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Bank deposit interest rates plummet to 7%

By Quynh Trang   August 17, 2023 | 05:00 pm PT Google Get VnExpress first in Google Search info See more of the news you trust. Make VnExpress a preferred source to prioritise our updates in your Google search results
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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