Institutions and individuals deposited some VNĐ2.57 quadrillion at eight listed commercial banks by the end of 2016. - Photo doisongphapluat.com

Institutions and individuals deposited some VND2.57 quadrillion (US$113.2 billion) at eight listed commercial banks by the end of 2016.

The listed banks include BIDV, Vietcombank, VietinBank and ACB, as well as MBBank, Eximbank, VIB and NCB.

The amount of money was equal to 1.5 times of the country’s stock market capitalisation.

Currently, interest rates average at 0.8-1 per cent per year based on demand and for below one-month terms, 4.5 -5.4 per cent per year for one-to-six-month terms, 5.4-6.5 per cent per year for 6-to-12 month terms and 6.4-7.2 per cent per year for 12-month-plus terms.

The interest rate for dollar deposits was commonly zero per cent for individuals and economic institutions.

According to the current legal regulations, depositors do not have to pay income tax. — VNS