Gold deposit interest rate sees first rise in 2012

Asia Commercial Joint Stock Bank (ACB) and Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB) have recently raised the gold deposit interest rate to the highest of 3 percent per annum (p.a.), but it is till lower than the peak level at Saigon Commercial Joint Stock Bank (SCB) at 3.5 percent p.a.

This is the first time in 2012 when the gold deposit interest rate has increased strongly, following adjustments in November 2011.

Particularly, as from February 16, 2012, ACB has adjusted its gold deposit interest rate benchmark whereby the bank has changed its “Ngay Vang ACB” or “golden day with ACB” product, applicable as from November 16, 2011.

Accordingly, gold depositors will enjoy the gold deposit interest rate of 3 percent p.a. instead of the previous highest level of 2.5 percent p.a.

In the common interest rate benchmark, ACB also strongly raised the gold saving interest rate for short terms hereby the interest rates of 1.45 percent and 1.55 percent p.a. depending on terms and types of gold will be replaced by the new benchmark of 2.35 percent and 2.45 percent p.a. for terms of 1, 2 and 3 months. Meanwhile, the lender retained the gold saving rate at 1.5 percent and 1.6 percent p.a. for 6, 9 and 11 month terms.

Together with ACB, Eximbank has recently also adjusted its gold deposit interest rate benchmark. Accordingly, as from February 18, 2012, Individual customers when joining the bank’s “Ky han vang, uu dai vang” or “golden term, golden preference” programme with minimum deposit of 10 taels of gold at Eximbank will enjoy the interest rate of 3 percent p.a. instead of 2.5 percent p.a. previously.

Thus, at ACB and Eximbank, the highest level is at 3 percent p.a.
Currently, the highest gold saving interest rate in the market is at SCB with 3.5 percent p.a. for terms of from 3-months to 364 days.

 

Category: Finance