After Vietcombank reduced deposit interest rates last weekend, all attention turned to the remaining 3 banks in the Big4 group.

Today, BIDV, VietinBank and Agribank officially responded by reducing deposit interest rates for a series of deposit terms from 1-11 months.

According to the online interest rate schedule just announced by BIDV, the bank has reduced interest rates for 1-11 month terms by 0.3 percentage points.

Specifically, the interest rate for 1-2 month term after reduction is only 2%/year; 3-5 month term is only 2.3%/year and 6-11 month term is only 3.3%/year.

BIDV keeps the deposit interest rates unchanged for the remaining terms. The 12-18 month term is still 5%/year, the 24-36 month term is 5.3%/year.

At VietinBank, online deposit interest rates for 1-2 month terms are now only 1.9%/year after a 0.3 percentage point reduction. 3-5 month terms are now 2.2%/year after a similar reduction.

VietinBank listed the 6-9 month term deposit interest rate at 3.2%/year, down 0.3 percentage points compared to before.

VietinBank also kept the interest rates unchanged for the remaining terms. The 12-18 month term is 5%/year, the 24-36 month term has an interest rate of 5.3%/year.

Meanwhile, Agribank also responded by reducing the 1-2 month term deposit interest rate by 0.2 percentage points to only 1.8%/year, and sharply reducing the 3-5 month term deposit interest rate by 0.4 percentage points to 2.1%/year.

For online deposit interest rates for 6-11 month terms, Agirbank reduced interest rates by 0.2 percentage points to 3.4%/year.

Like the two "big guys" above, Agribank keeps the interest rate for 12-18 month terms at 5%/year, and 24-36 month terms at 5.3%/year.

Thus, all three state-owned commercial banks have the same interest rate for 12-36 month terms from 5-5.3%/year. In addition, two banks, Agribank and VietinBank, have reduced their interest rates for 1-2 month terms to below 2%/year.

Also this morning, Saigon - Hanoi Commercial Joint Stock Bank ( SHB ) for the second time since the beginning of the month reduced deposit interest rates by 0.1-0.2 percentage points for terms from 1-12 months.

According to the online deposit interest rate schedule applied by SHB from January 17, the 1-month deposit interest rate decreased by 0.1 percentage point to 3.4%/year.

The 2-month term interest rate was adjusted down by 0.2 percentage points to 3.5%/year, while the 3-month, 4-month and 5-month terms all decreased by 0.1 percentage points, bringing the interest rate down to 3.7% - 3.8% - 3.9%/year, respectively.

Interest rates on deposits with terms of 6-8 months at SHB were also brought back to 4.9%/year after a decrease of 0.1 percentage points.

Meanwhile, the 9-month term interest rate decreased by 0.2 percentage points to 5%/year; the 10 and 11-month terms decreased by 0.1 percentage points to 5.1%/year.

That is also the reduction for 12- and 13-month deposit interest rates, to 5.3% and 5.4% per year, respectively.

Today, SHB added a 15-month term interest rate of 5.5%/year.

The bank still keeps the interest rate for deposits with terms of 18-36 months at the same level as before. That is 5.8%/year for deposits with terms of 18 months, 6.2%/year for deposits with terms of 24-36 months.

Also today, Vietnam International Commercial Joint Stock Bank (VIB) continued to reduce deposit interest rates, this is the second time since the beginning of the month that interest rates at VIB have been adjusted.

VIB's online deposit interest rate table shows that interest rates for 6-11 month terms have all decreased by 0.1 percentage points. Currently, the new interest rate for 6-11 month terms is 4.5%/year.

However, VIB unexpectedly increased deposit interest rates for 15 and 18 month terms by 0.1 percentage points to 5.2%/year.

This is not VIB's highest interest rate because the interest rate for 24-36 month term is still 5.3%/year. This interest rate has not changed compared to before.

In addition, VIB also kept the interest rates for terms from 1 to under 6 months at the same level. The 1-2 month term is 3.2%/year, the 3-5 month term is 3.4%/year.

HIGHEST DEPOSITS INTEREST RATE TABLE ON JANUARY 17, 2024
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
VIETCOMBANK 1.7 2 3 3 4.7 4.7
SCB 1.75 2.05 3.05 3.05 4.75 4.75
VIETINBANK 1.9 2.2 3.2 3.2 5 5
BIDV 2 2.3 3.3 3.3 5 5
AGRIBANK 1.8 2.1 3.4 3.4 5 5
TECHCOMBANK 2.75 3.15 3.75 3.8 4.75 4.75
ACB 2.9 3.2 3.9 4.2 4.8
MB 2.7 3 4.1 4.3 4.9 5.4
TPBANK 3 3.2 4.2 4.9 5.1
SAIGONBANK 2.8 3 4.2 4.4 5.1 5.5
MSB 3.5 3.5 4.2 4.2 4.9 4.9
LPBANK 2.8 3.1 4.3 4.4 5.3 5.7
SEABANK 3.6 3.8 4.4 4.55 5 5.1
VPBANK 3.3 3.4 4.4 4.4 5.1 5.2
VIB 3.2 3.4 4.5 4.5 5.2
OCB 3 3.2 4.6 4.7 4.9 5.4
EXIMBANK 3.4 3.7 4.6 5 5.1 5.5
SACOMBANK 3.6 3.8 4.7 4.95 5 5.1
GPBANK 2.9 3.42 4.75 4.9 4.95 5.05
OCEANBANK 3.7 3.9 4.8 5 5.5 5.7
SHB 3.4 3.7 4.9 5 5.3 5.8
DONG A BANK 3.9 3.9 4.9 5.1 5.4 5.6
NAMA BANK 3.3 4 4.9 5.2 5.7 6.1
PGBANK 3.1 3.5 4.9 5.3 5.8 6.1
PVCOMBANK 3.05 3.05 5 5 5.1 5.4
KIENLONGBANK 3.95 3.95 5 5.2 5.3 5.8
ABBANK 3.15 3.35 5 4.4 4.4 4.4
BVBANK 3.8 3.9 5.05 5.2 5.5 5.55
VIETBANK 3.7 3.9 5.1 5.2 5.5 5.9
VIET A BANK 3.9 3.9 5.1 5.1 5.4 5.8
BAC A BANK 3.7 3.9 5.1 5.2 5.4 5.8
BAOVIETBANK 3.8 4.15 5.1 5.2 5.6 5.8
CBBANK 4.2 4.3 5.1 5.2 5.4 5.5
NCB 4.05 4.25 5.25 5.35 5.6 6
HDBANK 3.45 3.45 5.3 5 5.5 6.3

Since the beginning of January 2024, 23 banks have reduced deposit interest rates, including: BaoViet Bank, GPBank, Eximbank, SHB, Bac A Bank, KienLong Bank, LPBank, OCB, VIB, TPBank, ABBank, NCB, Viet A Bank, Vietcombank, PVCombank, SCB, HDBank, VietBank, Techcombank, Agribank, BIDV, VietinBank.

Of which, OCB, KienLongBank, NCB, Viet A Bank, GPBank, SHB, VIB have reduced interest rates for the second time since the beginning of January.

On the contrary, ACB, ABBank and VPBank are banks that have increased deposit interest rates since the beginning of the month.

In the interbank market, overnight interbank interest rates did not fluctuate much, remaining at 0.15% (unchanged from the previous week). Trading volume in market 2 was vibrant, with an average of VND265 trillion/day last week, showing that commercial banks actively used the interbank channel as a channel to provide short-term liquidity.

In January, many banks continued to reduce deposit interest rates by 10 to 30 basis points for different terms. Currently, the deposit interest rate gap between commercial banks is no longer as large as it was a year ago.