Ocean Bank increases savings interest rates

The Ocean Commercial Joint Stock Bank, OceanBank, has just announced new interest rates for savings deposits in both Vietnam dong and US dollar which are effective from today June 10, becoming one of the two domestic banks with the highest savings interest rates so far.

Accordingly, with deposits in Vietnam dong of 12 months to 60 months terms, the interest rate is fixed at 16.56% a year while that for deposit in US dollar is 8.4% a year.

According to OceanBank, the bank receives an average of VND 40 billion as savings from local depositors a day. The highest figure it has made has been VND 100 billion worth of savings a day.

In May and early days in June 2006, OceanBank has launched the operations of 13 new branches in Hanoi and Ha Dong city, bringing the total number of the bank's branches so far to 40.

The bank also plans to open ten more branches this month nationwide.

ND

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