As noted, although many banks lowered the deposit rates to 11 percent per year but they still offered many promotion programmes, pushing up actual saving rates to over 12 percent per year.
On October 18, a small bank in HCM City's District 1 maintained the deposit rate at 11.2 percent/yr, at the same time giving a bonus interest rate of by 1.44-1.68 percent/year, pushing up the actual deposit rate to 12.64-12.88 percent/year.
Along with deposit rate, Dai Tin Bank (Trust Bank) launched a promotion programme for depositors. With deposit worth one billion dong and term of three months and longer, depositor will receive a valuable gift.
Also on October 18, many banks joined the race to reduce the interest rate like Eastern Asia Commercial Joint Stock Bank (EAB), Dai A Bank, Navibank, Vietnam Commercial Joint Stock Bank for Industry and Trade (VietinBank). However, on the website of these banks, the interest rate remained unchanged.
Basically, the new interest rate benchmark announced by banks is almost not too different. Till date, only Vietnam Technological and Commercial Joint Stock Bank (Techcombank) applies the interest rate benchmark of below 11 percent per year. Particularly, the deposit rate of 1-36 month terms range around 10.08- 10.96 percent per year, deposit rate for week terms is from 9.3 percent to 9.9 percent per year, lower by 0.3-0.5 percent/yr than the common benchmark of other banks.
Some others still applies the deposit rate of 11 percent/year for 1-12 month terms but it will be lower for longer terms. At Dai A Bank, terms of from 18 months and longer, the saving rate is only 10.86 percent/yr while at VietinBank, the highest level is 11 percent/year for 1-12 month terms and terms of more than 12 months the saving rate will be 10.5-10.8 percent/year.
The deposit rate of 11 percent/year is also being applied at Bank for Investment and Development of Vietnam (Bidv).
Duong Thu Huong, chair of Vietnam Bank Association (VNBA), said in the current conditions, it is difficult to have the curve of interest rate because short-term deposits from 1-3 months accounted up to 50 percent of total deposits. Huong added l the current deposit rate is still real positive interest rates, but in condition that the total deposits are not plentiful like now, banks need time to stabilise the capital sources before setting up the interest rate curve.
On October 18, a small bank in HCM City's District 1 maintained the deposit rate at 11.2 percent/yr, at the same time giving a bonus interest rate of by 1.44-1.68 percent/year, pushing up the actual deposit rate to 12.64-12.88 percent/year.
Along with deposit rate, Dai Tin Bank (Trust Bank) launched a promotion programme for depositors. With deposit worth one billion dong and term of three months and longer, depositor will receive a valuable gift.
Also on October 18, many banks joined the race to reduce the interest rate like Eastern Asia Commercial Joint Stock Bank (EAB), Dai A Bank, Navibank, Vietnam Commercial Joint Stock Bank for Industry and Trade (VietinBank). However, on the website of these banks, the interest rate remained unchanged.
Basically, the new interest rate benchmark announced by banks is almost not too different. Till date, only Vietnam Technological and Commercial Joint Stock Bank (Techcombank) applies the interest rate benchmark of below 11 percent per year. Particularly, the deposit rate of 1-36 month terms range around 10.08- 10.96 percent per year, deposit rate for week terms is from 9.3 percent to 9.9 percent per year, lower by 0.3-0.5 percent/yr than the common benchmark of other banks.
Some others still applies the deposit rate of 11 percent/year for 1-12 month terms but it will be lower for longer terms. At Dai A Bank, terms of from 18 months and longer, the saving rate is only 10.86 percent/yr while at VietinBank, the highest level is 11 percent/year for 1-12 month terms and terms of more than 12 months the saving rate will be 10.5-10.8 percent/year.
The deposit rate of 11 percent/year is also being applied at Bank for Investment and Development of Vietnam (Bidv).
Duong Thu Huong, chair of Vietnam Bank Association (VNBA), said in the current conditions, it is difficult to have the curve of interest rate because short-term deposits from 1-3 months accounted up to 50 percent of total deposits. Huong added l the current deposit rate is still real positive interest rates, but in condition that the total deposits are not plentiful like now, banks need time to stabilise the capital sources before setting up the interest rate curve.
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