A transaction pictured at a bank in Hanoi. Photo by VnExpress/Giang Huy
Twelve banks have raised their deposit rates by up to 1 percentage point in the last four weeks amid a jump in credit demand.
Agribank hiked its rates the most — by 0.5-1 percentage point for terms below 12 months.
It now offers the highest interest among the four state-owned banks.
It pays 2.4-3.7% for terms under 12 months and 4.8% for longer terms.
Several private lenders hiked their rates by 0.1-0.5 percentage points, including MB, VPBank, TPBank, VIB, MSB, Eximbank, SeABank, Kienlongbank, CBBank, and LPBank.
Some such as GPBank and WooriBank offer at least 6% for terms of 12 months or longer.
The average deposit interest rate has risen by 0.5 percentage points from the bottom reached in the second quarter of this year, according to Vietcombank Securities.
Deposit growth has been slower than credit growth, forcing lenders’ hand.
As of Dec. 7 credit growth was 12.5% as against 9% in the same period last year.
