Banks rush to increase deposit interest rates

Techcombank's deposit interest rates increased on the first day of the week. Accordingly, the deposit interest rate for 1-5 month terms increased by 0.2%/year, and the deposit interest rate for 6-11 month terms increased by 0.1%/year. Deposit interest rates for 12-36 month terms remained unchanged.

According to the online interest rate table for newly opened savings accounts under 1 billion VND, the interest rate for 1-2 month term is 2.75%/year, 3-5 month term is 3.05%/year, 6-11 month term is 3.95%/year.

Techcombank keeps deposit interest rates for 12-36 month terms at 4.65%/year.

Techcombank adds 0.1%/year to interest rates for 1-5 month terms, and adds 0.05%/year to interest rates for 6-36 month terms for deposit accounts from 1 billion VND to under 3 billion VND.

For deposit accounts over 3 billion VND, interest will be added 0.2%/year for deposits with terms of 1-5 months, and added 0.1%/year for deposits with remaining terms.

With the above progressive interest rate calculation, the highest mobilization interest rate at Techcombank is currently 4.75%, applied for a term of 12-36 months, with a deposit amount of 3 billion VND or more.

However, Techcombank also applies a policy of giving an additional 0.5%/year interest rate for the first deposit account. Therefore, the highest mobilization interest rate at Techcombank as announced is up to 5.25%/year.

This is the second time in May that Techcombank has increased its deposit interest rates. Previously, on May 8, the bank increased its interest rates by 0.3% per year for 1-2 month terms, by 0.4% per year for 3-5 month terms, by 0.3% per year for 6-11 month terms, and by 0.1% per year for 12-36 month terms.

An Binh Commercial Joint Stock Bank (ABBank) suddenly increased its 12-month deposit interest rate by 1.1%/year to 5.2%/year. This is the largest increase in a single interest rate adjustment for commercial banks.

Apart from the above term, interest rates for other terms at ABBank remain unchanged.

Online deposit interest rates currently applied by ABBank are as follows: 1-2 month term 2.9%/year, 3-5 month term 3%/year, 6 month term 4.7%/year, 7-11 month term 4.1%/year, 12 month term 5.2%/year, and 13-60 month term 4.1%/year.

With the adjustment of 12-month term bank interest rates, ABBank became the first bank to adjust interest rates 4 times in May 2024. In the previous 3 times, ABBank only increased interest rates for 6-month term deposits.

Bac A Commercial Joint Stock Bank (Bac A Bank) increased 0.15%/year interest rate for 1-5 month term deposits, increased 0.1%/year interest rate for 6-11 month term deposits, increased 0.3%/year interest rate for 12-13 month term deposits, and increased 0.1%/year interest rate for 15 month term deposits.

Accordingly, the interest rate schedule for deposit accounts under 1 billion is as follows: 1-3 month term 3.1%/year, 3 month term 3.3%/year, 4 month term 3.5%/year, 5 month term 3.7%/year.

Bank interest rates for 6-8 month terms increased to 4.6%/year, 9-11 month terms to 4.7%/year, and 12-15 month terms to 5.4%/year.

ABBank keeps interest rates for 18-36 month terms at 5.5%/year.

For deposit accounts over 1 billion VND, Bac A Bank adds 0.2%/year interest rate for terms from 6 - 36 months.

This is also the second time this month that this bank has increased deposit interest rates after the adjustment on May 7.

At the Vietnam Joint Stock Commercial Bank for Industry and Trade (BVBank), the interest rate for 1-3 month terms increased by 0.2% to 3-1%/year, the interest rate for 6 month terms increased sharply by 0.45%/year to 4.7%/year, and the interest rate for 7-11 month terms increased by 0.05% to 4.4-4.8%/year.

Interest rates for 12-month deposits increased sharply by 0.45%/year to 5.3%/year, while those for 15 and 18-month deposits increased by 0.25%/year, to 5.3%/year and 5.5%/year, respectively.

BVBank keeps the interest rate for 4-5 month term deposits at 3.3-3.4%/year, and 24 month term deposits at 5.35%/year.

This is the second time this month that BVBank has increased deposit interest rates.

Notably, Saigon - Hanoi Commercial Joint Stock Bank (SHB) increased deposit interest rates for the first time this month with the following adjustments:

Interest rates for 1-2 month terms increased by 0.3%/year to 3.1%/year, 2-month terms and 3-month terms increased by 0.2%/year to 3.2%/year, and 4-5 month terms are also listed at 3.2%/year after increasing by 0.1%/year.

Online deposit interest rates for 6-month terms increased by 0.3%/year to 4.5%/year. This is also the deposit interest rate for 7-8 month terms after these terms increased by 0.2%/year.

Bank interest rates for 9-11 month terms also increased by 0.2%/year to 4.6%/year.

Meanwhile, the 12-36 month term also increased by 0.1%/year. The 12-month term currently has an interest rate of 5%/year, the 13-15 month term 5.1%/year, the 18-month term 5.3%/year, the 24-month term 5.6%/year, and the 36-month term has the highest interest rate of 5.9%/year.

According to statistics from the beginning of May 2024, a series of banks increased deposit interest rates including: ACB, VIB, GPBank, NCB, BVBank, Sacombank, CB, Bac A Bank, Techcombank, TPBank, PGBank, SeABank, Viet A Bank, ABBank, VPBank, HDBank, SHB and MB.

On the contrary, VietBank is the bank that adjusted the mobilization interest rate down for all terms, while MB reduced the mobilization interest rate for 12-month term, VIB reduced the mobilization interest rate for 24 and 36-month terms. Both of these banks reduced the interest rate by 0.1 percentage point, lower than the mobilization interest rate increase of this bank.