After raising deposit interest rates twice last month, Prosperity and Development Joint Stock Commercial Bank (PGBank) continued to raise deposit interest rates, becoming the next bank to raise interest rates since the beginning of July.

However, PGBank only adjusted interest rates for certain terms. The bank increased the interest rate for 3-month terms by 0.2%/year to 3.7%/year; the interest rate for 6-9 months increased by 0.5%/year to 5%/year; the interest rate for 12 months increased by 0.2%/year to 5.5%/year and the interest rate for 12 months increased by 0.3%/year to 5.6%/year.

Thus, the interest rate on deposits with terms of 6-9 months at PGBank officially reached 5%/year, while most banks are still maintaining interest rates below 5%/year for these terms.

In addition to increasing interest rates for the above terms, PGBank kept the interest rates for the remaining terms unchanged: Interest rates for 1-2 month savings terms were kept at 3.2%-3.3%/year, 18-month terms at 5.8%/year; the highest interest rate was 5.9%/year for 24-36 month term deposits.

This morning, Vietnam Public Joint Stock Commercial Bank (PVCombank) also became the next bank to increase deposit interest rates. This is the second time since the beginning of the year that this bank has increased deposit interest rates and the first time in 3 months.

According to the latest online interest rate schedule announced by PVCombank, interest rates for 1-2 month terms increased by 0.2%/year to 3.35%/year, while interest rates for 3-5 month terms increased by 0.4%/year to 3.55%/year.

Bank interest rates for 6-month terms also increased by 0.2%/year to 4.5%/year, and for 7-11-month terms increased by 0.4%/year to 4.7%/year.

Notably, PVCombank's 12-month deposit interest rate officially reached 5.1% after increasing by 0.3%/year.

Interest rates for 18-36 month terms also increased to 5.8%/year after being adjusted to increase by 0.5%/year. This is also the highest interest rate at PVCombank when depositing money online at this bank. Even with the above interest rate increase, interest rates at PVCombank are still low compared to many other banks, especially for terms under 12 months.

However, PVCombank is the bank that pays the highest interest rate on the market today, with an interest rate of up to 9.5%/year, for super VIP customers.

The condition to enjoy this interest rate is that customers deposit money for a term of 12-13 months with a minimum balance of 2,000 billion VND.

Except for PVCombank and PGBank, interest rates at other banks remain unchanged.

Since the beginning of July, 13 commercial banks have increased their deposit interest rates, including: NCB, Eximbank, SeABank, VIB, BaoViet Bank, Saigonbank, VietBank, MB, BVBank, KienLong Bank, VPBank, PVCombank and PGBank. Of which, VietBank is the first bank to increase interest rates for the second time since the beginning of the month.

HIGHEST DEPOSITS INTEREST RATES AT BANKS ON JULY 18, 2024 (%/YEAR)
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
AGRIBANK 1.6 1.9 3 3 4.7 4.7
BIDV 2 2.3 3.3 3.3 4.7 4.7
VIETINBANK 2 2.3 3.3 3.3 4.7 4.7
VIETCOMBANK 1.6 1.9 2.9 2.9 4.6 4.6
ABBANK 3.2 4 5.6 5.8 6 5.7
ACB 2.8 3.1 3.9 4 4.7
BAC A BANK 3.5 3.7 4.9 5 5.5 5.6
BAOVIETBANK 3.1 3.9 5.1 5.2 5.6 5.9
BVBANK 3.7 3.8 5.1 5.5 5.8 6
CBBANK 3.4 3.6 5.15 5.1 5.3 5.55
DONG A BANK 2.8 3 4 4.2 4.5 4.7
EXIMBANK 3.5 4.3 5.2 4.5 5 5.1
GPBANK 3 3.52 4.85 5.2 5.75 5.85
HDBANK 3.25 3.25 4.9 4.7 5.5 6.1
KIENLONGBANK 3.7 3.7 5.2 5.3 5.6 5.7
LPBANK 3.4 3.5 4.7 4.8 5.1 5.6
MB 3.3 3.7 4.4 4.4 5.1 5
MSB 3.7 3.7 4.6 4.6 5.4 5.4
NAM A BANK 3.1 3.8 4.6 5.1 5.4 5.7
NCB 3.7 4 5.35 5.55 5.7 6.1
OCB 3.7 3.9 4.9 5 5.2 5.4
OCEANBANK 3.4 3.8 4.8 4.9 5.5 6.1
PGBANK 3.2 3.7 5 5 5.5 5.8
PVCOMBANK 3.35 3.55 4.5 4.7 5.1 5.8
SACOMBANK 2.7 3.2 4 4.1 4.9 5.1
SAIGONBANK 2.5 2.8 4.1 4.4 5.3 5.6
SCB 1.6 1.9 2.9 2.9 3.7 3.9
SEABANK 3.2 3.7 4.2 4.4 4.95 5.7
SHB 3.3 3.4 4.7 4.8 5.2 5.5
TECHCOMBANK 2.85 3.25 4.25 4.25 4.95 4.95
TPBANK 3.3 3.6 4.5 5.2 5.4
VIB 3.1 3.3 4.3 4.4 4.9 5.1
VIET A BANK 3.4 3.7 4.8 4.8 5.4 5.7
VIETBANK 3.6 3.8 4.9 4.7 5.3 5.9
VPBANK 3.1 3.6 4.8 4.8 5.3 5.3

According to the State Bank of Vietnam's report for the week of July 8-12, as of July 11, overnight and 1-week interbank interest rates decreased by 0.07% and 0.1% to 4.62% and 4.67%, respectively. Meanwhile, 2-week interbank interest rates increased by 0.04% to 4.82%.

During the week, the SBV injected a net VND55,274 billion in the open market. Through outright sales, the SBV absorbed VND33,650 billion (14-day term, 4.5% interest rate), while VND63,130 billion issued previously had matured.

At the same time, the State Bank of Vietnam purchased VND50,552 billion worth of bonds (7-day term, 4.5% interest rate), while VND24,759 billion issued previously had matured.