Vietnam Banks Warned of High Deposit Interest Rates
The State Bank of Vietnam (SBV), the country’s central bank, has served a warning on two commercial joint stock banks having torn down a commitment on pulling down deposit interest rates.
Mekong Development Commercial JS Bank and Vietnam Maritime JS Commercial Bank (Maritime Bank) currently offer high deposit interest rates of between 11.25% and 11.3% per annum.
These two banks are among those pledging to cut interest rates on deposits to around 11% per annum from July 5 and 10% from October.
The SBV was quoted by the newspaper as saying that some local banks are launching deposit promotion programs with cash or interest rate bonus, causing their real savings interest rates to rise above 11% per annum.
The lowest deposit interest rate is now at 10.6%, offered by Trust Bank.
Last week, interest rates for dong loans in the inter-bank market dropped between 0.15% and 0.88%. (Vietnamnet)
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