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Many banks found violating deposit rate cap
Tuoi Tre has found many commercial banks are offering negotiable deposit interest rates of up to 15 percent per year, violating a cap of 14 percent as agreed Tuesday.
Under the consensus of the Vietnam Bank Association’s members, State Bank of Vietnam and commercial banks, the ceiling saving rates in dong will be only 14 percent, including all promotion and bonus, taking effect Wednesday.
In addition, banks have to publicize the interest rate benchmark at its branches and transactions sites.
State-owned banks such as Vietnam Bank for Agriculture and Rural Development (Agribank), Bank for Investment and Development of Vietnam (Bidv), Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB) and some other big banks immediately lowered the rates as committed.
But rates at some other commercial joint stock banks still exceed the ceiling with additional interest rates included under many forms.
At Nam Viet Commercial Joint Stock Bank (Navibank), the highest dong deposit rate is 14 percent per year.
But according to the bank’s staff, for deposits worth from VND50 million with terms of 1-3 months, the depositors will be able to enjoy a bonus interest rate equaling 1 percent per year, totaling at 15 percent per year.
The bank will pay the bonus in cash right after making deposits. But in case the depositor prematurely withdraws capital, the bonus interest rate will be deducted.
At Gia Dinh Commercial Joint Stock Bank (GiaDinhBank), the dong deposit rate still remains at 15.5 percent per year for 1-2 month terms and three months at 15 percent per year.
Due to its violation, the bank did not publicize the interest rate benchmark and those wanting to know can ask the bank’s staff.
At Vietnam Tin Nghia Commercial Joint Stock Bank, the saving rate was only 12 percent per year. However, it offers scratchcards with prizes ranging from VND60,000 to VND20 million with winning rates of up to 95 percent. Thus, including the prize value, the bank’s deposit rate could easily exceed 14 percent.
Additionally, depositors will have chances to win prizes of up to VND1.8 billion.
In addition, on websites of some banks in Ho Chi Minh City’s District 1, the highest saving rate was 14 percent per year. But, at the transaction sites, the highest level was up to 15 percent per year for 1-6 month terms.
On Wednesday morning, this bank still applied this interest rate benchmark.
At Saigon Hanoi Commercial Joint Stock Bank (SHB), the highest saving rate was only 13.5 percent per year.
But, when a customer had demand of making deposit worth up to VND400 million with one month term, the bank immediately applied the negotiated saving rate of up to 13.8 percent and then 14 percent per year.
Inspection, fines
Inspectors from the State Bank of Vietnam disguised as depositors have been dispatched to keep a close watch on commercial banks that are likely to break the consensus, newswire VnExpress quoted an SBV official who wanted to remain anonymous.
We are on high alert about that, a director of a Hanoi-based commercial bank told the newswire.
Inspector from the SBV’s branch in HCMC on the same day fined a transaction office of Phuong Dong Commercial Bank (Orient Bank) on Nguyen Thai Binh Street, District 1, for keeping the rate at 14.5 percent until Wednesday afternoon, branch director Ho Huu Hanh told the newswire.
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