Although banks were racing to hike saving rates, with stricter lending requirements, depositors still difficultly enjoy a high rate. The saving rate increasing race among credit institutions seem not to stop yet.
To receive a deposit rate of 9-10 percent pa, deposits must carry a long term of at least 18-36 months without premature withdrawal. An officer from HCM City Housing Development Commercial JS Bank (HDBank) said that the bank's Super Saving Rate Programme was applied on the savings with terms of over four months. Meanwhile, Mekong Delta Housing Commercial JS Bank (MHB) has allowed depositors to withdraw money prematurely at very low rates. Particularly, one-year deposit of the bank carries a rate of 9 percent pa if being withdrawn prematurely and demand deposit rate is about 3 percent pa.
Another bank SHB fixed 9-9.45 percent pa on 18-36 month deposits of from 100 million to three billion dong while Sacombank raised the interest rate of 36-month deposits to 9.12 percent pa but this is only applicable on deposits of over 10 billion dong.
Customers of Eximbank expect to be presented "cash" (called fresh money) but they were upset because the bank only applied the minimum cash amount of 200,000 dong on the one-year deposits of at least 100 million dong. To receive a bonus of one million dong, customers must save for five years. Customers will have to return the bonus to the bank if they withdraw money prematurely then six months.
According to HCM City Statistic Department, in H1, capital mobilisation of the city's banks reached 688 trillion dong, growing by 17.5 percent from the year early, total outstanding loans of 580 trillion dong, rising by 16.9 percent. The statistics showed that banks' capital is still in surplus.
If customers withdraw massively demand deposits, banks will face many difficulties in balancing capital. Thus, banks have raised the saving rates to hold customers and prepared business plans in case capital borrowing demand will increase strongly in H2.
Financiers said, though long term deposit rates surged, the average interest rate of banks still stood at 8-8.5 percent only.
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