The one-year savings interest rate in the market is now 8.6 percent per year. However, it applies to the amount of over 500 billion dong. If not taking into account the huge amount of hundreds of billions of dong, the interest rate in the market is high from 8 percent -8.4 percent per year.
Savings of 12-month term are one of the most interested by customers. In the market, this is also the term that the banks compete strongly, the gap accordingly widens to 2-2.5 percent per year.
Comparing the interest rates of 33 domestic banks, the interest rate for 12-month term is currently seven to eight percent per year. The greater the amount of money deposited by customers, the higher the interest rate is.
The highest level for the current 12-month term is 8.6 percent per year at Vietnam International Commercial Joint Stock Bank (VIB) for only deposits of 500 billion dong or more. Similarly, Saigon Hanoi Commercial Joint Stock Bank (SHB) also announced that the highest personal savings interest rate for 12-month term was up to 8.5 percent but only for customers who deposited over 500 billion dong.
If not taking into account the huge amount of hundreds of billions to get the highest interest rate, Sai Gon Joint Stock Commercial Bank (SCB) is the bank that listes the highest level of 8.45 percent, for the saving products at high prices, followed by Construction Commercial One Member Limited Liability Bank (Construction Bank CBBank), VietNam Asia Commercial Joint Stock Bank (Viet A Bank), National Citizen Commercial Joint Stock Bank (NCB), Viet Capital Commercial Joint Stock Bank (Viet Capital Bank), Global Petro Sole Member Limited Commercial Bank (GPBank), and Vietnam Export Import Commercial Joint Stock Bank (Eximbank), who list around eight percent.
The group of four state-owned commercial banks continues to have the lowest interest rates in the market. Vietnam Bank for Agriculture and Rural Development (Agribank), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), and Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) announced the 12-month term interest rate at 6.8 percent while Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) slightly increased by 6.9 percent. However, according to the staff of these banks, the interest rate in each branch and locality may be adjusted but not fixed.
The highest interest rate for one-year term at Vietnam Technological and Commercial Joint-Stock Bank (Techcombank) Saigon Bank for Industry and Trade (Saigonbank) and Military Commercial Joint Stock Bank (MBMBBank) is also quite low, only 7-7.2 percent per year. In particular, to enjoy the interest rate of 7 percent for 12-month term, Techcombank’s customers must belong to the priority group and deposit online. At MBBank, customers must deposit 200 billion dong or more to apply the interest rate of 7.2 percent.
