Vietinbank has recently trimmed its deposit rates by 0.1 percentage point across different terms. Specifically, its rates for one to three-month tenors now stand at 3.3% per year, from three to six months at 4.1%, from six to 12 months at 5%, and for tenors of 12 months and longer at 6.3%.

Similarly, Vietcombank and BIDV have also lowered their deposit rates for one-month and two-month terms, bringing them down from 3.4% to 3.3% per year.

Agribank has taken similar steps by reducing its deposit rates for tenors from 13 to 24 months by 0.3 percentage point, from 6.3% to 6%, and for one and two-month tenors by 0.1 percentage point, from 3.4% to 3.3%.

The non-term deposit rates offered by these major banks remain at around 0.1% per year.

On the other hand, certain commercial joint-stock banks are still offering higher deposit rates. These rates range from 4% to 4.75% per year for terms under six months, 6% to 7.4% for a six-month term, and 6.3% to 8.2% for terms above 12 months.

It is expected that deposit interest rates will continue to move downward in the rest of the year, with the average deposit rate for a 12-month term estimated to be around 6.2%.

This represents a 1.8% decrease compared to the beginning of the year and a 0.45% decrease from the current rates. In parallel, lending rates for a 12-month tenor are projected to decline by 1.8 to 2.3 percentage points against the rates early this year.

Source: Saigon Times