Commercial banks raise deposit interest rates

From the end of March to the beginning of April, more commercial banks have increased deposit interest rates from 0.1 to 0.6 percent point based on each term, especially the promotion program that has been applied under online banking.
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Particularly, from the end of March, the Orient Commercial Joint Stock Bank (OCB) has increased 0.6 percent for the online deposit interest rate in six months to 6.2 percent a year while the online deposit interest rates in nine months and 12 months have were lifted to 6.4 percent and 6.5 percent, respectively.

Similar to OCB, from April 1, NamABank has also lifted the online deposit interest rate by an additional 0.3 percent point per month in six months, ten to eleven months to 6.5 percent and 6.8 percent, respectively, meanwhile the eight-month and nine-month terms have been also surged to 6.6 percent per year.

Military Commercial Joint Stock Bank (MB) has just adjusted the deposit interest rate with an additional surge of 0.4 percent point at the counter to 5.5 percent per year. Other banks including VietCapitalBank, SeABank, Techcombank, and MSB have also raised their deposit interest rates at the counter by 0.1 to 0.2 percent point in some terms.

From the beginning of the year, the deposit interest rates at banks have been lifted remarkably by 0.3 to one percent in terms over the end of 2021. The money flow has been flocked to deposits at banks thanks to the promotion program of raising interest rates.

Specifically, in the first three months of 2022, the money mobilization growth at financial institutions reached 2.15 percent, an increase of four times over the same period last year when it was 0.54 percent.

According to the State Bank of Vietnam, in January of 2022 alone, people deposited over VND103,000 billion (US$4.5 billion) to banks, the highest level in the ten months since February of 2021.

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