Following WesternBank, three other banks namely Vietnam Asia Commercial Joint Stock Bank (VietABank), Nam Viet Commercial JS Bank (Navibank) and Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB) have recently launched daily capital mobilisation programmes to woo depositors.
The local newspaper Tuoi Tre (Youth) on September 24 reported that the daily saving interest rate at VietABank ranged between 13 percent and 13.8 percent per year while at Navibank, with deposit worth 100 million dong for 1-day term, the interest rate was 14 percent per year. At Eximbank, the overnight saving interest rate was at 7 percent per year and it was 48 percent per year for 48-hour term.
Earlier, Western Commercial Joint Stock Bank (WesternBank) announced to apply the interest rate of up to 14 percent per year for savings with terms of from 1-day to 6-days.
Orient Commercial Joint Stock Bank (OCB) also introduced promotion programmes with attractive gifts depending on terms and amount of savings.
Chair of a bank’s director board said that after the State Bank of Vietnam (SBV) required strict implementation of the deposit interest rate cap at 14 percent per year, small banks no longer have competitive advantages. Many depositors withdrew money in smaller banks to deposit in bigger banks, leading a sharp decline in capital sources of small banks. Therefore, these banks have to offer short term capital mobilisation programmes, at the same time launch more promotions to woo customers.
With 1-day term saving, the depositor will enjoy the actual deposit interest rate of up to over 15 percent per year, the chair said.
On September 23, the interbank interest rate for 1-month term was still at 15.5 percent per annum (p.a.) and it was 14.2 percent p.a. for 1-week term and 14.5 percent p.a. for 2-week term.