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More banks lower deposit interest rate to below 12pct/yr
ACB, Vietcombank, VietinBank, DongAbank, VIB and ABBank en masse reduced the deposit interest rate to below 12% per year, following the State Bank of Vietnam (SBV)’s move of lowering the deposit interest rate cap to 12% p.a. for savings in dong of individuals and organizations at credit institutions.
The new deposit interest rate cap was officially applied from April 11, 2012.
Accordingly, the highest interest rate for demand deposit and less than 1-month saving decreased from 5% p.a. to 4% p.a. and the maximum interest rate for above 1-month terms fell from 13% p.a. to 12% p.a.
Immediately after the central bank’s decision is announced, many commercial banks en masse reduced the deposit interest rate to below 12% p.a.
Particularly, at Vietnam Bank for Agriculture and Rural Development (Agribank), the saving rate for 1-2 month and 9-12 month terms is 12% p.a., 18-24 months at 11% p.a. and demand deposit and payment saving is at 3% p.a.
Bank for Investment and Development of Vietnam (Bidv) also offered the demand deposit rate at 3% p.a. and 1-36 months at 12% p.a.
Meanwhile, at Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB), saving rate in dong for individual and corporations is 12% p.a. for 1-60 month terms.
At Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG), the non-term saving rate is 2% p.a., less than 1 month at 4% p.a., 1-12 months at 12% p.a., above 12 months and less than 24 months at 9%, 24-36 months at 8.5% and more than 36 months at 8% p.a.
Asia Commercial Bank (ACB) applied the deposit rate at 4% p.a. for 1-3 week terms, 1-9 months at 11.88% p.a., 12-12 months at 12% p.a. and 24-36 months at 10.09 p.a. and 11.4% p.a.
Dong A (Eastern Asia) Commercial Joint Stock Bank (DongABank-EAB) also reduced the deposit rate to 11.89% p.a. for 1-month term, 3-months at 11.96% p.a. and 6-months at 11.98% p.a.
Vietnam International Commercial Joint Stock Bank (VIB) also adjusted down the saving rate to 2.4% p.a. for non-term deposit, 1-3 weeks at 4% p.a., 1-12 months at 12% p.a. and 15-36 months at 11% p.a.
At An Binh Commercial Joint Stock Bank (ABBank), the saving interest rate is 3% p.a. for non-term deposit, 1-3 months at 3.83% p.a., 1-13 months at 12% p.a., 15-48 months at 10% p.a. and 60 months at 10.5% p.a.
At Saigon Commercial Joint Stock Bank (SCB), the saving rate is 11.95% p.a. for 1-11 month terms for both individual and institutional customers.
Saigon Hanoi Commercial Joint Stock Bank (SHB) also cut down the deposit rate to 2.5% p.a. for demand deposit and 1-36 months at 12% p.a.
HCM City Housing Development Commercial Joint Stock Bank (HDBank) raised capital at the interest rate of 4% p.a. for 1-3 week terms, 1-36 months at 12% p.a. and demand deposit at 3% p.a.
vietbiz24
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