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The latest deposit interest rates at the 4 major banks (Big 4) have just dropped to their lowest level in the past year.
Customers transact at Vietcombank Head Office
Specifically, at the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Joint Stock Commercial Bank for Industry and Trade of Vietnam (VietinBank) and the Bank for Agriculture and Rural Development (Agribank), the interest rate for 1- and 2-month terms has decreased from 3.4%/year to 3.3%/year.
At Agribank alone, interest rates for long-term deposits from 13 to 24 months at the counter also decreased from 6.3%/year to 6%/year.
For online savings deposits, BIDV adjusted the interest rate for 1-month term from 4%/year to 3.6%/year; for 6-month term from 5.6%/year to 5.3%/year.
Vietcombank also reduced online deposit interest rates for 1-month terms from 3.6%/year to 3.4%/year; 3-month terms from 4.3%/year to 4.2%/year; 6-month and 9-month terms from 5.2%/year to 5.1%/year.
The highest interest rate at these 4 banks is still 6.3%/year for term deposits from 12 months.
After this adjustment, short-term interest rates from 1-3 months at Big 4 have returned to the same level as a year ago, while long-term interest rates are still nearly 1%/year higher.
Previously, many banks with high interest rates such as Saigon Commercial Joint Stock Bank (SCB), Bac A Commercial Joint Stock Bank (BacABank), Bao Viet Commercial Joint Stock Bank (BaoVietBank), Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank), Orient Commercial Joint Stock Bank (OCB)... have also continuously adjusted to reduce interest rates.
Currently, no bank is listing an interest rate of 8%/year. The common interest rate for 12-month term deposits at commercial banks ranges from 7-7.5%/year.
According to the forecast of VNDirect Securities Corporation, the average mobilization interest rate for the above term may reach 6.5-6.8%/year by the end of 2023 and drop even lower in 2024.
The trend of decreasing interest rates has been continuously recorded since the end of the first quarter of 2023. However, it seems that the bank savings channel is still a safe choice for people when people's deposits into the banking system have increased nearly twice as high as the credit growth rate of the economy.
Specifically, data up to the end of May 2023 from the State Bank shows that people's deposits reached more than 6.34 million billion VND, an increase of 8.21% compared to the end of last year.
It is not difficult to explain this when other investment channels such as gold, real estate, stocks... have recently become less attractive, sometimes fluctuating and unstable.
However, VNDirect believes that with the continuous downward fluctuations in bank interest rates, investors' cash flow may partially shift to other investment channels to enjoy higher yields and this trend will be clearer in the late 2023 period.
According to VNA
