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Commercial banks simultaneously reduce deposit interest rates |
According to the decision of the State Bank of Vietnam, deposits of less than six months carry a maximum interest rate of 5.5 5 percent per annum from May 25. Particularly, for a term of 6 months or more, credit institutions will determine based on market capital supply-demand.
All commercial banks simultaneously adjusted deposit interest rates down 0.5 percentage points for terms from one month to less than 6 months, to deposit interest rate ceiling of 5 percent per annum on May 25.
Particularly, state-owned commercial banks such as Vietcombank, Vietinbank, Agribank and BIDV continued to decrease by 0.5 percentage points, down to 4.5 percent per annum to 4.1 percent-4.6 percent a year although the deposit interest rate for terms of less than 6 months was below 5 percent a year.
Not only for terms of less than 6 months, but many commercial banks also reduced interest rates in many other terms. For instance, the interest rate for 6-month term deposits of many commercial banks in the market was reduced to less than 7 percent a year and 12 months to below 8 years. Apart from that, four big commercial banks including Agribank, BIDV, Vietinbank and Vietcombank, the interest rate on deposits with a term of 6-9 months is only 5.2 percent-5.5 percent a year.
