On the morning of May 29, VietA Bank announced a sharp reduction in deposit interest rates starting today. This is the second time VietA Bank has reduced deposit interest rates since the beginning of May for deposits with terms of over 5 months.

According to the latest interest rates, online deposits with terms of 6-11 months at VietA Bank have decreased by 0.3-0.4% and currently only have a common interest rate of 8%/year.

Online deposit interest rates for 12-18 month terms also decreased by 0.1-0.3%, currently at a common interest rate of 8.2%/year. Terms for 24-36 months also decreased by 0.2% to 8%/year.

Similarly, Lien Viet Post Bank (LPBank) announced a sharp reduction in deposit interest rates for terms over 5 months.

Online deposit interest rates for 6-11 month terms decreased by 0.5% to 7.2%/year. This is also the same as the 12-month term deposit interest rate, which dropped to 7.3%/year.

Terms after 12 months have a 0.3% interest rate reduction. Currently, LPBank applies a common interest rate of 7.9%/year for these terms.

Also this morning, National Citizen Bank (NCB) continued to reduce deposit interest rates with a slight decrease. This is the third consecutive time this month that this bank has lowered interest rates.

Specifically, the online mobilization interest rate for 6-9 month terms has been adjusted down by 0.1% to 8.1%/year. The remaining terms have also decreased by 0.1%. The 10-13 month term is now 8.15%/year; the 15-18 month term is now 8.05%/year. The 24-30 month term is now 7.95%/year; the 36 month term is only 7.85%/year.

Last weekend (May 27), NamA Bank continued to reduce deposit interest rates for the second time this month.

The sharpest decrease was in the 6-7 month term, down 0.5% to 8%/year. The 12-14 month term deposit interest rate also dropped to 8%/year after a 0.2% decrease.

Notably, NamA Bank reduced rates by 0.3% across the board, down to only 7.8%/year for terms of 15 - 36 months.

According to Vietnamnet statistics from the beginning of May until now, banks that have reduced deposit interest rates include: VietA Bank, VIB, OCB, Eximbank, MSB, VPBank, TPBank, Vietcombank, Agribank, VietinBank, BIDV, KienLongBank, NamA Bank, NCB, Saigonbank, PVCombank, HDBank, OceanBank, Sacombank, Techcombank, BacA Bank, SCB, DongA Bank, VietBank, MB, SeABank, ACB, LPBank and BaoViet Bank.

Banks that reduced interest rates twice during this period are Eximbank, VPBank, BIDV, VietinBank, Vietcombank, Agribank, KienLong Bank and Saigonbank, TPBank, BacA Bank, OCB, MSB, VietA Bank, NamA Bank, and Techcombank.

OCB, NCB and Sacombank have reduced deposit interest rates three times in less than a month.

VietBank alone has reduced deposit interest rates four times since the beginning of May.