Banks work to attract deposits at end of the year

10-Jan-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

Banks have continuously offered promotions besides hiking deposit rates recently to attract clients, Nguoi Lao Dong newspaper reported.

At VietCapital, the rates for deposits of 12 months or longer, 18 months and 24 months or longer are 8 percent per year, 8.5 percent and 8.6 percent, respectively. Deposits made online enjoy a high rate of 8.7 percent per year.

In addition to higher interest rates, VietCapital is running several promotional programmes, featuring high rates and shopping vouchers for clients making deposits from now until the end of the month. There are also vouchers worth VND50,000-VND500,000 for online depositors.

Meanwhile, promotions offered until April 9 at SHB are worth more than VND13 billion in total. The bank earlier revised mobilisation rates upward.

SCB is also attracting deposits at the end of the year with gift values totalling over VND5 billion. Clients making six-month-or-longer deposits at transaction offices or clients with short-term certificates of deposit can join a lucky draw to win an apartment worth up to VND2.5 billion.

SCB is currently one of the banks with the highest mobilisation rates, at up to 8.55 percent-8.65 percent per year for long-term deposits.

According to banks, the introduction of higher mobilisation rates and promotional programmes is intended to attract enough capital to meet the increasing credit needs at the end of the year and to prepare for next year. Rate hikes at banks have also resulted from the need for medium- and long-term capital to meet the new regulations of the central bank.

Although mobilisation rates have continued inching up, the rates are stable overall, according to the central bank.

The central bank has instructed credit institutions to continue considering their financial capabilities to provide reasonable rates to support clients and ensure financial security in their operations.

Last year, common lending rates were 6 percent-9 percent per year for short-term loans and 9 percent-11 percent per year for medium- and long-term loans.

https://english.thesaigontimes.vn/65418/banks-work-to-attract-deposits-at-end of the year.html

 


Category: Finance, Vietnam

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