Currently, the “single saving term with highest rate” product of Western Commercial Joint Stock Bank (Western Bank) is offering the highest deposit interest rate in dong in the market, hitting 14 percent per year.
On June 14, the market saw more banks raising dong deposit rate. The gap of dong saving rate amongst lenders is narrowed quickly.
According to the latest updated interest rate benchmark, at Southeast Asia Commercial Joint Stock Bank (SeABank), the highest is 12 percent per year for 24-month term. The interest rates of 11-11.5 percent p.a. are for 12-18 month terms.
This newly-updated interest rate benchmark increased significantly when previously, SeABank applied the highest saving rate of only 9 percent p.a. For progressive saving product with deposit worth over one billion dong, the saving rate is 12.6-12.8 percent p.a.
Also on June 14, following Asia Commercial Joint Stock Bank (ACB), the market saw the participation in the race to increase saving rate of many other large banks like Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB). Eximbank has added “saving with preferential interest rate” product with much higher interest rate than the previous benchmark, at 11-12 percent p.a. for long term deposits (the highest level previously was 9.5 percent p.a.).
The highest of 12 percent p.a. has also just been applied at Saigon Commercial Joint Stock Bank (SCB).
At Nam A Commercial Joint Stock Bank (NamABank), from 13h June 14, the highest of 11 percent per year was replaced by 11.5 percent p.a. for terms of 12, 13, 18, 24 and 36 months.
At Kien Long Commercial JS Bank (KienLongBank), the highest of 11 percent per year on June 11 is also replaced by 12 percent p.a. for terms of 12, 18 and 24 months, effective from June 15.
Also from June 15, Vietnam Thuong Tin Commercial Bank (VietBank) is to apply the saving rate of 11.5-12 percent per year for 13-36 month terms.
Meanwhile, in common deposit interest rate benchmark of Western Bank, effective from June 14, the highest level is still at 13.5 percent p.a. for 13-month term and 13 percent p.a. for 12-month term.
In its latest product of “single saving term with highest rate”, Western bank offered the dong deposit rate of up to 14 percent per year for 13-month term.
Thus, in the first week of implementing the deposit interest rate cap and new mechanism, the dong saving rate saw noticeable evolutions. Except Western Bank, the difference in saving rate amongst commercial banks has been narrowed quickly. The market is said to see more banks to join this race in coming days.