A transaction office of Agribank (Photo: laodong.vn)From August 23, the Joint Stock Commercial Bank for ForeignTrade of Vietnam (Vietcombank), the Vietnam Joint Stock Commercial Bank forIndustry and Trade (VietinBank), and the Joint Stock Commercial Bank forInvestment and Development of Vietnam (BIDV) reduced their highest deposit interestrates, applicable to deposit accounts of at least 12 months, to 5.8% per year from6.3% per year.
The ratesfor one- and three-month deposits were brought down by 0.3% per year to 3%and 3.8% per year, respectively, and that for six-month accounts to 4.7% peryear.
At theVietnam Bank for Agriculture and Rural Development (Agribank), deposit interest rates fordifferent terms decreased by 0.3 - 0.5% per year. The highest rate, 5.8% peryear, is only for 12-month deposits.
The rate for deposits of 13 months and over now stands at5.5% per year. Meanwhile, the rates for one-, three-, and six-month savingsaccounts are similar to those of the three above-mentioned banks.
Deposit interest rates at the “Big Four” are now the lowestin the banking system.
Both deposit and lending interest rates have been reduced to aid economic recovery. (Photo: baodautu.vn)Compared to the peak of 9 - 10% per year at the start of2023, deposit interest rates have fallen sharply after four regulatoryinterest rate adjustments by the State Bank of Vietnam (SBV).
The SBV’sadjustments aim to create conditions for commercial banks to further slashlending interest rates to support the economy.
Earlier, it had asked credit institutions and branches of foreign banks in Vietnamto continue reducing lending rates for existing and new loans, by at least 1.5 -2% per year, as ordered by the Government and the Prime Minister to helpenterprises and people recover and develop production and businessactivities./.
VNA
