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The bank in Vietnam continued to reduce deposit rates from the beginning of June 2020

The bank in Vietnam continued to reduce deposit rates from the beginning of June 2020

Thursday 04, 06 2020
After a series of adjustments on 13/5 in accordance with the provisions of the State Bank, by the beginning of June, the banks reduced interest rates further.

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has just announced the adjustment of deposit rates, effective from June 1, 2020. This is the 2nd consecutive decrease, after the adjustment on 13/5.

Accordingly, for deposits from the counter from June 1, the interest rate for 1-month and 2-month terms is only 3.8% - 4% / year depending on the amount (from VND 3 billion and over 4%). ). For 3-month to less than 6-month deposits, the interest rate is from 3.85% - 4.1% / year depending on the amount. For a term of 6 months or more, the interest rate is 6.4% - 7.2% / year, of which 7.2% is only applicable for deposits of over VND 50 billion and for 24 months or 36 months.

If depositing online, VPBank plus interest rates from 0.1 to 0.2% compared to the counter, but the highest interest rate is only 7.2% / year for large deposits similar to the counter. .

If being a priority customer (VIP customers are identified by the bank), they will be added with another 0.1 percentage point but provided that the term under 6 months must not exceed the ceiling of 4.25% / year set by the SBV specified.

The bank in Vietnam continued to reduce deposit rates from the beginning of June 2020

In addition, the bank has a thriving product - requiring depositors not to withdraw money before maturity, if it is withdrawn before maturity it will bear 0% interest on the full amount, and interest is only paid at the end of the period - the interest rate is 0.1% / year higher than the regular deposit.

Compared to the old interest rate schedule, VPBank's new interest rate decreased by 0.1 percentage points at all terms. Previously, the bank also adjusted the reduction of 0.2 to 0.5 percentage points of the term when the ceiling interest rate was adjusted from May 13 th.

In the current market, short-term deposit interest rates of common banks range from 4 - 4.25% per year, except for Big4 group Vietcombank, BIDV, Agribank, VietinBank along with Techcombank and VPBank are slightly lower. compared to the common ground in the market. Meanwhile, with terms of 6 months or more, large banks only pay interest rates of 6% - 6.5% / year, there are quite a few banks listed deposit rates in excess of 7% / year, in some places 8%, even in some places, the increase is up to 9.2% / year (SHB).

According to experts, the listing of banks' interest rates depends on their capital use needs. Banks applying low-interest rates often have abundant capital, lowering interest rates also gives them more conditions to lower lending rates. Meanwhile, listed banks with high-interest rates will often have a different business strategy, as well as to compete with other banks.

Source: https://cafef.vn/

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Banking & Finance

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