According to a survey of traditional savings deposit interest rates of more than 30 commercial banks by reporters Peopleas of July 3, the average 12-month interest rate was at 7%/year, down 0.38 percentage points compared to the end of May and down more than 1.4 percentage points compared to the beginning of the year.
Big 4 banks anchor low interest rates, small-scale banks push high
After the State Bank reduced the operating interest rate for the 4th time from June 19, the ceiling deposit interest rate for terms of less than 6 months was reduced to 4.75%/year. Banks also simultaneously reduced interest rates by 0.1-1 percentage point for all terms compared to the previous month, establishing a new deposit interest rate level.
At the end of May and the beginning of June, banks such as VIB, ABBank, BVBank, NCB… all listed 12-month term interest rates at counters above 8%/year. By early July, interest rates above 8%/year became “rare goods” in the market, most of which only appeared when accompanied by special conditions.
For the 12-month term alone at the counter, CBBank currently pays an interest rate of 8.1%/year, which is the only unit and also the bank that pays the highest interest rate as of July 3. Following is BaoVietBank with 7.7%/year, BacABank, OCB, VietBank and BVBank all apply 7.6%/year.
In addition, small and medium-sized commercial banks such as NCB, VietABank, NamABank, HDBank, KienlongBank… are all listing 12-month term interest rates at 7-7.5%/year. Source: Nhat Quang synthesis.
Meanwhile, state-owned banks (Agribank, BIDV, VietinBank and Vietcombank) listed 12-month savings interest rates at 6.3%/year, among the lowest in the system.
Deposit 2,000 billion VND billion or more to have a “terrible” interest rate of 11.5%/year
With the interest rate attached with conditions, PVcomBank said that it will apply an interest rate of 11.5%/year with an amount of over VND 2,000 billion for 12 and 13 month terms. In case the deposit balance is less than VND 2,000 billion, this bank currently applies an interest rate of 7.2%/year.
ABBank applies an interest rate of 10.9%/year for deposits over VND 1,500 billion with a term of 13 months. This interest rate is only applied with the approval of the bank leader.
Similarly, NamABank applies an interest rate of 8.5%/year for deposits over VND 500 billion with a term of 36 months. However, this deposit also needs to be approved by the bank’s leadership.
With an amount of over VND 300 billion, HDBank pays an interest rate of 8.6%/year for 12-month term and 9.3%/year for 13-month term.
Some banks that apply interest rates above 10%/year now have the condition that customers deposit from 1,000 billion VND or more (Photo: Tien Tuan).
At OCB, when depositing more than VND 50 billion, the interest rate applied for 6-month term e-deposits is added 0.3 percentage points/year to 7.6%/year and 12-month term is added. by 0.1 percentage point/year to 7.7%/year.
What is the deposit interest rate in the second half of the year?
According to the State Bank of Vietnam, total customer deposits by the end of April reached more than 11.98 million billion VND, an increase of more than 43 trillion VND compared to the end of March. In which, deposits of residents kept the momentum. growth, but the increase slowed down compared to the previous months.
People’s deposits at banks increased the lowest in the past 6 months, increasing by VND 52,000 billion in April to more than VND 6.33 million billion. Deposits of economic organizations decreased by more than 8,800 billion dong, to 5.65 million billion dong.
Assessing investment channels, experts of VNDirect Securities Company believe that savings deposits will be less attractive in the second half of the year. This unit forecasts that the average deposit interest rate for 12-month term will likely decrease to 6.5-6.8%/year by the end of the year and even lower in 2024.
In addition, VNDirect also believes that deposit interest rates are unlikely to adjust sharply in the near future when credit demand may accelerate and exchange rate pressure may return when the Federal Reserve The US (Fed) is still keeping the operating interest rate at a high level.
On the side of KB Securities Vietnam Company (KBSV), the experts said that there are many factors that have helped the interest rate level in the economy to decline rapidly since the beginning of the year, such as exchange rate movements, inflation, etc. with the move of 4 times to lower the operating interest rate and buy into foreign exchange reserves of the monetary authority.
This company believes that this interest rate reduction trend will continue in the second half of 2023, although there is not much room for interest rates to continue to decrease sharply. The average 12-month mobilizing interest rate of commercial banks is around 6.7%/year.
Accordingly, lending interest rates will also tend to decrease despite a delay (due to the bank’s cost of raising capital taking time to lower, the risk of bad debt when the economy is weak, credit demand is low), a decrease of 1-1.3 percentage points/year compared to the beginning of the year.
Previously, on June 28, the State Bank of Vietnam also issued a document requesting banks to strictly comply with regulations on deposit interest rates, publicly posting deposit interest rates at convenient places to deposit money according to regulations. determined. Accordingly, units need to implement measures to reduce deposit interest rates, thereby creating room to reduce lending rates for customers.
The Monetary Authority also continues to reduce the interest rate level for market loans, contributing to removing difficulties for businesses, people and the economy.
According to Dan Tri
