Commercial banks raise deposit rates

Friday, Apr 19, 2024 14:03

VPBank Tower on Láng Hạ Street in Hà Nội. — VNA/VNS Photo

VPBank, Bắc Á Bank and GPBank raised deposit interest rates this morning for deposits with terms within 1-5 months, marking the commercial banks' first deposit rates increase since the end of March.

VPBank raised the rates by 0.3 percentage points whileBắc Á Bank raised the rates by 0.15-0.40 percentage points across the board. Of note, deposits for 24-36 month terms enjoyed the most significant increase of 0.4 percentage points to 5.5 per cent per year, the highest rate offered by commercial banks for saving accounts under VNĐ1 billion (US$40,000).

Meanwhile, GPBank offers depositors an increase of 0.2 percentage points across the board.

GPBank's rates were posted this morning at 2.5 per cent per year for 1-month, 3 per cent for 2-month, 3.02 per cent for 3-month, 3.04 per cent for 4-month and 3.05 per cent for 5-month deposits.

The deposit interest rates for the 6-month term were posted as 4.15 per cent per year, 7-month term at 4.25 per cent, 8-month term at 4.3 per cent, 9-month term at 4.4 per cent, and 4.85 per cent for 12-month.

The deposit interest rates for the 13-36 month terms have been listed at 4.95 per cent after the increase, the highest rates offered by GPBank at this time.

Since the beginning of April, deposit rates have been picking up after a period of funds being channelled from saving accounts into other assets, seeking higher returns.

As of this morning, ABBank offered the highest savings deposit interest rate at 9.65 per year for the 13-month term, applicable to savings deposits of VNĐ1.5 trillion or more. The runner-up was PVComBank with an interest rate of 9.5 per cent for the 12-13 month term, with a minimum deposit of VNĐ2 trillion.

HDBank offered 8.1 per cent for the 13-month term and 7.7 per cent for the 12-month term, with a minimum balance requirement of VNĐ500 billion.

According to the latest data released by the General Statistics Office, as of March 25, the capital mobilisation of credit institutions decreased by 0.76 per cent compared to the end of 2023, while at the same time last year, it increased by nearly 1.2 per cent. Meanwhile, credit into the economy has increased again by the end of the first quarter after two months of negative growth. — VNS

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