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Savings interest rates continue to decrease

Tuesday - 19/06/2018 21:21
Over the past few days, some banks have reduced their deposit rates by 0.1-0.2%.
Savings book 500 million to maturity, Mai to a branch bank on Nguyen Thi Minh Khai Street, District 1 to renew. Instead of enjoying the 5.9% interest rate for the six month term, she now returns only 5.6% a year. "So, instead of receiving more than 2.4 million dong a month, the profit is only 2.3 million dong," she said.

This is the general trend of banks. Accordingly, the latest deposit interest rate quoted by Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) on June 15th, customers deposited in the 2-month term with only 5.2% instead of 5.3% a year.

On June 12, Techcombank applied a new interest rate cut for most terms at 0.1-0.3%. Specifically, with the term of one to two months interest rates are 4.6% per annum, down 0.2%; term 3-5 months interest rate of 4.75% per annum, down 0.2%. Meanwhile, the 6-month term was cut by the bank by 0.3%, to 5.6% per annum. Currently, Techcombank's highest interest rate is 6.4% for a term of 12 months or more.

Previously, the Export-Import Bank of Vietnam - Eximbank at the end of May has also adjusted the deposit interest rate decreased slightly 0.1-0.2% a year. In addition, many large banks such as Vietcombank, BIDV, Vietinbank ... also lowered interest rates.

A leader of Vietcombank said that the move is mainly to restructure banks' mobilized capital more appropriately.

Deputy General Director of a joint stock bank in the south, the economy is stable, inflation is still low, opportunities for interest rates remain down. The banks are left to cut further interest rates.

This year, banks are also under control of credit growth of 12-14%, but half of the year when many banks increased 8-9% so credit growth slowed. Therefore, gradually lowering deposit rates is a good way for companies to save money.

Meanwhile, according to an economist, the reduction of deposit rates showed that banks are relatively abundant capital. In May, the stock market witnessed many declining sessions, plus the real estate market showed signs of slowing down, making cash flow to the banking system more. In addition, some banks that raise their equity through the IPO also provide support for lowered deposit rates.

"Lowering deposit rates this time is also seen as a way to help banks reduce lending rates to businesses," he said.

Since the beginning of the year, the State Bank of Vietnam (SBV) has affirmed that it is always close to the market, flexibly managing the monetary policy, supporting the liquidity of the system, creating conditions to keep the interbank rates low. . Through this, the operator facilitated the stabilization of the deposit interest rates and reduced the pressure on lending interest rates of credit institutions, while ensuring stability of exchange rates, increasing foreign reserves for the state.

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