Vietcombank interest rates drop to record low, waiting for new moves from Big4

Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) continues to be the leading bank in "drowning" deposit interest rates after adjusting them down for all terms since January 12.

Accordingly, Vietcombank reduced 0.2 percentage points of deposit interest rates for terms from 1-11 months and reduced 0.1 percentage points of deposit interest rates for terms from 12 to 24 months.

According to the online deposit interest rate table posted by Vietcombank, the deposit interest rate for 1-2 month term is only 1.7%/year, for 3-5 month term is only 2%/year, for 6-11 month term is also only 3%/year (lower than 1-5 month term at some banks), the deposit interest rate for 12-24 month term is brought down to 4.7%/year by Vietcombank.

Thus, even Vietcombank's highest deposit interest rate of 4.7%/year for a term of 12-24 months is still lower than the maximum deposit interest rate of 4.75%/year that the State Bank allows credit institutions to apply for deposits with terms from 1 to less than 6 months.

Before Vietcombank, another big bank also reducedinterest rateIn January, VPBank decreased by 0.1 percentage points for some terms.

After the above moves, especially after Vietcombank once again lowered its deposit interest rate to a record low, all attention will be focused on the remaining 3 banks in the Big4 group - state-owned commercial banks (Agribank, VietinBank and BIDV).

As of January 13, all three banks above kept their deposit interest rates unchanged in January and all had quite similar interest rates.

Currently, Agribank, VietinBank and BIDV all list interest rates of 5%/year for term deposits from 12 to 18 months and 5.3%/year for term deposits from 18 to 36 months.

Divergence occurs in terms of less than 12 months when Agribank and BIDV are listing interest rates of 3.6%/year for 6-9 month term deposits, while at VietinBank it is 3.5%/year.

Similarly, VietinBank listed the interest rate for 1-2 month term deposits at 2.2%/year, and for 3-5 month term deposits at 2.5%/year. Agribank listed the interest rate for 1-2 month term deposits at 2%/year, and for 3-5 month term deposits at 2.5%/year.

Meanwhile, the interest rate for 1-2 month term deposits at BIDV is 2.3%/year, and for 3-5 month term deposits is 2.6%/year.

From the beginning of January 2024 to now, 14 banks have reduced deposit interest rates, including: BaoViet Bank, GPBank, Eximbank, SHB, Bac A Bank, KienLong Bank, LPBank, OCB, VIB, TPBank, ABBank, NCB, Viet A Bank, Vietcombank.

Of which, OCB has reduced interest rates for the second time since the beginning of January.

On the contrary, ACB, ABBank and VPBank are banks that have increased deposit interest rates since the beginning of the month.