Large banks are starting to join the deposit interest rate hike race along with small and medium-sized banks due to rising capital demand pressure after a long time staying out of the game.
Early this July, Agribank adjusted interest rates for long-term deposits. Accordingly, customers who deposit money at the bank for 12 months to 24 months will enjoy a rate of 5.6% per year, up 0.1 percentage points from June.
Similarly, the Bank for Investment and Development of Vietnam this month also announced a new interest rate change with an increase of 0.1 percentage point to 5.6% per year for deposits from 12 months to 36 months.
At Vietcombank, the online deposit interest rate also added 0.1 percentage points per year compared to over-thecounter deposits. Many small and medium-sized banks earlier this year increased their rates by 0.3 to 0.6 percentage points.
Before the pandemic, the highest interest rate for 12-month savings was 7% per year. Now, many banks are keeping it at 6.7% to 6.9%, whereas some have lifted it to more than 7%. As for the interest rate for short-term deposits of less than six months, banks are applying the ceiling rate of 4% for all terms.