Friday , June 21 2024

Banks continue to slash deposit interest rates

Only two banks now offer 8% interest on deposits compared to more than 10 even a month ago.

The highest rates of 8% are offered by GPBank (for 12 months) and Saigonbank (13 months). The rest have dropped their rates to below 8%.

Ten of them are offering less than 7%, including the four large state-owned banks, which are paying 6.3%.

The remaining 20-odd banks have rates of above 7%.

For deposits of six to nine months, state-owned banks offer less than 6% while private lenders pay 6.5-7.9%.

The rate for deposits of less than six months is capped at 4.75% by the State Bank of Vietnam.

More than 30 banks simultaneously lowered deposit interest rates after the central bank reduced policy rates on June 16.

It was the second time in less than a month and the third time this year that the central bank lowered the interest rate ceiling for deposits of less than six months.

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