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Interbank interest rates down, deposit interest rates up
While the interbank interest rate has been decreasing sharply with the overnight interest rate down to 8.5 percent per annum, the deposit interest rates applied by commercial banks are still sky high. Some banks are offering the interest rate of up to 15 percent per annum.
Lan Anh, an office worker, decided to deposit 500 million dong at a state owned bank which offers the interest rate of 12 percent per annum for 3-month term deposit. She believes that depositing money at a state owned bank is the best choice for now, when the interest rates applied by state owned banks and joint stock banks are the same. A newspaper has reported that commercial banks have agreed to apply the ceiling interest rate of 12 percent per annum.
However, Anh has just realized if she had deposited the sum of money at a joint stock bank, she would have enjoyed higher interest rates. Many joint stock banks have broken their promise to keep the interest rate at 12 percent at maximum to raise the deposit interest rates to 13.5 percent. Especially, Nam A Bank has even announced the 13.75 percent per annum interest rate for 6-month term deposit.
When Anh called a bank branch in Tay Ho District in Hanoi and asked about the interest rate, the officer here, at first, refused to provide the information, but she later revealed that the actual interest rates the bank is applying are higher than the quoted interest rates. The officer said that the actual interest rate for 1-month term deposit is 2.5 percent higher than the official interest rate, while the actual interest rates of 2-month and longer term deposits may reach 15 percent.
“Our bank branch has just been established, therefore, we accept low profit and offer high interest rates in order to attract depositors,” the officer said.
Especially, if depositing 100 million dong or more, depositors will not have to go to banks to make transactions, because banks will send staff to their homes.
Though Anh regrets depositing money at the bank which offers low interest rate, she has decided not to withdraw money. Meanwhile, other depositors do not think so. Many depositors withdraw money from state owned banks to deposit money at other banks which offer higher interest rates.
Hang, who lives in Hai Ba Trung District, related that at first she deposited three billion dong at a state owned bank, but she has decided to withdraw the money to deposit at a joint stock bank, because the joint stock bank offers the high interest rate of 15 percent per annum, while the state owned bank offers 12.5 percent only.
Director of a state owned bank complained that previously, only VIP clients had the right to negotiate with the bank on the deposit interest rates, but now even individual clients are also threatening to leave the bank. “This is really a headache for us,” he said.
He also revealed that credit officers have been given more power to retain clients. “If we do not please depositors, they will leave us. Meanwhile, the year is nearly ending, and the demand for capital is increasing,” he said.
Tuan Hung, a depositor in Tay Ho District in Hanoi, related that some days ago, he decided to withdraw 900 million dong from a bank to deposit at another bank which offers higher interest rate. However, when he came to the bank to withdraw money, he was asked to keep depositing at the bank, while the bank has accepted to pay him higher interest rate at 13 percent per annum instead of 12 percent. Finally, Hung decided not to withdraw money.
Some joint stock banks have issued promissory notes and bonds at high interest rates. VP Bank is now offering the highest interest rates for promissory notes. The rates offered by the bank are 15 percent for 12 month term note and 14 percent for 6-month term note.
Meanwhile, the interbank market has been calm these days. The overnight interest rate once dropped to 8.5 percent per annum, while it is now stable at 9 percent. However, the interest rates for 1-month and longer term loans have not decreased significantly. State owned banks now offer to lend at 13.5 percent for 1-month term loans, while they rarely offer longer term loans.
VnExpress, vietnamnet
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