Banks make big hikes in interest rates on short-term deposits

A VnExpress survey found that nine of the country’s 35 commercial banks quickly hiked rates after the central bank raised the interest rate ceiling for deposits up to six months from 1 percentage point to 6%.

BacABank, NCB, LienVietPostBank, SeABank, OCB, Sacombank, VPBank and VIB raised rates by 1 percentage point for deposits made at the counter for one to three months.

OceanBank raised interest on one-month deposits by 1.2 percentage points.

For online deposits, the nine banks raised rates by 1 to 1.1 percentage points.

The currently lowest rate among the nine banks for one- and three-month deposits is 5.5% paid by OceanBank.

They even match the interest rate on six-month deposits paid by some banks such as ACB and Eximbank, and are higher than those paid by the four public banks, Vietcombank, Agribank, BIDV and VietinBank, from 4.7 to 4 .8%.

On Tuesday, many banks also raised interest rates for six- to 12-month deposits by 0.2 to 0.95 percentage points, bringing average six-, nine- and 12-month meter rates to 6.6. %, 6.7% and 7.2%.

The corresponding rates for online deposits are increased to 7%, 7.1% and 7.5% per annum.

VietABank leads with 8.7% for online customers for 12 months, while SCB pays 8.5%.

The US dollar gained 0.12% Tuesday against the dong at a new high of 24,888 VND, meaning the dong has depreciated 8.6% so far this year.

The central bank said the strengthening greenback and global inflation put pressure on domestic interest rates and exchange rates when it raised policy rates.

The United States has raised rates five times recently, with more expected over the rest of this year and into 2023.

Comments are closed.