Banks raise deposit interest rates to attract savings deposits

After the long Lunar New Year holiday, many commercial banks have increased deposit interest rates as well as launched attractive programs to attract savings deposits.

Specifically, from February 8, ACB has increased interest rates by 0.2 percent per annum to a maximum of 6 percent per annum for savings deposits with a term of 15 months. Especially, savings deposits of VND100 billion upwards will be applied interest rate up to 7.1 percent per annum for the 13-month term.

Similarly, Techcombank raised its interest rates by 0.4 percent per annum to 5.8 percent per annum for Phat Loc savings customers with a term of 36 months. VPBank also implemented a program to double the interest rate for the first month, applicable to all terms when depositing online. Specifically, in the first month, customers will enjoy an interest rate of 12.2 percent per annum for savings deposits under VND300 million and 12.4 percent per annum for those over VND300 million. The interest rate for the remaining months will be 6.1-6.2 percent per annum.

State-owned joint-stock commercial banks, such as Agribank, Vietcombank, VietinBank, and BIDV, did not increase interest rates but launched programs to give lucky money and gifts to customers who made transactions at the beginning of the year, including savings deposits, with lucky money valued from VND30,000 to VND100,000 per customer. Especially, ACB ran a promotion program for all transactions, with a total reward of up to VND7 billion.