Banks lower deposit interest rates to COVID-19 levels

Two more State-run commercial banks, Vietinbank and BIDV, on September 19 lowered their deposit interest rates matching the lowest level recorded during the COVID-19 pandemic.

Specifically, both cut their rates by 0.2 or 0.3 percentage point for deposits with a term of three months or longer.

For three-month deposits, the rate was revised down from 3.8% to 3.5% per year, while that for deposits with six or nine-month tenures is 4.5% per year, down by 0.2 percentage point.

The rate for deposits with a 12-month term was also lowered by 0.3 percentage point to 5.5% per year.

For one-month and two-month deposits, the rate remains at 3%.

These rates at the two banks are similar to those of Vietcombank and Agribank, revised down on September 14.

In addition to these big four, many commercial banks previously announced reductions in deposit interest rates, especially for terms of 6 months or more.

As at Saigonbank, deposit interest rates decreased by 0.3 percentage point a year to 6.3% per year for a 13-month term, making this the largest reduction.

BacABank also reduced the rate from 0.25-0.3 percentage point a year for deposits with terms from 6 months, bringing the bank's highest interest rate down to 6.4% a year.

Source: Vietnam News Agency