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New rates fail to lure more cash
Some banks dramatically increased dong deposit rates yesterday to around 17 per cent per annum, but customers remained seemingly unmoved.
The State Bank of Viet Nam has considerably raised the benchmark interest rate, bringing the prime rate up 2 percentage points, from 12 to 14 per cent per year.
Early yesterday morning, SeABank released new deposit rates, in which the bank offered 19.20 per cent annually for 13 month deposits, up over 3 percentage points against Tuesday - a record high on the market. An 18.60 per cent interest rate was given to one year deposits and 18 per cent for six month deposits.
Several banks brought deposit rates over 17 per cent. Sai Gon Ha Noi Bank offered 17.8 per cent interest for 1-12 month terms. Habubank offered a 17.5 per cent rate for 12 month deposits, and 17.15 per cent interest for one month terms.
VietA Bank offered a rate of 17.1 per cent for one month and 17.2 per cent for 6-12 months.
With "15+ savings", deposits exceeding 15 months at Asia Commercial Bank gain 16.38 per cent in interest per year.
The Military Bank offered 16.30 per cent interest for 12 month deposits, 16.15 per cent for six months and 16.05 per cent for one month.
Interest rates for VP Bank, VIB Bank, Sacombank and Vietinbank remained under 16 per cent per year.
Some of them confirmed with Viet Nam News that they would have to raise deposit rates. These banks were reportedly in discussions over the issue until late yesterday.
On the first day of new cap, customers are likely still waiting to see how high deposit rates might climb, as occurred with the previous increase on May 19, when local lenders raised deposit rates from 12 per cent to 14-15 per cent per annum.
VNS
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