Banks race to increase savings rates to attract customers, the highest reaches 7.6pct. per annum

19-Jan-2022 Intellasia | Doanh nghiep va Tiep thi | 5:02 AM Print This Post

In order to meet the strong increase in business demand at the end of the year, many banks have recently announced their new savings interest rate lists with upward adjustments in many terms. The recent interest rate increase is also partly due to the pressure when many people have transferred their idle capital to securities channel.

Saigon Commercial Joint Stock Bank (SCB) has recently applied a new interest rate table since January 10th 2021, with increases of 0.1 0.3 percent per annum. Notably, the highest interest rate at SCB has reached 7.6 percent per annum, but only applicable to customers depositing from 500 billion dong or more on the term of 13 months.

For small amount of deposits, the savings interest rate offered by SCB is also among the highest in the system. Specifically, customers depositing money online on terms from 12 months or more are offered interest rate of seven percent per annum. The highest rate is 7.35 percent per annum for terms from 18 months or more.

Nam A Commercial Joint Stock Bank (NamABank) is offering the second highest savings interest rate. This rate is 7.4 percent per annum, applicable to customers depositing from 16 months or more on the online channel. for terms of 12 to 15 months, the rate is also very high at 7.2 percent per annum.

Currently, to enjoy an interest rate of over seven percent per annum, in addition to the above two banks, customers can also deposit money at many other banks such as Vietnam Public Commercial Joint Stock Bank (PVcomBank), Viet A Commercial Joint Stock Bank (VietABank), etc.

Not only small banks, numerous large private joint stock banks such as Vietnam Prosperity Commercial Joint Stock Bank (VPBank), Asia Commercial Joint Stock Bank (ACB), Saigon Hanoi Commercial Joint Stock Bank (SHB), Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), Export Import Commercial Joint Stock Bank (Eximbank), etc. have also adjusted their savings interest rates in January 2022, mainly upward adjustments.

Specifically, VPBank listed a new savings interest rate table for individual customers on January 4th 2022, with increases on many terms, particularly for large savings amounts. The highest rate at the bank is currently 6.5 percent per annum, 0.3 percent per annum higher than the previous time, applicable to customers depositing online from 50 billion dong on 36-month term. The rates for other terms were considerably increased by 0.4 0.7 percentage point. With savings amount of less than 300 million dong, customers can enjoy the highest rate of 5.6 percent per annum when depositing on terms from 15 months or more.

On January 4th 2022, Sacombank announced its new savings interest rate table. The current highest rate at the bank is 6.8 percent per annum on the term of 36 months for online savings. In addition, the 12-month savings rate was raised by 0.3 percentage point to 6.2 percent per annum, while the rate for six-month term increased by 0.3 percentage point to 5.1 percent per annum.

Saigon Hanoi Commercial Joint Stock Bank (SHB) also updated its new savings interest rates. Accordingly, when customers depositing on 18-month term under “Tiet kiem Dai loi” programme. Meanwhile, in December 2021, the highest rate was only 6.35 percent per annum for online deposits on terms from 18 to 36 months. In addition, the bank also issued Certificate of Deposits with the highest savings rate of 7.2 percent per annum on the term of eight years.

The new savings interest rates have been listed at Eximbank since January 17th 2022. The highest rate is 6.5 percent per annum for term of 15 months or more, applicable for online savings.

ACB announced its new savings interest rates on January 8th 2022. Accordingly, the bank’s highest rate is 7.1 percent per annum, applied to deposits of 30 billion dong or more on the term of 13 months.

 

Category: Finance, Vietnam

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