Commercial banks reduce interest rates

Several commercial banks have cut their reward and lending interest rates after the State Bank of Vietnam announced reduction in several management interest rates on March 18.

Customers ask Dong A Bank for loans in HCMC (Photo: SGGP)

The commercial banks have reduced the reward interest rates by 0.4-0.6 percent per year.

Asia Commercial Banks announced savings rates at 5.9-6 percent per year for 1-3 month terms, a decrease of 0.3-0.45 percent. The rate for 12-24 month terms falls from 8.2 percent to 8 percent per year.

Export Import Bank reduced the reward interest rate from 6.6 percent to 6 percent for 1-3 month terms, and from 7.5 percent to 7.3 percent for a one-year term.

Bank for Investment and Development of Vietnam cuts the rate to 5 percent for one-month terms, 5.5 percent for two-month terms, 6 percent for 3-5 month terms, 6.5 percent for 6-11 month terms, and 7.5 percent for 12-month terms.

The reward interest rate for USD is capped at 1 percent to individuals and 0.25 percent to businesses.

The Bank for Agriculture and Rural Development applies the maximum reward interest rate of 1 percent for deposits of indefinite terms and less than one-month terms. The rate is 6 percent for 1-6 month terms and 7.5 percent for terms of six months and longer.

Lending interest rates decreased to 8 percent in agriculture and rural areas, exports, support industry, small and medium enterprises, and hi-tech applied companies.

Vietnam Commercial Bank customers are now able to obtain loans with 8 percent interest rate per year in the first six months to purchase apartments in 17 real-estate projects in Hanoi, HCMC, Binh Duong, and Vung Tau.

Related articles:
State Bank cuts several management interest rates
Reward interest rate falls to 6 percent

By staff writers – Translated by Hai Mien

Other news