Public banks join race to hike deposit interest rates

By Tat Dat   October 28, 2022 | 07:27 pm PT
Public banks join race to hike deposit interest rates
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The four state-owned lenders, Vietcombank, BIDV, Vietinbank and Agribank, have hiked their deposit interest rates by 0.8-1.3 percentage points.

After remaining steady for three months, their rates have climbed to 4.9% for one-month deposits made at transactions offices, 5.4% for three months, at least 6% for six and nine months, and 7.4% for 12 months.

Agribank has increased it to 6.1% for six- and nine-month deposits. For deposits made online, the rates are 0.1-0.5 percentage points higher for less than 12 months.

For 12-month deposits, Vietcombank, BIDV and Agribank offer the same 7.4%, also the rate offered by private banks such as TPBank, LienVietPostBank and CBBank.

Vietinbank offers 7.9%, comparable to that of other private lenders.

This week 10 private banks hiked interest rates across the board.

Techcombank made three increases in the last four days.

Nine banks offer interest rates of more than 8% for 12-month deposits made at transaction offices, and 13 others do the same for online deposits.

SCB pays the highest rates of 8.3% and 9.15%.

The average rates in the industry are 7.55% and 7.79%.

go to top