Tuesday, July 23, 2024 2:42:08 PM - Markets open
VN-INDEX 1,232.71 -21.93/-1.75%
HNX-INDEX 235.18 -3.20/-1.34%
UPCOM-INDEX 94.34 -1.31/-1.37%
Banks are lifting deposit rates
vietnamnews - 6/24/2024 3:29:25 PM
 (0 ratings. You must sign in to rate.)
Private commercial banks have been lifting their deposit rates this month to attract capital and notably, some of them have increased their rates more than twice.
Eximbank has increased rates for deposits of 6-9 months to 4.5 per cent per year, 0.2 percentage points higher.
The bank also increased rates on June 7 and 17. Deposit rates at Eximbank are around 3.5-5.2 per cent per year.
TPBank, NCB and OceanBank also hiked rates twice in June, with increases of 0.2-0.4 percentage points depending on terms.
From the beginning of this month, more than 20 commercial banks have increased deposit rates, of which nine raised rates more than once.
Banks started to raise rates at the end of March and the trend has continued in recent months. However, banks which raise rates are mainly private commercial banks, while the big four including Vietcombank, BIDV, VietinBank and Agribank are still keeping their deposit at record lows.
Statistics of the State Bank of Việt Nam showed that deposits at credit institutions rose by 2.2 per cent to reach an estimated VNĐ6.7 quadrillion by the end of March, although at the time deposit rates were, for most terms, at record lows.
Experts said that deposits at banks increased in the context that other investment channels are considered to be unpredictable, unstable and have low profit prospects.
According to Vietcombank Securities Company, deposits are tending to increase gradually from the bottom. Deposit rates can increase by 0.5-1 percentage points per year, but it will be difficult to see any race for rate hikes in the market. — VNS
Read original article here
Newer News
22/07 Consumer lending faces challenges
19/07 Savings of individual customers at banks hit record high
18/07 Petrol distributors not allowed to buy from each other: Draft
18/07 MoF considers withdrawing 50 per cent car registration fee reduction proposal
17/07 H1 State budget revenue increases over 17%: MoF
17/07 HCM City Tax Department refunds VNĐ4.7 trillion of VAT
16/07 Mobile Money users in Vietnam rise rapidly
16/07 Cheap money period in Vietnam forecast to come to an end
16/07 Taxing gold buyers is a tax-on-tax, say experts
15/07 Compulsory e-signature might be a cost burden: banking association
Older News
24/06 Livestreaming under scrutiny to increase tax management efficiency
10/06 TCB: Techcombank receives green light to double charter capital
10/06 CTG: Vietinbank to auction 10 land plots with $1m reserve price to recover debts
05/06 Bank savings of individual customers recover while institutional savings decline
27/05 Experts predict deposit interest rates to rise 1 percentage point in H2
22/05 Finance ministry works with S&P on sovereign credit rating
13/05 Central bank's bid to stabilise gold market hits snag
08/05 Proposal of compulsory non-cash payment for gold transactions controversy
08/05 Three bidders win gold auction at high price
06/05 Bank deposits decline for first time in over two years
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 2:35:01 PM
VN-INDEX 1,232.71 -21.93/-1.75%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.