Savings interest rates fall rapidly

(NLDO) – Many banks continue to reduce savings interest rates after the Prime Minister 's telegram.

On March 3, Ms. Ngoc Mai (living in Binh Thanh District, Ho Chi Minh City) had a savings deposit at Eximbank due. She accessed the bank's website to view the online deposit interest rate table and was quite surprised to see that many terms had interest rates that were no longer as high as before.

"Interest rates for savings deposits under 6 months have decreased by about 0.4 percentage points compared to before. I chose a 6-month online deposit term with the highest interest rate of 5.2%/year, a decrease of 0.3 percentage points" - Ms. Mai said.

According to the Lao Dong Newspaper, in the latest interest rate schedule applied from March 3, Eximbank has simultaneously reduced interest rates for all terms on both online and counter channels.

Specifically, the highest interest rate at this bank is 6.1%/year when customers deposit online for a term of 18 months or more; at the counter, the highest is 5.8%/year for a term of 24 months or more.

Previously, the highest interest rate at Eximbank was 6.6%/year when customers deposited for a long term of 24 months on weekends, Saturday and Sunday.

Not only Eximbank, according to reporters, many other banks also continue to reduce deposit interest rates following the instructions of the Prime Minister and the State Bank.

For 3-month term, Vietbank reduced interest rate by 0.2 percentage points to 3.9%/year; BacABank reduced interest rate by 0.1 percentage points to 3.9%/year.

Savings interest rates have decreased in recent days.

For the 6-month term, BVBank reduced the interest rate to 5.2%/year; Vietbank reduced it to 5%/year; VIB reduced it to 4.6%/year, these banks reduced from 0.1 to 0.3 percentage points compared to before. Meanwhile, for the same term, HDBank sharply reduced it by 0.6 percentage points to 4.6%/year.

Many other banks such as ABBANK, Kienlongbank, BacABank, Vietbank, BVBank, BaoVietBank... also adjusted interest rates down for some long terms.

In the state-owned commercial banking sector, Vietcombank, Agribank, BIDV and VietinBank continue to maintain stable deposit interest rates. The highest interest rates for deposits of 24 months or more at these banks range from 4.7% - 4.8%/year.

Previously, Prime Minister Pham Minh Chinh signed Directive No. 05/CT-TTg dated March 1, 2025 on key tasks and solutions to promote economic growth and accelerate disbursement of public investment capital, ensuring the national growth target of 8% or more in 2025. In particular, the Prime Minister requested strict handling of violations according to the law, especially credit institutions that compete unfairly and illegally on interest rates (both deposit and lending interest rates).

The State Bank also issued Document No. 1328/NHNN-CSTT requesting credit institutions to strictly follow the direction of the Government, the Prime Minister, and the State Bank to implement solutions to stabilize deposit interest rates, contributing to stabilizing the monetary market.

The State Bank said it will continue to closely monitor deposit and loan interest rates and strictly handle violations and credit institutions that compete unfairly and against regulations according to the law.

Source: https://nld.com.vn/lai-suat-tien-gui-tiet-kiem-giam-nhanh-196250303103138914.htm