Local banks cut interest rates in response to PM’s

Five banks have lowered their deposit interest rates by 0.1 to 0.3 percentage points over the past two days following the Prime Minister’s directive to inspect institutions that have raised deposit rates.

BIDV bank revises the interest rates. Photo: Pham Hung/The Hanoi Times

VietBank lowered its rates on over-the-counter deposits by 0.1 to 0.4 percentage points. BanViet Bank cut rates by 0.1 to 0.3 percentage points for deposits made at branches, transaction offices, and online.

MSB reduced rates by 0.2 percentage points for deposits of 12 months or more at the counter and online for selected maturities. Similarly, Eximbank lowered rates by 0.2 percentage points for certain online deposit terms.

Although the adjustments are not significant, they contrast with the slight upward trend in interest rates observed in recent months. As of February 26, only three banks—GPBank, CBBank, and Woori Bank—offered interest rates of 6% or more for deposits of less than USD40,000 with a maturity of 12 months.