The State Bank stipulates that the maximum interest rate on deposits with terms from 1 month to less than 6 months at People's Credit Funds and Microfinance Institutions is 5.25%/year.
November 13, State Bank said that in order to ensure consistency in legal basis with circulars regulating deposit interest rates, this agency has just issued Decisions 2410/QD-NHNN and 2411/QD-NHNN regulating deposit interest rates. In which, the legal basis for issuance is revised and deposit interest rates are not changed.
Specifically, Decision No. 2410/QD-NHNN stipulates that the maximum interest rate for USD deposits of organizations and individuals is 0%/year.
Decision No. 2411/QD-NHNN on maximum interest rates for VND deposits for demand deposits and deposits with terms of less than 1 month at 0.5%/year; terms from 1 month to less than 6 months at 4.75%/year, and the maximum interest rate for VND deposits at People's Credit Funds and Microfinance Institutions at 5.25%/year.
Interest rates on deposits with terms of 6 months or more are determined by credit institutions and foreign bank branches based on market supply and demand of capital.
The decisions of the State Bank take effect from November 20, 2024.
According to a survey by the Industry and Trade Newspaper, from the beginning of November until now, there have been a number of banks interest rate increase mobilized an additional 0.1 - 0.6% including: VIB, MB, Agribank , Techcombank, ABBank, BVBank.
Currently, the deposit interest rate of some listed private joint stock commercial banks is commonly 5 - 5.8%/year for a 12-month deposit term. For a 6 - 9 month term, the listed deposit interest rate is 4.5 - 4.8%/year.
According to the survey results of the Forecasting and Statistics Department - State Bank, for the whole year of 2024, credit institutions forecast that the mobilization interest rate level will increase slightly (0.1%) and the lending interest rate level will decrease slightly (0.09%) compared to the end of 2023.
Looking at recent interest rate developments, MBS Research forecasts that 12-month deposit interest rates of major commercial banks may increase by 0.5%, returning to 5.2 - 5.5% by the end of 2024.
For the state-owned banking group, deposit interest rates are expected to remain stable or even decrease slightly by the end of the year. Meanwhile, the private joint-stock commercial banking group is still under pressure to slightly increase deposit interest rates to attract capital to support credit growth. The banking group with a high dependence on customer deposits and a lack of flexibility in capital mobilization structure will be under greater pressure to maintain interest rates.
According to experts, short and medium terms are always the hottest segment in the interest rate table. In particular, if customers deposit savings via online channels, they will also receive an additional 0.1%/year at most banks.
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