The Bank for Investment and Development of Vietnam (BIDV) has announced another increase in online savings rates, lifting returns on deposits with terms of six to 36 months.
Under the revised rate schedule, online deposits for individual customers with terms of six to 11 months and 13 to 36 months now earn 7.2 per cent per year, an increase of 0.6 percentage points for most maturities. The rate for 12-month deposits has risen to 7.4 per cent per year.
Meanwhile, rates for deposits with terms of one to five months remain unchanged at 4.75 per cent per year, the ceiling set by the State Bank of Vietnam for deposits with maturities of less than six months.
The latest adjustment follows an earlier increase on June 1, when BIDV became the first bank to raise deposit rates in June. At that time, rates for six to 11-month deposits were increased by 0.8 percentage points, while rates for 12 to 36-month deposits rose by 0.9 percentage points.
Following two consecutive rate hikes, BIDV now offers the highest online savings rates among Vietnam’s "Big Four" state-owned banks for traditional savings products.
Bank deposits (Photo: Tien Tuan).
All four state-owned lenders currently offer 4.75 per cent per year for deposits with maturities of one to five months. Vietcombank, VietinBank and Agribank are offering 6.6 per cent per year for six to 11-month deposits and 6.8 per cent per year for terms ranging from 12 to 18 months.
For maturities of 24 to 36 months, Agribank and VietinBank continue to offer 6.8 per cent per year, while Vietcombank lists a rate of 6.3 per cent per year.
However, Vietcombank’s highest savings rate can reach 7.4 per cent per year through its flexible principal-withdrawal savings product with a 12-month term.
Under the same product, six-month and nine-month deposits earn 7 per cent and 7.2 per cent per year, respectively.
Interbank rates climb to 11 per cent
Among private-sector banks, one-month deposit rates currently range from 3.6 per cent to 4.75 per cent per year.
Banks offering the highest rates for one-month deposits include BaoVietBank, BVBank, MSB, OCB, PGBank, Saigonbank, TPBank and VIB, all at 4.75 per cent per year. GPBank offers the lowest rate at 3.6 per cent, followed by ABBank at 3.8 per cent and SeABank at 3.95 per cent.
For three-month deposits, rates generally range between 4 per cent and 4.75 per cent. MBV leads the market with 4.75 per cent, alongside BVBank, MSB, OCB, PGBank, TPBank, VIB, NCB, Nam A Bank and Viet A Bank. ABBank remains among the lowest at 4 per cent, while SeABank offers 4.45 per cent.
Six-month deposit rates show the widest variation, ranging from 4.9 per cent to 7 per cent. MBV leads with 7 per cent, followed by PGBank at 6.9 per cent, LPBank at 6.8 per cent and Bac A Bank at 6.85 per cent. Larger lenders such as ACB, SeABank and HDBank offer lower rates of 4.9 per cent, 4.95 per cent and 5 per cent, respectively.
For nine-month deposits, rates range from 4.8 per cent to 7 per cent. MBV again tops the market at 7 per cent, followed by PGBank and LPBank at 6.9 per cent and Bac A Bank at 6.85 per cent. HDBank, ACB and SeABank offer lower rates of 4.8 per cent, 5.1 per cent and 5.15 per cent, respectively.
Twelve-month deposit rates generally range from 5.3 per cent to 7 per cent. MBV, PGBank and VIB lead with 7 per cent per year, while LPBank, Bac A Bank and OCB offer 6.9 per cent. HDBank and SeABank remain at the bottom of the market with rates of 5.3 per cent.
For 24-month deposits, rates vary between 5.15 per cent and 7 per cent. MBV again leads with 7 per cent, followed by LPBank at 6.95 per cent, Nam A Bank at 6.9 per cent, OCB and PGBank at 6.8 per cent, and Bac A Bank at 6.75 per cent. The lowest rates are offered by KienlongBank at 5.15 per cent, Eximbank at 5.3 per cent and GPBank at 5.55 per cent.
