Vietnam's commercial banks hike short-term deposit interest rates

One day after the State Bank (SBV) decided to increase the operating interest rate by 1%. Local commercial banks hiked deposit interest rates for terms of one month to less than six months to a maximum of 6%/year beginning October 25.

Sacombank raised the interest rates on several types of deposits. It saw a rise from 5%/year to 6%/year in the ceiling interest rate on deposits with terms of less than 6 months.

The lender raised the interest rates for periods of less than six months from 4.1-4.6%/year to 5.6-6%/year in the form of a savings deposit at the counter, an increase of 1.4-1.5%. The terms from 6 to 11 months have an increase from 5.8 to 6.3% to 7.25 to 7.25 %/year, climbed from 6.5%/year to 7.3%/year during a 12-month period.

For online deposits, this bank provides a ceiling interest rate of 6%/year for terms of 1 to 5 months, in the 12-month term, the interest rate increases from 6.9%/year to 7.8%/year

SeABank released a new savings interest rate chart with a well-liked boost of 1–1.2% for most terms.

Deposit interest rates for short periods from 1 to 5 months jumped by 1% from the previous year to 5.7%/year; for terms from 6 to 11 months, the interest rate is 6.7 to 6.85%/year, up 0.8% to 1.3%; for terms from 12 to 36 months, the interest rate is a maximum of 7.4%/year, up 1.2%.

NCB also raised deposit interest rates in most terms. In which, short terms under 6 months are increased to the ceiling rate of 6%/year. In terms of 6-11 months, the deposit interest rate increases from 6.75-6.85%/year to 7.45-7.55%/year if depositing money at the counter, this interest rate will increase 8-8.1%/year.

For online deposits with a 12-month term,  NCB raised the deposit interest rate from 7%/year to 7.65%/year if deposited at the counter and 8.2%/year if deposited online. The highest deposit interest rate at this bank is 8.45%/year, applied for a term of 24 months or more.

For depositing money at the counter, certain other banks, such LienVietPostBank, VPBank, VIB, and OCB, also offer an interest rate of 1%/year for deposits of one to three months. 

For online savings deposit interest rates are typically 0.1-0.2% higher than at the counter, and some places even pay 1% more annually.

NCB, BacABank, and LienVietPostBank are now leading the counter deposit interest rates for 1-month and 3-month terms when hitting a ceiling of 6%/year.

In the online savings accounts, up to six banks, including NCB, BacABank, LienVietPostBank, Sacombank, VIB, and VPBank, provide interest rates of up to 6%/year.

After the State Bank increased the operational interest rate, several other banks chose not to issue a new interest rate table. Major banks including Vietcombank, VietinBank, BIDV, Agribank, MB, VPBank, etc., all use the interest rate schedule for terms of less than six months, with an average annual Interest rate ceiling of only 5%.