Several banks cut deposit interest rates in Vietnamese dong for most terms on October 7-8.
That was the third cut by Vietcombank this year. The interest rate reduced from 6.8 percent a year to 6.3 percent on terms of 24-60 months.
The rate fell from 5.5 percent to 4.5 percent on 1-2 month terms and from 6.8 percent to 5.5 percent on 6-9 month terms. It was down 0.5 percent to 5 percent on three month term.
BIDV cut the interest rate from 5 percent to 4.8 percent on two month term and 5.75 to 5.5 percent for 3-5 months.
Terms from 10 to 12 months saw the interest rate down 0.3-0.4 percent to 6.5 percent.
Techcombank reduced the rate from 5.58 percent to 5.48 percent on 1-5 month terms and 5.78 percent to 5.63 percent on 6-11 month terms.
Other banks such as Maritime Bank, Vietinbank and ABBank have also cut the interest rate down by 0.1-0.3 percent on term of less than 12 months.
In Ho Chi Minh City, small banks have lowered the deposit interest rate from 8 percent to 7.3-7.5 percent.