The bank slashed savings interest rates by almost 70% within a year

Once the bank with the highest savings interest rate on the market, however, up to now, this bank's savings interest rate has decreased by nearly 70% in many terms.



In the period of late 2022 and early 2023, Saigon Commercial Joint Stock Bank (SCB) is always one of the banks with the highest savings interest in the market. Accordingly, at the end of 2022, this bank's savings interest rate for 1-5 month terms is listed at 6%/year, for 6-11 month terms, customers receive savings interest of up to 9,000% per year. 9%/year, with terms from 12 to 36 months, customers can enjoy savings interest of up to 9.95%/year.




Not only does it have a high savings interest rate, this bank also implements a program to add interest rates of 0.8%/year for individual customers participating in over-the-counter deposit transactions in the last 2 months of 2022. Bringing interest rates The highest savings at this bank is 10.75%/year.





Banks continue to sharply reduce savings interest rates in the last days of December




However, since the State Bank announced the decision to special control this bank on October 15, 2022 to stabilize the bank's operations, SCB's savings interest has been continuously adjusted. in a strong downward trend.





According to the savings interest rate schedule applied from December 15, this bank's 1-month savings interest rate continues to decrease from 3.75% to 2.25%, and the 2-month savings interest rate decreases from 3.85% to 2.25%. 2.25%, 3 months reduced from 3.95% to 2.55%, 4 months reduced from 4% to 2.55%, 5 months reduced from 4.05% to 2.55%, term 6 - 8 months reduced from 4.95% to 3.55%, 9 - 11 month terms decreased from 5.05% to 3.55%, terms of 12 months or more decreased from 5.45% to 4.85% - This is also the highest interest rate that SCB is applying.




After this adjustment, SCB currently has lower deposit interest rates than Agribank, VietinBank, and BIDV (ranging from 2.6 - 5.3%) and only higher than Vietcombank, the bank with the lowest deposit interest rate in the system. . With the newly announced interest rate schedule, SCB's multi-term savings interest has even decreased by nearly 70% after just one year.





Similarly, the savings interest rate at ABBank has also decreased sharply in the last days of 2023. Currently, the highest savings interest rate at this bank is only 5.2%/year for a 6-month term.




Meanwhile, savings interest for terms of 13 months or more decreased to only 4%/year (online deposit) and 3.7%/year with over-the-counter savings. Compared to the interest rate at the time of listing up to 11.5%/year, the savings interest rate at ABBank has also decreased by nearly 70% in many terms.




Not only SCB and ABB sharply reduced savings interest rates, from December 18, Techcombank also adjusted savings interest rates for a series of terms. Accordingly, Techcombank's 6-month deposit rate is only 4.35-4.6%/year, down 0.2 percentage points compared to the survey earlier this month. In particular, the interest rate of 4.6%/year applies to Private customers depositing 3 billion VND or more.





The 3-month term interest rate also decreased by 0.2 percentage points to 3.35-3.5%/year, much lower than the ceiling prescribed by the State Bank (4.75%/year). Meanwhile, interest rates for terms of 12 months or more remain unchanged, still listed at 4.75-5%/year.




Previously, in the early days of December, a series of banks such as MB, VPBank, Eximbank, VietinBank, BIDV, Vietcombank... also continued to adjust deposit interest rates to a record low. Currently, 12-month term interest rates at banks fluctuate between 5 and under 6%/year, with almost no banks mobilizing 6%/year. The deposit interest rate of 6%/year also only appears at a few small-scale banks.




There are less than 2 weeks left until 2023 ends, but according to investors, the race to reduce deposit interest rates has not stopped. According to ACB Securities Company (ACBS), interest rates for mobilizing residential deposits at banks continue to decrease by 0.2 - 0.25% for 12-month terms, reaching a record low compared to before Covid. -19. The move to continuously bring deposit interest rates to record lows also reflects excess liquidity in the banking system due to slow credit growth.





In mid-December, a series of banks sharply reduced savings interest rates, bringing interest rates to a new record low.




In the middle of December, a series of banks such as VIB, TPBank, Eximbank and MB continued to announce reductions in savings interest rates. Notably, VIB is the bank that reduced interest rates for 2 consecutive days. Accordingly, on December 15, VIB continued to reduce deposit interest rates for terms from 3 - 5 months and from 9 - 36 months. Accordingly, the 3-month bank interest rate decreased by 0.1%/year to 3.9%/year.




The 4- and 5-month terms also decreased by 0.3 and 0.4%/year, respectively, to an overall level of 3.9%/year. VIB simultaneously decreased by 0.2%/year for terms from 9 - 36 months. 9 - 11 month terms reduced to 5%/year, 15 - 18 months to 5.4%/year, 24 - 36 months to 5.6%/year.





Previously, on December 14. VIB has reduced savings interest rates for 3 and 4 month terms by 0.3 and 0.1%/year to 4% and 4.2%/year, respectively. This bank also reduced the term by 0.1%/year from 6 to 8 months to 5%/year.




TPBank announced a reduction in deposit interest rates of 0.2%/year for all deposit terms. According to the online deposit interest rate table, 1 and 3 month terms are 3.4 and 3.6%/year respectively, 6 months is only 4.6%/year, while 12 months is 5.15%/year. year and 18 months is 5.5%/year.

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