SCB raises demand deposit rate to 9% pa
14-MAY-2008 Intellasia | Tuoi Tre
May 14, 2008 - 7:00:00 AM
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Saigon Commercial Joint Stock Bank or SCB recently has raised the demand deposit rate of the dong from 3.6% per annum (0.3% a month) to 9% pa meaning 0.75% a month.
Demand deposit is mainly the payment deposit of individuals and enterprises with a low interest rate that usually is not more than 30% of the term deposit rate.
However, due to the dong shortage, many banks hiked the demand deposit rate to 3.5-4% per annum. With this, SBC's demand deposit rate of dong accounts for 70% of term deposit rate.
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