State-owned commercial banks push up VND deposit rates.
Major State-owned commercial banks (SOCBs) have all raised their interest rates on VND deposits since early this week.
Vietcombank increased its rate by 0.3-0.5 per cent per annum for short-term deposits of 24-60 months from the 6.2 per cent in place for one year. Rates listed at Vietcombank are now 6.5 per cent per annum for all deposit terms up to 60 months.
At BIDV, last year’s maximum deposit interest rate of 6.8 per cent per annum has been increased to 7.2 per cent; much higher than at other SOCBs, where it stands at around 6.8 per cent. For three-month terms BIDV is offering 5.5 per cent per annum compared to 5 per cent and 5.3 per cent at Sacombank and Eximbank, respectively.
Vietinbank’s rate for terms of between three and five months is 5.5 per cent, which is significantly higher than other SOCBs. Terms of 12-36 months now receive 6.8 per cent.
The gap in deposit interest rates among SOCBs has closed to around 0.5 per cent per annum, lower than the 1-1.5 per cent seen a year ago.