More banks cut deposit rates

May 14, 2013 | 16:39

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A series of commercial banks like MB, Techcombank, ACB, Sacombank, VIB lowered deposit rates for some terms.

VIB bank - illustration photo

MB has brought down its dong deposit rates after some other banks such as Vietcombank, Vietinbank, BIDV and Agribank reduced their deposit rates.

Specifically, since May 13, the lender's deposit rate for 1-2 month term cut down from 7.5 per cent to 7 per cent per annum, from 7.5 per cent to 7.2 per cent for 3-month and 11-month term; and from 9.5 per cent to 9 per cent for over 12-month term.

Meanwhile, ACB announced the new deposit rate for short terms which reduced to 7.2-7.3 per cent per annum, lower than the State Bank's ceiling rate of 7.5 per cent. Its deposit rate for 9-12 month terms also slight went down to 8.5 per cent from 8.9 per cent

Techcombank, VIB and Sacombank also revealed their new deposit rates. More specifically, Techcombank will apply the rate of 6.85 per cent for 1-month term, 7.05 per cent for 6-month term and 8.85 per cent for 12-month term. VIB released its new deposit rate for 1-month and 11-month term by 7 per cent per annum. At Sacombank, the deposit rate for 1-month and 5-month term still keep unchanged, but for 6-month and 11-month term down by 7.3 per cent per annum.

Previously, Vietcombank is the first bank to apply the deposit-rate cut and then Vietinbank, BIDV and Agribank also sharply slash their rate, so the rate for 1-month term is just by 5 per cent per year at the lowest.

By Trang Nguyen

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