Commercial banks raise interest rates on deposits | Bank and finance
In particular, from the end of March, the Orient Commercial Joint Stock Bank (OCB) increased the interest rate on online deposits by 0.6% in six months to 6.2% per annum, while interest rates on online deposits in nine months and 12 months were raised. at 6.4% and 6.5%, respectively.
Similar to OCB, from April 1, NamABank also raised the interest rate on online deposits by an additional 0.3% per month in six months, ten to eleven months to 6.5% and 6.8 %, respectively, while the eight-month and nine-month durations were also increased to 6.6% per year.
Military Commercial Joint Stock Bank (MB) has just adjusted the deposit interest rate with an additional hike of 0.4 percentage points on the meter to 5.5% per annum. Other banks, including VietCapitalBank, SeABank, Techcombank and MSB, also raised their interest rates on over-the-counter deposits by 0.1 to 0.2 percent under certain conditions.
Since the beginning of the year, interest rates on deposits in banks have been remarkably raised from 0.3 to 1% in terms of the end of 2021. The flow of money has been flowing into deposits in banks thanks to the interest rate hike promotion program.
Specifically, in the first three months of 2022, fundraising growth in financial institutions reached 2.15%, a fourfold increase from the same period last year when it was 0.54%.
According to the State Bank of Vietnam, in January 2022 alone, people deposited more than VND103 trillion ($4.5 billion) in banks, the highest level in ten months since February 2021. .