Commercial banks increase interest rate for no-term deposits

Two domestic commercial banks have announced an increase in interest rate for do-term deposits in Vietnamese dong, in an effort to boost mobilised capital.

Eximbank on May 15 announced its apply of a 10% a year interest rate for no-term deposits, the highest level on the market so far.

Earlier, SCB Joint Stock Commercial Bank has also increased their interest rate for no-term deposits to 9% a year.

Experts have warned that the race to increase the interest rate for no-term deposits among banks though do not violate the agreement reached by domestic banks to cap interest rate at 12% for termed deposits, will likely cause a shift of deposits between banks.

ND

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