In the Span of a Week, Almost a Dozen Banks Altered Savings Interest Rates

In recent days, all banks have adjusted savings interest rates in the direction of reducing interest rates.

Most recently, on March 15, 2024, the "big guy" Big 4 - Agribank officially adjusted savings interest rates. According to the online savings interest rate table at Agribank, this bank only maintains the interest rate at 3%/year for deposits with a term of 6 - 9 months, while the remaining terms are adjusted down by 0.1 interest percentage points. Specifically, bank interest rates for 1 - 2 month terms are only 1.6%/year, 3 - 5 month terms are only 1.9%/year, and 12 - 18 month terms are only 4.7%/year. year.

Also on the morning of March 15, ACB bank adjusted to reduce savings interest rates. This bank only adjusts interest rates for 12-month deposit terms. Accordingly, the ACB savings interest rate for the 12-month term decreased by 0.1 percentage point, to 4.7%/year for savings deposits under 200 million VND.

With a similar reduction, the 12-month term deposit interest rate for deposit accounts from 200 million VND to less than 1 billion VND is 4.8%/year. The 12-month term interest rate for deposits from 1 billion VND to less than 5 billion VND is 4.85%/year. ACB keeps interest rates unchanged for remaining terms.

On March 13, Prosperity and Development Commercial Joint Stock Bank (PGBank) also officially adjusted to reduce savings interest rates by 0.1-0.3 percentage points from terms from 1 to 18 months. Accordingly, PGBank's savings interest rate decreased by 0.3 percentage points for terms of 1-3 months: 2.6% (1 month), 2.7% (2 months) 3%/year (3 months).

Deposit interest rates for 6 - 9 month terms decreased by 0.1 percentage point to 4%/year. PGBank reduced 0.3 percentage points for 12-month, 13-month, and 18-month terms to: 4.3%, 4.5% and 4.8%/year, respectively. Meanwhile, savings interest rates for 24-36 month terms remain unchanged at 5.2%/year.

On the same day, the savings interest rate schedule at NCB Bank was adjusted in a downward direction. Accordingly, traditional savings interest rates fluctuate around the threshold of 3.3 - 5.4%, an average decrease of 0.2 percentage points compared to the previous adjustment.

5.1% is the NCB savings interest rate applied for a 15-month term. For 12-month and 13-month terms, savings interest rates are 4.9% and 5% respectively, down 0.3 percentage points compared to the most recent adjustment. Meanwhile, NCB decreased 0.3 percentage points for a term of 9-10 months, anchoring at 4.45%/year. For terms under 6 months, savings interest rates range from 3.2 - 3.4%/year.

On March 12, Military Commercial Joint Stock Bank (MB) also announced a new interest rate schedule. Accordingly, this bank reduced deposit terms from 1 to 36 months by 0.1-0.2 percentage points.

Savings interest rates at MB are currently applied at 2.1%/year for 1 month term, 2 months: 2.3%/year, 3 months: 2.5%/year, 4 months: 2.7%/year , 5 months: 2.7%/year. Bank interest rates for terms of 6-7-8 months are 3.5%/year, 9-10 months are 3.6%/year, 11 months are 3.7%/year.

The savings interest rate for a term of 12-15 months is 4.6%/year and for 18 months is 4.7%/year. This bank applies the highest interest rate of 5.6%/year for terms from 24 months to 60 months.

Next, Techcombank adjusted savings interest rates for deposit terms of less than 6 months. Techcombank's latest savings interest rate schedule is lower than the old rate, effective from March 11, 2024.

For terms of 1-2 months, the interest rate decreased by 0.1 percentage point to 2.35%/year; 3-5 months reduced by 0.4 percentage points to 2.45%/year. Interest rates for the remaining terms remain the same. Specifically, for 6-8 month terms, the interest rate is still applied at 3.5%/year, for 9-11 months 3.55%/year.

The normal highest interest rate that this bank currently applies is 4.5%/year, for a term of 12 months - 36 months.

Dong A Bank also adjusted savings interest rates from March 11, 2024. Accordingly, this bank simultaneously decreased by 0.2 percentage points in all terms.

According to the savings interest rate table announced by Dong A Bank, the savings interest rate for terms from 1-5 months is 3.3%/year; 6-8 month term deposit interest rate is 4.3%/year; 9-11 month term has an interest rate of 4.5%/year and a 12-month term has an interest rate of 4.8%/year.

Dong A Bank still maintains interest rates for some terms above 5%/year, even though it has just lowered interest rates. The highest bank interest rate belongs to the 13-month term, up to 5.1%/year. 18-36 month terms have a new interest rate of 5%/year.

Thus, last week, preliminary surveys showed that up to 7 banks adjusted savings interest rates.

From the beginning of March until now, it is estimated that 13 banks have adjusted savings interest rates including: Agribank, ACB, PGBank, BVBank, BaoViet Bank, GPBank, VPBank, PVCombank, Dong A Bank, MB, Techcombank, NCB, KienLong Bank.

Notably, some banks recorded two interest rate reduction adjustments since the beginning of the month such as BaoViet Bank, GPBank, BVBank, PGBank.

According to assessments from securities companies' reports, from now until the end of this year, banks still have little room to reduce mobilized interest rates when the level is lower than during the Covid-19 epidemic period.

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