Many commercial banks have increased deposit interest rates since the beginning of March. (Photo: cafef.vn) Accordingto the State Bank of Vietnam, interest rates on the inter-bank market andindividual deposits are rising again. The average inter-bank interest rateinched slightly from 0.02-0.03 percent last month to 0.26 percent per year forovernight loans and 0.44 percent for one-week loans. The average rate fornine-month loans in the inter-bank market reached 3.64 percent per year.
Sincethe beginning of March, deposit interest rates have also been adjusted upwardsby many banks, with some even raising the 12-month deposits to more than 6 percentper year.
Specifically,at Techcombank, the one-month savings interest rate for regular customers hasincreased from 2.75 percent per year to 3.1 percent per year and the rateapplied to priority customers has also risen from 2.9-3.1 percent per year to3.2-3.4 percent per year. For six-month deposits, the rates for regular andpriority customers have also been adjusted up to 4.4-4.7 percent per year and4.5-4.8 percent per year, respectively.
Similarly,BIDV has also applied new deposit rates for individual customers. For the3-month term, the interest rate has increased slightly to 3.4 percent per yearand 4.0 percent per year for six-month deposits.
Forthree-month deposits, Viet Capital Bank's deposit interest rate is currently3.8 percent per year and 5.7 percent per year for six-month deposits.
Theonline deposits for 12- and 24-month deposits at Sacombank and SCB are 5.9 percentand 6.5 percent, respectively. Banks such as ACB, VPBank, TPBank, and HDBankalso apply a 12-month online deposit rate of more than 6 percent per year.
BaoViet Securities Company forecast deposit interest rates may increase in thecontext that the COVID-19 pandemic is controlled, the vaccination programme isabout to be deployed and inflation is likely to increase again.
SSISecurities Company predicted after remaining stable in the first quarter andearly in the second quarter this year, deposit and loan interest rates wouldinch up from the end of Q2 2021 when economic activities increase, pushingcredit demand up.
Accordingto banking expert Nguyen Tri Hieu, though data on credit growth in the firstquarter of this year has not been released, some bank leaders revealed bankprofits have grown positively since the first months of the year whenproduction and business activities have been gradually recovering.
Despitethe large demand for loans, banks are still very cautious about the impact ofthe pandemic on the economy in general. However, if the pandemic is controlledand the demand for loans increases rapidly, it is likely that interest rateswill be adjusted up, Hieu said./.
VNA
