Banks continue to increase deposit interest rates to attract customers. (Photo courtesy of Viet Capital Bank) Customers can buy CoDs for just 10 million VND (417 USD) andreceive interest of 7.5%, 7.8%, 8%, and 8.2% for terms of 6, 9, 12, and 15 months.For 18-month term they can get 8.4%.
After six months they can freely transfer the CoDs and still enjoyhigher interest rates than ordinary savings deposits, a bank spokesperson said.
After the State Bank of Vietnam raised its policy rate, manybanks, including State-owned ones, have raised interest rates for VND deposits.
ABBANK has the highest rate of 8.8% for 13-month deposits of 500billion VND (20.8 million USD) and above.
Banks are also offering promotions to attract deposits.
For instance, from October 3 to December 30, customers who makedeposits of 25 million VND (1,040 USD) and above at Vietbank can receive giftssuch as multi-function electric cooker, steam iron, vacuum cleaner, umbrella,kitchen cutting board, and others depending on the amount and term.
They can also participate in a lucky pin on the Vietbank digitalapp with prizes of thousands of e-vouchers worth from 20,000 VND to 1 millionVND, and a lucky draw at the end of the programme with prizes worth a total of 6.5billion VND, including a cash prize of 1 billion VND, nine first prizes of 0.6tael of gold each and 18 second prizes of 20 million VND each.
As of September 20 this year, deposit mobilisation by creditinstitutions increased by 4.04% while credit growth was 10.54%.
The rapid increase in credit has put pressure on banks’ liquidity.
ACB Securities said the credit cap would be increased by 2% in thelast quarter, while the SBV would continue to sell US dollars to keep theexchange rate in check, which would also put pressure on VND liquidity.
Public spending is expected to spurt in the remaining months ofthe year, meaning the money held by the State Treasury in banks will be drawn.
Due to these factors, ACBS said, banks would probably increasedeposit interest rates by another 0.5 percentage points this year to ensureliquidity./.
VNA
