Compared to the end of 2022, the deposit interest rate in early 2023 has shown signs of cooling down but is still at a high level compared to the same period last year.
Many banks are now offering a new deposit interest rate table with a lower interest rate compared to the end of 2022.
For example, at Techcombank, the highest deposit interest rate at this bank is 9.2%/year, while before Tet it was 9.5%/year. To enjoy the interest rate of 9.2%/year, depositors must be VIP customers of type 1, deposit with a term of 12 months with a minimum balance of 3 billion VND.
Regular customers who deposit for a 6-month term are only entitled to an interest rate of 8.5%/year, instead of over 9% as before Tet.
Saigonbank, the first bank to list a deposit yield of up to 10.5% per year last year, also took action to lower interest rates. Accordingly, the highest interest rate at this bank is only 9.5%/year, applicable to 13-month term savings, both online and at the counter.
In addition, at Sacombank, previously the highest interest rate this bank mobilized was 9.8%/year, but now, the highest interest rate is only 9.2%/year, applied to online deposits, period term from 15 to 36 months.
At PVCombank, in the past, the highest interest rate at this bank was 9.9%/year for customers depositing money through online channels in the form of ladder deposit with a term of 36 months. However, up to now, this type of product only has an interest rate of 9.5%/year.
OceanBank, a bank that previously listed the highest deposit interest rate up to 10%/year, currently has the highest interest rate of only 9.2%/year.
With the “Big 4” group of banks, interest rates in general did not change much compared to before Tet. BIDV and VietinBank both have the highest interest rate of 8.2%. Following is Agribank 7.9%/year, Vietcombank 7.4%/year.
Although there are signs of cooling down in the last month of 2022, according to a report of Bao Viet Securities (BVSC), the average 12-month deposit interest rate at banks in January 2023 continued to increase by 0.07. % percentage points compared to December 2022, up to 8.49%/year. Compared to the same period last year, the 12-month deposit interest rate increased by 2.68 percentage points. For 6-month term, the average increase increased by 0.11 percentage points compared to December 2022, an increase of 2.92 percentage points over the same period in 2022.
BVSC said that the gain mainly came from the group of joint stock commercial banks. The group of state-owned banks only increased the deposit interest rate for the 6-month term, while the 12-month term remained unchanged.
Many analysts believe that the pressure to raise deposit interest rates on banks will remain in the beginning of 2023 when central banks around the world are still moving to continue raising interest rates. In addition, domestic banks also need to attract deposits to ensure capital adequacy.
Vietcombank Securities (VCBS) commented that deposit interest rates will still have room to increase in 2023, the strongest increase in the first half of the year, may be flat or cool down in the second half of 2023. VCBS forecasts. deposit rates may peak in the first half of the year with an increase of 1-1.5 percentage points.
