Monday , December 5 2022

Banks hike deposit rates 0.1-0.3 percentage points

Commercial banks have increased deposit interest rates by 0.1-0.3 percentage points over the past few days, with SCB offering the highest rate of 9.75 percent.

Techcombank hiked its annual deposit interest rates by 0.3 percentage points Tuesday to 9% for 12-month deposits, 8.7% for 6-11 month deposits and 6% on deposits with terms of less than 6 months.

Since the beginning of November, Techcombank has increased its deposit interest rates four times.

NCB has also hiked its deposit interest rates by 0.1 percentage points, to 8,6% for 6-month deposits, 8.65% for 9 months, 8.95% for 12 months and 9% for 15 months or more.

The highest deposit interest rate of 9.75% on deposits with terms of at least 13 months is now offered by SCB.

The central bank has noted that global inflation levels remain high and that the Fed raised its rates five times recently, with more hikes expected during the rest of this year and 2023.

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