The level of deposit interest rates has not stopped decreasing, with some banks reducing interest rates three to four times a month. Lending interest rates are also moving to decrease.
On June 7, SCB announced to lower deposit interest rates by 0.4-0.45 percentage points for terms of more than 6 months, applicable to individual customers depositing money on both over-the-counter and online channels.
Specifically, customers depositing savings online, the interest rate for 6-11 month term of SCB has decreased from 7.8%/year to 7.15-7.35%/year. For 12-month term, this bank adjusted down from 7.85%/year to 7.45%/year. With a term of 12 months or more, SCB also applies a reduction of 0.4 percentage points. Accordingly, the 13-month term is reduced from 7.75%/year to 7.35%/year; 15-36 month term reduced to 7.25%/year. With the form of deposit at the counter, the applicable interest rate SCB is also lower than the online form from 0.05-0.15 percentage points depending on the term.
This is the 2nd deposit rate adjustment period in less than half a month of SCB. Previously, on May 25, SCB reduced the deposit interest rate by 0.5 percentage points for terms of less than 6 months for individual customers.
Also on June 7, VPBank introduced a new deposit interest rate table with a reduction of 0.3 percentage points for many terms from 6 months or more. In which, the 6-month term is applied with the interest rate of 7.5%; 7-month term is 7.6%/year; 8 – 9 month term is applied with the highest interest rate of 7.8%/year; 10-12 month term is 7.5% and over 12 months is 6.7%.
For customers who deposit 10 billion VND or more, the applicable interest rate VPBank will add 0.1 percentage point compared to customers who deposit less than 10 billion VND
Following the same trend, Techcombank also reduced deposit interest rates by 0.05 percentage points for terms of 6 months or more.
Similarly, SHB also reduced the deposit interest rate by 0.2-0.3 percentage points for terms of 6 months or more, starting from June 1.
TPBank has also reduced the deposit interest rate by 0.2 percentage points for terms of 6-12 months. Currently, the highest interest rate applied by TPBank is only 7.5%.
Nam A Bank also simultaneously reduced 0.1-0.2 percentage points of deposit interest rates for terms of 6 months or more, applied from June 5. Previously, on May 25, this bank reduced by 0.5 percentage points in terms of less than 6 months, keeping long terms unchanged.
VietABank also reduced 0.2 percentage points for terms of 6 months or more from June 5.
On June 3, NCB reduced the deposit interest rate by 0.2 percentage points for terms of 6 months or more. Previously, this bank only reduced 0.5 percentage points in terms of less than 6 months from May 25, keeping long terms unchanged.
From June 1, Saigonbank reduced the deposit interest rate by 0.2 percentage points for terms of 6-13 months.
Thus, from the beginning of June until now, the whole market has recorded 8 banks to reduce deposit interest rates including: VPBank, SCB, VietA Bank, TPBank, SHB, HDBank, KienLongBan and Saigonbank with the same reduction. 0.2-0.5 percentage points.
Since the beginning of May until now, a series of banks have reduced deposit interest rates and reduced many times.
A series of banks have decreased by 2 times such as SCB, Eximbank, BIDV, VietinBank, Vietcombank, Agribank, TPBank, BacABank, MSB and Techcombank.
Some banks have reduced deposit interest rates up to 3 times during this period, including: VPBank, OCB, Kienlongbank, Saigonbank, NamABank and Sacombank.
Even two banks, VietBank and VietABank, have reduced deposit interest rates four times since the beginning of May until now.
Compared to the peak period in early February, deposit interest rates for terms of less than 6 months at private banks have decreased by 0.5-1 percentage points, for terms of 6 months or more, by 1.5-3 points. %.
According to the interest rates listed on the banks’ websites on the morning of June 8, only 7 out of 34 banks are still applying the deposit interest rate of over 8%/year for a 12-month term. These are GPBank (8.6%/year), ABBank (8.3%/year), VIB (8.2%/year), PVComBank (8.2%/year), NCB (8.1%/year). year), BaoVietBank (8.1%/year). The Big4 group mobilized this term with an interest rate of only 6.8%/year.
GPBank is currently the bank with the highest deposit interest rate of any term from 6 months or more. In which, the highest rate at this bank is 8.6%/year applied for terms from 13-36 months for online deposits.
Not only the deposit interest rate but also the lending interest rate is also decreasing. There are banks that reduce loan interest many times.
Typically, LPBank reduced interest rates for the 3rd time in less than a month. The lending interest rate at LPBank for corporate customers is only from 7.5%/year and for individual customers from only 8.5%/year.
TPBank said it will continue to reduce lending interest rates. Accordingly, with existing loans, TPBank will reduce the interest rate by 0.2-1% when it comes to the interest rate adjustment period. With new loans, TPBank is applying an interest rate reduction incentive of up to 3.6% such as when buying a house, buying a car or taking out a business loan, new personal loans are reduced by 1-2%. % interest rate.
Asia Commercial Joint Stock Bank (ACB) announced to promote the loan interest rate incentive package, the size of which was increased from VND 20,000 billion to VND 30,000 billion for corporate and individual customers with preferential loan interest rates lower than the interest rate schedule. maximum rate up to 3%/year.
Recently, many commercial banks have adjusted their base interest rates down 0.5-1 percentage point compared to the beginning of the year. The decrease in the base interest rate means that the lending interest rate will directly decrease after the adjustment period.
On May 25, the State Bank of Vietnam had a meeting with senior leaders of 26 commercial banks to discuss interest rates. Accordingly, commercial banks have agreed to reduce lending interest rates by 0.5% for existing outstanding loans, in order to provide financial support to customers in the context of production and business slowing down. .
Thus, in the coming time, not only new loans but also existing loans will have lower interest rates, helping business people to “breathe” in the process of repaying bank loans.