There is only one bank left in the Big4 group that applies a savings interest rate of 5%/year

Currently, the deposit mobilization interest rates of Agribank, Vietcombank and BIDV are quite similar. While VietinBank is currently the bank with the highest deposit interest rate in the Big4 group, slightly higher than the remaining banks by 0.1 - 0.3%/year, depending on the term.


Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has just simultaneously reduced deposit interest rates by 0.1 - 0.3%/year at all deposit terms. Thereby, bringing the highest deposit interest rate down to below 5%/year.




Specifically, the 1-2 month deposit interest rate decreased from 1.9%/year to 1.7%/year; 3 - 5 month term reduced from 2.2%/year to 2%/year; 6 - 9 month term decreased from 3.2%/year to 3%/year; 12 - 18 month term decreased from 4.8%/year to 4.7%/year; 24 - 36 month term decreased from 5%/year to 4.8%/year.





Before BIDV, two banks in the Big4 group, Agribank and Vietcombank, also reduced savings interest rates below this level.




Since March 15, Vietnam Bank for Agriculture and Rural Development (Agribank) has adjusted to reduce interest rates at many terms.




Specifically, the 1-month deposit interest rate decreased from 1.7%/year to 1.6%/year; 3 - 5 month term decreased from 2%/year to 1.9%/year;





At terms of 6 - 11 months, interest rates are maintained at 3%/year. Meanwhile, 12-month and 13-month term interest rates decreased by 0.1 percentage point, from 4.8%/year to 4.7%/year; 24-month term decreased from 4.9%/year to 4.7%/year.




Previously, Vietcombank also reduced deposit interest rates to below 5%/year from the beginning of January 2023. Currently, deposits of less than 1 month at Vietcombank have an interest rate of 0.2%/year; 1 - 2 month term is 1.7%/year; 3-month term is 2%/year; 6 and 9 month terms enjoy the same interest rate of 3%/year;





The most preferential interest rate being applied by Vietcombank to individual customers is 4.7%/year, for terms of 12 months or more.







Thus, the deposit mobilization interest rates of Agribank, Vietcombank and BIDV are currently quite similar. While VietinBank is currently the bank with the highest deposit interest rate in the Big4 group, slightly higher than the remaining banks by 0.1 - 0.3%/year, depending on the term.





Specifically, term deposits from 1 month to less than 3 months at VietinBank have an interest rate of 1.9%/year; Terms from 3 months to less than 6 months will enjoy a general interest rate of 2.2%/year;

VietinBank applies an interest rate of 3.2%/year for terms from 6 months to less than 12 months; Individual customers will receive an interest rate of 4.8%/year when depositing terms from 12 months to less than 24 months;




The highest deposit interest rate being applied by VietinBank to individual customers is 5%/year, for terms of 24 months or more. This is also the highest deposit interest rate among the Big4 group.




There is only one bank left in the Big4 group that applies a savings interest rate of 5%/year - Photo 2.

Source: Compiled by Quoc Thuy




In March, the trend of reducing deposit interest rates of most banks continued to be maintained, even some private banks such as ACB, Sacombank, VPBank, Techcombank are maintaining interest rates at low levels. significantly better than the group of state-owned banks. However, some joint stock banks have begun to increase interest rates mainly for short terms of less than 5 months to attract more deposits after the Lunar New Year.




According to experts, although deposit interest rates have decreased significantly, the amount of deposits in the banking system is still at a record high. In addition, due to weak credit demand due to the lack of improvement in production and consumption needs, most banks are not interested in increasing mobilization interest rates again to attract deposits.




However, credit growth is forecast to recover in the second quarter, which will make system liquidity less abundant and potentially push banks to increase deposit interest rates.




In a newly published analysis report, MB Securities (MBS) believes that input interest rates are likely to bottom in the first quarter and are unlikely to decrease further, mainly because credit demand will tend to increase during the year. 2024.




"We forecast that 12-month deposit interest rates of large commercial banks will be able to move up by 25 - 50 basis points, returning to 5.25% - 5.5% in 2024," MBS said.




Rong Viet Securities (VDSC) also believes that the contradictory adjustment of deposit interest rates of some banks in February along with the increasing trend of interbank interest rates may imply a scenario of deposit interest rates. may gradually increase from the second quarter of 2024, earlier than the analyst group's previous expectation that deposit interest rates may increase from the second half of 2024.