Bắc Ninh
Deposit interest rates edge up as banks gear for rising loan demand
More than 10 banks have increased their deposit interest rates by 0.1-0.9 percentage points in the last month, with the highest now for a 12-month period being 6.2%.
Many of them are large private banks like VPBank, Techcombank, ACB, Sacombank, TPBank, and SHB.
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The highest raise has been by Sacombank, which raised its rate for six-month deposits by 0.8 percentage points and nine- to 12-month terms by 0.5-0.6 points.
Other large banks have hiked their rates by 0.1-0.5 percentage points for certain terms. ABBank offers the highest rate for 12-month deposits.
But a few smaller players like SeABank and BacABank lowered their rates last month after raising them in July.
The rates have been rising since early April when the highest rate for a 12-month deposit was around 5%.
Since then the number of banks offering over 5% has more than doubled to 29.
Bank executives said the rate hikes are meant to shore up deposits in anticipation of higher credit demand later this year.
Deposits grew at a much slower year-on-year rate in the first half of this year and even declined at some banks.
Domestic gold prices might continue to drop, the State Bank of Vietnam has said amid its efforts to narrow their gap with global prices.
BIDV and Agribank will sell gold to retail consumers “without profit” to stabilize its prices, representatives for the state-owned lenders have said.
The State Bank of Vietnam (SBV) on May 7 announced a morning auction for a total of 16,800 taels of gold in Hanoi on May 8.
The State Bank of Vietnam (SBV) released the outcome of the gold bullion auction on April 23, with two winning bidders securing 34 lots, equivalent to 3,400 taels of SJC-branded gold bars.
Source: VnExpress
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