A transaction at a commercial bank in HCM City. (Photo: cafef.vn) From February 14, GPBank lowered its saving interest rates by 0.4 percentagepoints. The six-month term and 12-month term rates now stand at 8.9 and 9.1%per year, down from 9.3 and 9.5% per year, respectively.
From February 18, Techcombank also cut saving rates for VIP customers by 0.5percentage points for both terms of 12 months and 24 months to 8.7% per year.It also cut the saving rate for six-month term deposits by 0.3 percentagepoints to 8.7% per year.
From February 14, Sacombank decreased saving rates for six-month, 12-month and24-month terms, bringing the six-month rate down to 8.2% per year, the 12-monthrate to 8.6% per year and the 24-month rate to 8.8% per year.
On the contrary, from February 14, Sai Gon Hanoi Commerical Joint Stock Bank(SHB) slightly increased deposit interest rates. For online deposits, theinterest rate increased to 8.42% per year from 8.12% per year. For the 24-monthterm, the deposit interest rate increased to 8.82% per year from 8.52% peryear.
The highest deposit rate on the market is now 9.5% per year (the six-month termat Sai Gon Commerical Joint Stock Bank (SCB) and PVcombank).
Meanwhile, the 9.5% deposit interest rate is also applied for 12-month and24-month terms at Bao Viet Bank, SCB, PVcombank, Dong A Bank, Viet A Bank, MSB,and Bac A Bank.
At a recent meeting among the State Bank of Vietnam (SBV), commercial banks andproperty developers, a bank leader said the ceiling deposit rate would bebrought down to 8.7% per year in the coming time instead of the current 9.5%per year.
The fact that commercial banks have continued to lower deposit interest ratessince early this month and cut further last week has raised hope of a drop inlending rates.
Over the past week, banks such as Agribank, Techcombank, VietinBank, Sacombank,MB and SeABank have lowered lending interest rate by 1-3% per year.
Agribank has announced a maximum lending interest rate reduction of 3% per yearfor outstanding loans for real estate as of January 31, 2023.
Economist Le Xuan Nghia, a member of the National Financial and Monetary PolicyAdvisory Council, said deposit interest rates are still too high.
Recently, the Vietnam Banks Association called on commercial banks to keepdeposit interest rates at 9.5% or below to reduce lending interest rates.
SBV Governor Nguyen Thi Hong has constantly called on banks to cut operatingcosts and improve administrative procedures so as to reduce lending interestrates.
Experts said the global economy is likely to have a recession this year. At thesame time, the US Federal Reserve will continue its rate hikes, which will putpressure on interest rates to continue rising./.
VNA
