Bank interest rates today
Illustration photo: VnBusiness
Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) increased deposit interest rates for the first time in more than a year, with 0.2 percentage points for terms of 1-11 months from today.
Also today, Construction Bank (CB) simultaneously increased by 0.5 percentage points on deposits for terms from 6-36 months. Specifically, 6-month term is 4.5%/year, 7-11 months 4.45%/year, 12-month term 4.65%/year. 13-36 month term has the highest interest rate of 4.9%/year.
CB kept the deposit interest rate unchanged for terms of 1-2 months at 3.1%/year, and for 3-5 months at 3.3%/year.
Besides CB and BIDV, deposit interest rates at the remaining banks did not change this morning.
Since the beginning of April until now, a series of banks have increased deposit interest rates including: HDBank, MSB, Eximbank, NCB, VPBank, KienLong Bank, VietinBank, Bac A Bank, GPBank, OceanBank, BVBank, PVComBank, CB, BIDV .
In particular, VPBank is the first bank to increase interest rates for the second time in a month. Previously, VPBank, Eximbank, SHB, Saigonbank increased interest rates.
Some banks such as NCB and Eximbank adjusted interest rates to increase for some terms in parallel with adjusting to decrease the remaining terms.
Among the banks that have reduced deposit interest rates since the beginning of the month include: Vietcombank, PGBank, SCB, Techcombank, ABBank, Dong A Bank, Viet A Bank, Eximbank, Nam A Bank, NCB, VIB, VietinBank. In which, SCB has adjusted deposit interest rates twice.
Last week, the State Bank injected a net VND 89,463 billion in the open market. Through the term purchase model, the State Bank injected 32,863.1 billion VND (7-day term, average interest rate 4%). The amount of newly issued treasury bills is 13,100 billion VND, (term 28 days, average interest rate 3.64%), while 69,700 previously issued have matured.
Interbank interest rates for overnight and 1-week terms decreased by 0.25% and 0.09% to 3.93% and 4.24%, respectively, while interbank interest rates for 2-week terms were at 4.24%. The State Bank’s net injection for 3 consecutive weeks has helped improve liquidity in the market, pulling interbank interest rates down.
Latest BIDV bank interest rates
According to the online deposit interest rate table, 1-2 month terms increase to 2%/year, 3-5 months to 2.3%/year, 6-11 months to 3.3%/year.
BIDV kept the deposit interest rate unchanged for the remaining terms. Interest rate for 11-18 month term is 4.7%/year, 24-36 month term is 4.8%/year.
Recently, another bank in the Big 4 group also increased deposit interest rates, VietinBank. However, after increasing 0.2 percentage points, VietinBank reduced deposit interest rates by 0.1 percentage points yesterday.
With the increased interest rate adjustment, BIDV is the bank with the highest deposit interest rate (among the group of 4 state-owned commercial banks) with terms from 1-11 months.
Even, interest rates for terms from 1-11 months at BIDV are up to 0.4 percentage points higher than Agribank and Vietcombank.
Deposit 500 million VND, how much interest will you receive?
Readers can quickly calculate bank deposit interest through the following formula:
Interest = Deposit x interest rate (%)/12 months x number of months deposited
For example, you deposit 500 million VND into BIDV, with an interest rate of 4.8% for a 36-month term. The interest you receive is estimated by:
500 million VND x 4.8%/12 x 36 = 72 million VND.
Before depositing savings, readers should compare savings interest rates between banks and interest rates between terms to enjoy the highest interest.
* Information on interest rates is for reference only and may change from time to time. Please contact the nearest bank transaction point or hotline for advice.
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