ACB Raises VND Deposit Interest Rates

Ho Chi Minh City-based Asia Commercial Bank (ACB) on July 6 increased its interest rates for Viet Nam dong deposits with terms from 3 to 36 months.

Customers deposit money into their saving accounts at ACB. (Photo: Tuong Thuy)

Compared with the interest rates offered in early June, the new annual rates rose by 0.24 to 0.6 percentage points.

The annual rate for two-month savings rose from 7.38% to 7.68%, that for three-month savings from 8.28% to 8.52%. The rate for six-month savings increased from 8.52% to 8.76%, and that for 12-month savings from 8.7% to 9.187%.

Besides, for savings accounts with the balance from VND1 billion or US$60,000 or more, the holders accounts will get a bonus into their interest rate – 0.0185 percentage points monthly or 0.162 percentage points yearly.

Between now and September 12, 2006, the owners of savings accounts for three, six, nine and twelve months in Viet Nam dong and US dollar have chances to win lucky draws, with the special prize being one kilo of gold and other prizes.

By the end of June 2006, the bank put its total deposit at about VND27.5 trillion (more than US$1.72 billion). In June, ACB was awarded the Best Retail Bank of the Year 2005 in Viet Nam by The Asian Banker, one of the world’s most prestigious financial and banking magazines.

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The Asian Banker Picks ACB as Best Retail Bank in VN

Reported by Tuong Thuy

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