Banks hike deposit interest on high credit demand

With demand for credit remaining high, banks have scrambled to raise deposit interest rates to mobilize funds.

Transaction conducted at a Sacombank branch in Ho Chi Minh City

The highest rate offered now is 10.3 percent, close to the ceiling lending rate of 10.5 percent, which is 150 percent of the central bank’s interest rate.
Ho Chi Minh City Housing Development Joint-stock Bank offers 10.3 percent for a 36-month term.
Saigon Commercial Bank offers 10 percent for 13- to 24-month terms and Saigon-Hanoi Bank has raised its rate to a maximum of 9.65 percent.
Besides hiking interest rates, banks are also offering a slew of promotions.
Techcombank presents gifts to clients who deposit over VND20 million.
Sacombank has announced a lottery for depositors with a special prize of a BMW car worth VND1.4-billion besides many other prizes.

By Trung Phan – Translated by Hoang Yen

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