Banks lower deposit interest rates to COVID-19 levels

Vietinbank cuts its rates by 0.2 or 0.3 percentage point for deposits with a term of three months or longer. (Photo: VNA)

Hanoi (VNA) – Two more State-run commercial banks, Vietinbank andBIDV, on September 19 lowered their deposit interest rates matching the lowestlevel recorded during the COVID-19 pandemic.

Specifically, both cut their rates by 0.2 or 0.3 percentagepoint for deposits with a term of three months or longer.

For three-month deposits, the rate was revised down from3.8% to 3.5% per year, while that for deposits with six or nine-month tenuresis 4.5% per year, down by 0.2 percentage point.

The rate for deposits with a 12-month term was also loweredby 0.3 percentage point to 5.5% per year.

For one-month and two-month deposits, the rate remains at3%.

These rates at the two banks are similar to those ofVietcombank and Agribank, revised down on September 14.

In addition to these big four, many commercial banks previouslyannounced reductions in deposit interest rates, especially for terms of 6months or more.

As at Saigonbank, deposit interest rates decreased by 0.3percentage point a year to 6.3% per year for a 13-month term, making this the largest reduction. 

BacABank also reduced the rate from 0.25-0.3 percentage point a yearfor deposits with terms from 6 months, bringing the bank's highest interestrate down to 6.4% a year./.

VNA