Dong deposit interest rate quoted by commercial banks in Vietnam have been continuously increasing over the weeks, with the highest level climbing to 9.99 per cent per annum.
The highest rate has been offered by An Binh Commercial Joint Stock Bank (ABBank) from June 10 under its new saving products.
Dam The Thai, director of ABBank's individual customer care said that with the highest rate of 9.99 per cent per year, customers will prefer sending savings because of less risks and sustainable profitability.
Prior to June 10, the market recorded the highest deposit rate of 9.8 per cent pa applied on 36-month savings of HCM City Housing Development Bank (HDBank).
Viet A Commercial Joint Stock Bank (VietA Bank) increased its mobilization interest rates by 0.1 per cent-0.2 per cent per annum.
The interest rates are 7.8 per cent per annum for a one-month term; 8.3 per cent per annum for a six-month term; 8.4 per cent and 8.6 per cent per annum for a nine-month and twelve-month terms, respectively; and 9 per cent per annum for a 36-month term.
Interest rates of above 9 per cent per annum, however, were mainly in long terms and banks have asked depositors not to withdraw capital before the deadline.
Commercial banks have raised interest rates because deposits are increasing slowly as the stock market is accelerating.
The situation is contrary to the U.S. dollar interest rates which have witnessed sharp falls after four state-owned commercial banks agreed to cut down by 0.5 per cent to the maximum level of 1.5 per cent per annum from June 1.
Saigon Commercial Joint Stock Bank (SCB) cut the U.S. dollar deposit rate by 0.05 per cent-0.15 per cent down to the highest level of 1.5 per cent a year from June 9.
The bank currently offers deposit rates for 1, 2 and 3 weeks at 0.25, 0.35 and 0.45 per cent a year, one month at 0.65 per cent pa, three months at 1.05 per cent pa, six months at 1.2 per cent, nine months at 1.35 per cent and over 12-month terms. (Capital Security, Liberated Saigon)
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