The last months of the year are considered to be the peak business season for companies, whereby banks will increase capital mobilization to meet the expected increase in credit demand.
Observations on the market showed that traditional savings interest rates in October, especially interest rates for terms of more than 1 year, were kept high by many banks up to 9.00% to attract idle capital from the population.
At a 13-month term, according to survey results at 26 domestic banks, some banks listed high-interest rates based on deposit balances to encourage customers to deposit more. For example, SHB applies the highest interest rate of 9% / year when depositing money with the amount of VND 500 billion or more.
Or as Eximbank pays interest at 8.4% / year for amounts greater than VND 100 billion. Customers of LienVietPostBank and Sacombank with savings of VND 300 billion or more will also enjoy an interest rate of 8% / year.
Besides, some banks are willing to pay interest rates over 8% / year, interest payments at the end of the term without any conditions like ABBank (8.3%), Nam A Bank (8.3%), NCB (8%), etc.
Meanwhile, for the 18-month and 24-month terms, most banks applied the interest rate of over 7% / year, the highest paying interest group included Nam A Bank (8.5% for both term), Eximbank (8.3% for 18-month term and 8.4% for 24-month term), VPBank (8% for deposits of over VND 5 billion).
Notably, many banks are not very interested in the savings in these two relatively long terms when applying interest rates significantly lower than the 13-month term. For example, HDBank pays interest at 7.4% / year for the 13-month term but for the 24 months, it is reduced to only 7% / year
Similarly, OceanBank applied interest rates for 13 and 18-month deposits of 7.5% and 7.2% respectively. The highest difference of 0.9% / year was recorded for ABBank when this bank applied the 13-month interest rate at 8.3% while the 18 and 24-month interest rates were only 7.4% / year
With a 36-month term, Nam A Bank continued to be the leading bank in the capital mobilization race when applying the interest rate of 8.7% / year, followed by Eximbank (8.4%) and ACB (8%). VietinBank, Vietcombank, Techcombank are the 3 lowest listed banks, all are below 7% / year.
For longer terms, banks tend to keep interest rates unchanged compared to the 36-month term, there is not much difference except LienVietPostBank applying an interest rate of 8% / year, much higher than 7.4% / year for the 36-month term.
In contrast, Eximbank only paid 6% / year for 60-month term deposits while 24-month, 36-month terms are paid a relatively high-interest rate of 8.4% / year.
According to some banking experts, the banks' race to mobilize deposits, on the one hand, is to meet the demand for credit which is expected to increase sharply at the end of the year, and on the other hand to meet the Bank's requirements of the State Bank to reduce the ratio of short-term capital for medium and long-term loans. Therefore, the pressure to increase deposit rates will be higher in the long term.
As for depositors, while the world economy has a lot of instability, securities and real estate investment channels are still more uncertain, the trend is not clear, saving deposits, especially long term ones, at this moment is considered the safest and most effective investment channel.