Following Western Commercial Joint Stock Bank (Western Bank), Southeast Asia Commercial Joint Stock Bank (SeABank) has recently also adjusted down the dong deposit interest rate whereby SeABank’s highest level is now only 12.5 percent per year on its interest rate benchmark.
According to the new interest rate benchmark, the saving interest rate of 12 percent per year for common saving products of individuals, effective from June 14, has been adjusted down to 11 percent per year-a common level for all terms of from 12 months to 24 months.
The saving rates of 12.6-12.8 percent per year previously for savings worth over one billion dong of the bank’s progressive saving product also fell sharply, to stand at only 11.6-11.8 percent per year.
Thus, after Western Bank reduced interest rates, SeABank’s relatively high interest rates have also been adjusted down.
Conversely, some large banks such as Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB) and Vietnam Technological and Commercial Joint Stock Bank (Techcombank) are offering the saving interest rate of 11-12 percent per year for several terms instead of the maximum of 10-10.5 percent per year previously.
Till early this week, the dong deposit interest rates have been relatively stable in the entire banking system with the current highest level at 12.5 percent per year at Bac A Commercial Joint Stock Bank (BacABank) for long terms of 12-32 months, or 13-month term at Western Bank while the interest rate of 12 percent per year is being applied more widely amongst both small and large commercial banks.