Bank deposit interest rates remain in free fall

By Quynh Trang   July 25, 2023 | 11:10 pm PT
Bank deposit interest rates remain in free fall
Banks continue to cut deposit interest rates. Photo by Dat Nguyen
Banks continued to cut deposit interest rates in July, capping them at 7.8%.

Nearly 20 lenders made cuts averaging 0.2 percentage points.

Nine others, TPBank, SHB, SeABank, SCB, BacABank, OCB, PVComBank, GPBank, and NamABank, slashed rates by 0.5-0.8 points.

The highest rate now is 7.8% offered by VietBank and SaigonBank for 13-month deposits. At 20 other private banks they top out at 7-7.7%.

The remaining 10 offer 6-7%. The lowest rates are at the four state-owned lenders and TPBank, VPBank, LPBank, Techcombank, DongABank, ACB, SeABank, Sacombank, VIB, and MB.

For terms of less than six months the ceiling has come down to 4.75%. Deposit interest rates have been falling after a series of cuts to policy rates by the central bank.

Meanwhile, banks mobilized large amounts of deposits but found it difficult to lend them.

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