Banks raise interest rates for long term savings

On July 4, many banks announced their new deposit interest rate benchmarks whereby the saving interest rate has been adjusted up for long term deposits, according to the local newswire Tuoi Tre (Youth).

At Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB), the higher deposit rate is now up to 12 percent per year for 24-36 month terms and 12-18 month terms are ranging around 11-11.8 percent per year.

ANZ Bank also raised its saving rate for above 3-month term to hit the deposit rate cap of 9 percent per year and 12-month term at 10.5 percent per year.

An Binh Commercial Joint Stock Bank (ABBANK) is also applying new saving rate benchmark whereby the highest level is now up to 12.5 percent per year for 12-13 month terms.

At Orient Commercial Joint Stock Bank (OCB), the saving rate for above 12-month tenors is also at 12 percent per year.

Together with higher saving rates, banks are also offering gifts and immediately win scratch card to attract depositors.

According to banks, during past time, the deposit rate fell too quickly and depositors were not so keen on savings at banks, therefore, banks have to launch promotion programmes to lure customers.

 

Category: Finance