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Who is depositing money in banks?
Apparently, both businesses and individuals are now depositing money in banks, and in equal number.
Head of the Capital Sources Division of a Hanoi-based bank said that the numbers of deposits opened by businesses and individuals are roughly the same.
All banks want to attract businesses, since they always deposit big volumes of money. However, the official said that the bank tends to pay more attention to mobilising capital from individual depositors because the capital deposited by those clients is more stable.
Director of another bank in Hanoi also said that he prefers the stability of capital from individual depositors. “Institutional depositors deposit big sums of money, but they only choose short-term deposits, because they need capital for production and business,” he said.
What factors make individuals want to make deposits in banks? A quick survey conducted by local newspaper Dau tu chung khoan of 100 people showed that half of the polled people choose banks which offer high interest rates and have prestige to make deposits. For many of them, a good name is the most important factor, especially when there is no big gap in the interest rates offered by banks.
1/3 of the polled people said that interest rates are the most important thing to them if they need to make short-term deposits, but they will still deposit at prestigious banks instead of banks offering high interest rates if they want to make long-term deposits.
Meanwhile, the other people say that high interest rate is the top priority in all cases. Those people believe that they do not need prestigious banks, because in Vietnam, commercial banks are all “guaranteed” by the state.
Pensioners mostly choose banks near their homes to make deposits, while high interest rates are not important to them at all.
Commercial banks seldom participate in the interest rate races in which small joint-stock banks are always running. While the highest interest rate offered by joint-stock HD Bank has exceeded the 10 percent per annum level, state-owned big banks, which are confident in their prestige, do not offer interest rates at higher than 9 percent per annum.
Despite the increasing deposit interest rates, commercial banks are still finding it hard to mobilise capital. According to the State Bank of Vietnam, in the last two months, outstanding loans have always been increasing more rapidly than mobilised capital.
VietNamNet, DTCK
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