Commercial banks in Ho Chi Minh City have reduced reward interest rates starting early February.
Saigon Thuong Tin Commercial Bank (Sacombank) reduced the rate for short-term deposits by 0.3-0.5 percent on February 12.
Interest rates for a one-month term will reduce to 6 percent per year for deposits less than VND 50 million and 6.6 percent for deposits more than VND 50 million. The bank reduced rewards by 0.1 percent on February 20.
Asia Commercial Bank (ACB) reduced the rate to 6.5 percent for one or two-month terms and 6.6 percent for three-month terms.
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) also decreased rewards to 6.55 percent for one-month terms and 6.64 percent for two or three-month terms.
Vietnam Export Import Bank (Eximbank) decreased the rate to 6.5-6.6 percent for one to two-month terms.
Housing Development Bank (HDBank) decreased the rate by 0.1-0.2 percent on less than six-month terms. The interest rates are 6.8-6.9 percent for one to two-month terms.
Nam A Bank decreased their rates by 0.6 percent, giving 8 percent interest for deposits over six months.
The rates temporarily increased during the Tet season as a promotion and are now decreasing to the previous rates, according to Sacombank.