Bank deposit interest rates plummet to 7%

By Quynh Trang   August 17, 2023 | 05:00 pm PT
In the last two weeks nearly 30 private banks have reduced deposit interest rates by around 0.3 percentage points to 7%.

Most cuts have been for deposit terms of six months or more.

Maritime Commercial Bank (MSB) made the biggest cut, of a full percentage point for deposits of six months and longer, to bring its rate down to 6%.

Techcombank reduced its rates by 0.7 percentage points, while PGBank, GPBank, VietBank and ABBank brought down their rates by 0.7-0.8 percentage points.

Most banks now offer interest of around 7%, down 3-4 percentage points since the end of last year.

The State Bank of Vietnam recently ordered banks to reduce loan interest rates by up to 2 percentage points to foster economic recovery.

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