Banks race to raise US dollar deposit rates

After increasing dong deposit rates, banks have recently continued racing to raise deposit rates of US dollar.

Particularly, Vietnam Bank for Private Enterprise (VPBank) applied the interest rates of 7% per year for 12-month term and Asia Commercial Joint Stock Bank (ACB) also increased US dollar deposit rates from 6.65% to 7.05% per year for terms of less than 12 months, 12-month term will get the interest rate of 7.1% per year.

Others like Sacombank, Dong A Bank (EAB), Southern Bank and VIBBank also increased deposit rates of US dollar. SeABank increased to 7.45% for six-month term, and 13-month term 7.5% per year, marking the highest interest rate amongst commercial joint stock banks.

According to commercial banks, although banks have increased deposit rates, the amount of foreign currency being poured to banks via deposit channels is not much. Thus, enterprise will have to meet many difficulties when borrowing foreign currency from banks.

 

Category: Finance