Commercial banks cut down deposit rates

March 21, 2020 | 10:30
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Commercial banks continued to cut deposit rates on September 19 after the State bank revised down benchmark rates.
commercial banks cut down deposit rates
Illustrative image (Photo: VNA)

Accordingly, annual rate for deposits from one to six months stands at 4.75 percent while those for medium- and long-term ones are also lowered.

Specifically, Vietcombank and VietinBank offer a 4.3 percent yield per year for one-month and two-month deposits, 4.7 percent for the three-month term and 4.75 percent for the 3-6 month term.

Techcombank and VIB apply a rate of 4.3-4.75 percent for the 1-6 month term, and 0.5 percent for those below one month and non-term ones.

For deposits above six months, the rate remains high at over 7 percent.

Lending rates will be also brought down to facilitate businesses’ access to low-cost credit.


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