2021 is an unpredictable year. However, the interest rates are expected to decrease in the beginning months of 2021.
Decreased interest rates
In the last month of 2020, many commercial banks have continued to lower interest rates for both deposits and loans. This is a positive signal, creating favorable conditions for economic recovery after the negative impacts of the COVID-19 pandemic since the beginning of the year.
The highest deposit interest rates at banks are popular from 6.5% to 7.1% p.a. with deposit terms from 12 months. In particular, some banks still offer the highest interest rate above 8% p.a. but with some conditions.
Notably, Vietnam Export Import Commercial Joint Stock Bank (Eximbank) is a capital mobilization bank with the highest interest rate of 8.4% p.a.; followed by Orient Commercial Joint Stock Bank (OCB) with the interest rate of 8.2% p.a. However, this interest rate is only applied to deposits of VND 500 billion or more with terms of 13 or 24 months.
Vietnam Maritime Commercial Joint Stock Bank (MSB) and Lien Viet Post (LienVietPostBank) have also listed their highest interest rates of 8.0% and 7.9% p.a., respectively, for savings of VND 200 and 300 billion VND or more with terms of 12 or 13 months.
Among more than 20 banks surveyed, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has the lowest deposit interest rate of 5.5% p.a. applied for the deposit from VND 50 billion VND with terms of 24 and 36 months.
At four large banks, the deposit interest rates decreased slightly by 0.1% to 0.2% compared to the beginning of last month depending on terms. Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Vietnam Bank for Agriculture and Rural Development (Agribank) all listed their current highest interest rate of 5.6% p.a., slightly decreased by 0.2% for depositing terms of more than 12 months. At Bank for Foreign Trade of Vietnam (Vietcombank), the highest interest rate also decreased by 0.1% compared to the beginning of November, but slightly higher, at 5.8% p.a., applied to deposit terms of 12 months. The highest interest rate for deposit savings with terms of less than 12 months term at these banks is only 4% p.a.