15-Month Deposit Rates at Seven Vietnamese Banks: Online Rates Reach 7.4%

Rate schedules compiled on November 10 from seven banks show that annual rates for ordinary customers making 15-month term deposits at branches range from 4.85% to 6.9%. VPBank offers the highest rate, 6.9%, on deposits of less than VND 1 billion; Techcombank offers ordinary customers 4.85% on deposits of the same size. For a VND 500 million deposit with interest paid at maturity, the respective interest amounts are approximately VND 43.13 million and VND 30.31 million.

For online deposits, annual rates at the six banks with available data range from 5.35% to 7.4%. VPBank offers 7.4% on deposits of less than VND 1 billion, yielding approximately VND 46.25 million in interest on the amount and term above. Sacombank offers 7% on online deposits of at least VND 500 million, yielding approximately VND 43.75 million. Techcombank’s online rate is 5.35%, yielding approximately VND 33.44 million, or about VND 12.81 million less than at VPBank.

Among the other banks, annual branch rates at SHB, MB and HDBank are 5.8%, 5.7% and 5.4%, respectively; their online rates are 6.1%, 5.8% and 5.5%. ACB’s branch rate is 4.9%. The online rate schedule provided lists terms only up to 12 months, so its 15-month rate cannot be determined.

At all six banks with complete data, online rates exceed branch rates by 0.1 to 1.4 percentage points, with Sacombank showing the largest gap. The interest amounts above are calculated using simple interest, assuming the deposit remains in place for the full 15 months and interest is paid in a lump sum at maturity.

Source: VietVance