Commercial banks simultaneously cut mobilizing interest rates

SGGP
After the State Bank of Vietnam adjusted the ceiling of the mobilizing interest rates in Vietnamese dong for terms below six months, on March 18, commercial banks also simultaneously cut mobilizing interest rates for below-six-month terms.
Particularly, among State-owned commercial banks, Vietcombank reduced the interest rates for one-month and two-month terms to 4.3 percent per annum, and for three-month term to 4.7 percent per annum, down 0.1 percent compared to the previous interest rate chart. Most below-six-month deposit terms at Vietcombank are currently below the ceiling interest rates. The interest rates of the six-month and nine-month terms are at 5.3 percent per annum. The highest interest rate is merely at 6.8 percent per annum.

VietinBank also lowered by 0.05 percent per annum to 4.75 percent per annum for terms from three months to below six months, to 4.3 percent per annum for terms from one month to three months.

As for joint stock commercial banks, VIB applied the same interest rate for terms from one month to below six months at 4.6 percent per annum, down 0.4 percent per annum compared to the previous interest rate chart.

Nam A Bank not only cut the deposit interest rates for terms below six months but also applied an interest rate of 7.5 percent per annum for terms from 18 months to 36 months, down as much as 0.3 percent per annum.

OCB also lowered the mobilizing interest rates by 0.2 percent per annum for all terms. At the bank, the deposit interest rate for terms below six months varied from 4.6 percent to 4.75 percent per annum.

By Nhung Nguyen – Translated by Bao Nghi

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