A survey of deposit rates in May shows that many banks continue to lower deposit rates compared to March and April. It seems that banks are quite relaxed about the pressure of attracting deposits.
After a series of bank revised down savings rates in the last two months, some other banks have recently also lowered interest rates. Even, some banks that reduced interest rates in March continue to reduce interest rates further.
Specifically, in April, Techcombank cut interest rates twice. Especially, nine to less than 12 month terms decreased 0.3-0.5 percentage points each year compared to the beginning of the year. Currently, the interest rates for one-month, two-month terms in this bank are 4.9 percent/annum; compared to five percent, 6.1 percent and 6.2 percent respectively for 3-month, 6-month and 9-oonth terms; 6.8 percent for terms from 12 months and above and possibly seven percent for online savings.
ACB has just applied the new deposit rates since May 2. Compared to the survey at the beginning of April, interest rates slightly decreased 0.1 percentage points for one-month term. Specifically, one-month deposit rate decreased 0.1 percentage point to 4.8 percent for customers depositing at less than 200 million dong, 4.9 percent for customers depositing from 200 million dong to one billion dong and five percent for more than one billion dong deposits.
The remaining terms almost remained unchanged. Currently, 6-month, 9-month terms have the interest rates to range from 5.7 percent to 5.9 percent depending on the deposit amount. The terms of 12 months, 24 months also remained unchanged, while 36 month terms increased 0.2 percentage points to 6.7 percent per annum.
At Vietinbank, one-month to three-month term interest rate of this bank is currently 4.1 percent, down 0.2 percentage points from the survey at the beginning of April. Terms from three months to less than six months still remain unchanged at 4.8 percent/annum.
In addition, at MB, interest rate slightly decreased by 0.1 percentage points in three month, four month and five month terms to 5.2 percent. Nam A Bank also revised down savings rate by 0.1 percentage point for terms from six month to eight month, to 6.5 percent; and by 0.2 percentage point to 6.5 percent for nine month term.
While the aforementioned banks slightly lowered savings rate, recently some other banks added interest rates for depositors.
Typically, HDBank further lengthens the programme on adding savings rates for individual customers aged 28 years old and above to receive interest at the end of the term with a duration of six months and 13 months, plus a maximum addition of 0.7 percent/annum.
Prior to HDBank, BIDV used to add interest rates for online depositors with an additional of 0.3 percent/annum for less than 12 month terms, 0.1 percent/annum for more than 12 month terms.
