased its interest rates for savings accounts in October. The bank has raised rates by 0.3 percentage points for terms of 6-9 months and by 0.2 percentage points for 12-month terms. The new rates now stand at 7.9% per year for a 6-month term and 8% per year for both 9-month and 12-month terms. For terms shorter than 6 months, ACB continues to offer a rate of 4.75% per year, which is the maximum allowed by the State Bank of Vietnam.

Despite these increases, ACB's listed rates are still lower than the promotional rates offered to select customers, which can reach up to 8.33% per year for 6-month terms and 8.15% for 9-month terms. These higher rates apply to specific customer groups under certain conditions.

As of October 5, state-owned banks such as Agribank, BIDV, Vietcombank, and VietinBank are maintaining their deposit rates at 4.75% per year for 3-month terms, 6.6% for 6-9 month terms, and 6.8% for 12-18 month terms. In contrast, several commercial banks have set their rates above 7% per year across various terms. For instance, Sacombank offers 7.2% for 6-9 month terms and 7.5% for 12-18 month terms, while LPBank lists rates of 7% for 6-month terms and 7.2% for 12-month terms.

However, some banks are still offering significantly lower rates. SCB lists rates of just 1.9% for 3-month terms and 2.9% for 6-9 month terms. SeABank offers 4.65% for 6-month terms and 4.85% for 9-month terms.

Overall, there is a clear disparity in the listed interest rates among banks, particularly for medium and long-term deposits. While state-owned banks maintain relatively stable rates, some commercial banks are raising their rates to enhance their competitiveness in attracting deposits. However, it is important to note that some commercial banks are offering rates as high as 9% per year for deposits, depending on the amount, term, and customer negotiations.