According to the online savings interest rates announced by Saigon Commercial Joint Stock Bank (SCB) from September 14th, the highest rate applicable to customers reaches up to 8.76 percent per annum.
SCB still applies a rate of 8.03 percent per annum (interest rate paid at maturity) to six-month online savings, applicable to customers depositing less than 1.5 billion dong. On the same term, customers should deposit above 10 billion dong in order to enjoy the rate of 8.21 percent per annum.
Customers can be offered the highest rate of up to 8.76 percent per annum if depositing more than 10 billion dong on a term of 13 months. For customers depositing less than 1.5 billion dong, the 13-month interest rate is also high at 8.58 percent per annum, interest rate paid at maturity.
Comparing the online savings rates at some banks, SCB’s six-month rate is in the leading group, for normal deposits, interest paid at maturity.
Followed SCB, Vietnam Thuong Tin Commercial Joint Stock Bank (Vietbank) is listing the rate at 7.7 percent per annum, while it is 7.5 percent per annum at Viet Capital Commercial Joint Stock Bank (VietCapitalBank), An Binh Commercial Joint Stock Bank (ABBank), and Export Import Commercial Joint Stock Bank (Eximbank), 7.3 percent per annum at Orient Commercial Joint Stock Bank (OCB) and Vietnam Prosperity Commercial Joint Stock Bank (VPB), seven percent per annum at Asia Commercial Joint Stock Bank (ACB), Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), Tien Phong Commercial Joint Stock Bank (TPB). Two banks offer this rate below seven percent per annum including HCM City Development Commercial Bank (HDBank, 6.9 percent per annum) and Vietnam Technological and Commercial Joint Stock Bank (Techcombank, 6.5 percent per annum).
Although the rates offered by SCB are not the highest in the market as VietCapitalBank on August 19th 2019 listed a rate of 10.2 percent per annum for 60-month certificates of deposit, the 8.03 percent per annum is attractive for customers with short-term deposits, while the 12-month deposit rate at large banks is only 6.8-seven percent per annum, such as Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank), Commercial Joint Stock Bank for Industry and Trade of Vietnam (VietinBank) and Commercial Joint Stock Bank for Investment and Development of Vietnam (BIDV).
According to regulation, commercial banks must still comply with the ceiling six-month deposit rate of 5.5 percent per annum. The rates for terms from six months and more are floated.
Previously, on September 16th, the SBV officially cut operating rates by 0.25 percent per annum. Accordingly, the refinancing rate was lowered from 6.25 percent to six percent per annum, rediscount rate was cut from 4.25 percent to four percent per annum, and overnight rate in electronic payment and lending to offset the capital shortage in clearing of the SBV with banks was cut from 7.25 percent to seven percent per annum.
The SBV also cut the offer rate for valuable papers on the Open Market Operation (OMO) channel from 4.75 percent to 4.5 percent per annum.
From the management perspective, the SBV said that the reduction of operating rates would help stabilise interest rate level, contributing to the macroeconomic stability and supporting reasonable economic growth.
