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On May 12, Vietcombank announced the reduction of deposit interest rates across various terms, ranging from 0.2 percent to 0.3 percent per annum. Specifically, the interest rate for a 3-month term was lowered to 5.1 percent per annum, the 1-2-month terms decreased to 4.6 percent per annum, and the online savings deposit rate for a 12-month term was also reduced to 7.2 percent per annum.
Agribank had previously cut their interest rates for terms over 12 months from 7.2 percent to 7 percent per annum, 1-2 months to 4.6 percent per annum, and 3-5 months to 5.1 percent per annum.
Not only the State-owned commercial banks but many joint-stock commercial banks have also reduced their deposit interest rates. Starting from May 12, VPBank decreased its deposit interest rates by 0.2 percent per annum for specific terms, with the highest interest rate for the 15-36-month terms now at 7.2 percent per annum. OCB also reduced rates by 0.4 percent per annum for terms of six months and above compared to the previous rates.
In addition to reducing savings interest rates, Vietcombank has recently extended its program to lower interest rates on VND loans by up to 0.5 percent for all individual and corporate customers until July 31, 2023. This initiative is expected to affect over VND600 trillion in outstanding loans at Vietcombank, benefiting approximately 110,000 customers with reduced borrowing costs during this period.
Viet Capital Bank has also announced a dedicated budget of VND500 billion to implement a preferential credit program, offering interest rates starting from 8.9 percent per annum to customers seeking funds for green projects, such as VietGAP, GlobalGAP, and organic farming models.
