BANK INTEREST RATE CONTINUOUSLY INCREASES
The deposit interest rate race is getting more and more “hot” when many banks offer deposit interest rates above 8%/year with deposit products of individual customers.
In less than half a month from the end of September until now, the deposit interest rates at commercial banks have recorded a very strong upward trend.
Not only pushing short-term deposit rates (under 12 months) to a new level, medium and long-term deposits (12 months or more) have also continuously recorded new interest rates.
The deposit bank interest rate is close to 9%/year
On September 23, 2022, the State Bank officially decided to adjust the ceiling interest rate for deposits with a term of 1 month to 6 months from 4% to 5% per year. This seems to heat up the race to increase deposit rates.
The evidence is that right on the first day the above decision took effect, a series of commercial banks have increased the new short-term deposit interest rates with many listed terms at the maximum allowed level.
According to research and synthesis, by the end of September 2022, the 6-month term deposit interest rate has increased by 0.12 percentage points compared to the end of August 2022 and increased by 0.58 percentage points compared to the end of the year. 2021.
Not only short-term interest rates, 12-month deposit rates also increased by 0.06%, to 6.24%/year. Thus, 12-month deposit interest rates increased by 0.45 percentage points over the same period and 0.41 percentage points compared to the end of 2021.
It is worth mentioning that, since the end of September 2022 until now, the deposit interest rate race has become increasingly “hot” as many banks offer deposit interest rates above 8%/year with deposit products of customers. personal goods.
Specifically, on October 10, Saigon Commercial Joint Stock Bank (SCB) announced an additional 1% increase in deposit interest rates for terms over 9 months, of which the highest interest rate is up to 8 months. .9% applies to 36-month term online deposits.
Meanwhile, VPBank, after increasing interest rates by 0.7-1 percentage points at the end of September, will continue to apply a new deposit rate schedule for individual customers on October 6 with an increase of 0.3 percentage points in many maturities.
In addition, in the latest announcement, ABBank said that it is applying the program to mobilise preferential savings from October 10 to the end of this year. This bank offers interest rates up to 7.8% pa for 6-month term deposits. Compared to the normal deposit interest rate at this same bank, the above preferential interest rate is up to 1.4 percentage points higher.
The race for deposit interest rates is getting “hot” with the participation of all four large state-owned banks, namely Bank for Investment and Development of Vietnam (BIDV), Joint Stock Commercial Bank for Foreign Trade of Vietnam (BIDV), and Joint Stock Commercial Bank for Foreign Trade of Vietnam (BIDV). Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and Bank for Agriculture and Rural Development of Vietnam (Agribank).
The highest deposit interest rate in this “Big 4” group is 6.4%/year for over-the-counter deposit and up to 6.8%/year for online deposit with a term of 12 months or more. . Interest rates for terms from 6 to less than 12 months range from 4.7-4.8%/year; terms of less than 6 months, ranging from 4.1-4.4%/year.
Bank interest rates continue to increase until the end of 2022
Experts believe that 12-month deposit interest rates at commercial banks can stay at a high level in the late 2022 period.
Entering 2023, the deposit interest rate may continue to increase by 0.4-0.5 percentage points, pulling the 12-month term interest rate at banks to 6.8-7%/year (average). at the end of the year. Meanwhile, the rising momentum of the deposit interest rate could pull lending rates up by 0.6-1 percentage point in 2023.
Experts expect that the increase in deposit interest rates at this time will attract a large amount of idle deposits, reducing pressure on the liquidity of banks. At the same time, it is forecast that the deposit interest rate will continue to increase, meeting the high capital demand for the peak season at the end of the year.
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