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US dollar deposit rate slashed to below 2pct
Almost big and small commercial banks have slashed the US dollar deposit rate to below 2 percent per annum for all terms following the central bank’s decision on cutting the ceiling interest rates of deposits in the greenback issued last Thursday
The move aimed at encouraging people to keep the Vietnam dong to promote savings in the domestic currency instead of the greenback, thus help stabilize the forex rate.
At SCB, the maximum interest rate of 2 percent per annum is for 2-5 month terms and it is only 1.86-1.87 percent per annum for longer terms.
Some banks, such as Vietnam Export Import Commercial Joint Stock Bank (Eximbank), apply the US dollar deposit of 2 percent per annum for only savings choosing term of receiving interest.
As for common savings, the deposit rate of 2 percent is for only terms of 18 months and longer and it is 1.9 percent per annum for 1-12 month terms and 0.3-0.8 percent per annum for 1-3 week terms.
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is offering the US dollar saving rate at 1.75 percent per annum for 1-6 month terms and it is only 16 percent per annum for 7-9 month terms and 1.55 percent per annum for 10-11 month terms.
In recent months, together with the tighten policy of foreign currency source, the US dollar deposit rate decreased from over 6 percent per annum to 3 percent and then 2 percent per annum.
In addition, the foreign currency source at banks also tend to fall slightly, many enterprises sold US dollar to banks to receive the dong for making deposits to enjoy higher saving rate (The difference is up to 16 percent per year).
Along with reducing the US dollar interest rate, the central bank has also raised the compulsory reserve ratio in foreign currency by 1 percent, causing more expensive costs of foreign currency capital for credit institutions.
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