Monday, May 5, 2014
Banks continue lowering deposit rates amid abundant capital
A number of Vietnamese banks have continued slashing deposit interest rates for some short terms to below the ceiling level regulated by the State Bank of Vietnam (SBV).
Banks continue lowering deposit rates amid abundant capital
According to the latest interest rate announcement of Vietnam Export Import Bank (Eximbank), the deposit interest rate for the term ranging from one to three months has been cut to 5.7% from the previous 6% per year. The deposit interest rate for the 4-5 month term has also been slashed to 5.98% from 6% per annum.
A customer who deposits at the bank said for the term of between one to three months, a loan of at least VND50 million (USD2,380) will be offered at a bonus interest rate of 0.1-0.3% per year.
Sacombank has also cut the deposit interest rate for the term of between seven and 11 months. Accordingly, the annual rate of 6.55% has been applied to the 7-8 month term and 6.7% for 9-10 month term and 6.8% for the 11-month term.
After the decision to lower the ceiling deposit interest rates of terms of less than 6 months issued by the SBV in late March of this year, many banks have slashed the rates for short terms.
Regarding to the concern about the possible impact of the continual deposit interest rate cut on attracting deposits, Governor of the State Bank of Vietnam Nguyen Van Binh said this has not affected on luring deposits to banks.
Banks continue lowering deposit rates amid abundant capital
According to the latest interest rate announcement of Vietnam Export Import Bank (Eximbank), the deposit interest rate for the term ranging from one to three months has been cut to 5.7% from the previous 6% per year. The deposit interest rate for the 4-5 month term has also been slashed to 5.98% from 6% per annum.
A customer who deposits at the bank said for the term of between one to three months, a loan of at least VND50 million (USD2,380) will be offered at a bonus interest rate of 0.1-0.3% per year.
Sacombank has also cut the deposit interest rate for the term of between seven and 11 months. Accordingly, the annual rate of 6.55% has been applied to the 7-8 month term and 6.7% for 9-10 month term and 6.8% for the 11-month term.
After the decision to lower the ceiling deposit interest rates of terms of less than 6 months issued by the SBV in late March of this year, many banks have slashed the rates for short terms.
Regarding to the concern about the possible impact of the continual deposit interest rate cut on attracting deposits, Governor of the State Bank of Vietnam Nguyen Van Binh said this has not affected on luring deposits to banks.
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