Interest rates continue to fall deeply

Big commercial banks continued to further reduce their deposit and savings interest rates (IR) from 0.5 to 0.7% per year compared to the beginning of June.
The interest rates of deposits and savings in VND of Vietcombank, BIDV, Vietinbank, Agribank for the term of 1, 2 months, to 3.4%/year; 3 months to 4.1%/year; 6, 9 months remaining 5%/year; from 12 months or more to 6.3%/year. On June 19, other commercial banks simultaneously reduced the deposit rate to save dong.

The terms of less than 6 months are reduced to a maximum of 4.75%/year; For terms of 6 months or more, deposit mobilization rates range from 5.5 to 8%/year. According to the State Bank of Vietnam, the average deposit rate of banks is about 5.8%/year, down 0.7% compared to the end of 2022. The average lending rate in VND is about 8.9%/year. , down 1%/year compared to the end of 2022.

In the interbank market, interest rates traded between banks decreased by 0.2-0.4%/year, depending on the term. Interbank interest rate on June 20 at overnight term is 0.55%/year; 1–2 weeks to 0.8 – 1.48%/year; 1 month remaining 2.54%/year; 3 months to 4.51%/year; 6 months to 6.8%/year; 9 months to 8.04%/year… This interest rate is lower than in August 2021, when the Covid-19 epidemic took place.

Source: Thanh Nien Online