State-owned banks join race to raise interest rates on deposits

By Tat Dat October 28, 2022 | 7:27 p.m. PT

A worker counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy

The four public lenders, Vietcombank, BIDV, Vietinbank and Agribank, raised their interest rates on deposits by 0.8 to 1.3 percentage points.

After remaining stable for three months, their rates climbed to 4.9% for one-month deposits made at transaction desks, 5.4% for three months, at least 6% for six and nine months and 7, 4% for 12 months.

Agribank raised it to 6.1% for six- and nine-month deposits. For deposits made online, the rates are higher by 0.1 to 0.5 percentage points for those under 12 months.

For 12-month deposits, Vietcombank, BIDV and Agribank offer the same 7.4%, also the rate offered by private banks such as TPBank, LienVietPostBank and CBBank.

Vietinbank offers 7.9%, comparable to other private lenders.

This week 10 private banks rising interest rates in all areas.

Techcombank made three increases in the past four days.

Nine banks offer interest rates above 8% for 12-month deposits made in transaction offices, and 13 others do the same for online deposits.

SCB pays the highest rates of 8.3% and 9.15%.

The average rates in the industry are 7.55% and 7.79%.

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