Vietnam Dong Deposit Interest Rate Peak at 20 per cent/Year

Kien Long Bank (KienLong Bank) has decided to increase its dong savings interest rate of 20 per cent per annum for the 12-month term deposits, a new peak in Vietnam so far, in order to retain loyal clients and attract more new depositors, local media reported July 1.

 

&ldquoMany of our clients have recently made 12-month term deposits so KienLong Bank has raised the rate for this kind of deposit,&rdquo said representative of KienLong Bank, a HCM City-based small-sized ler.

 

KienLong is now offering the interest rates of 18.3 per cent for 1-month, 18.45 for 2-month, 18.5 per cent for 3-9-month term deposits

 

Commercial banks in Vietnam have continued raising VND deposit interest rates, though they have been warned that the overly high capital mobilization cost will make them suffer.

 

Ocean Bank June 26 hiked its interest rate policy with the highest rate at 19 per cent per annum. The bank stressed that it does not require clients to deposit big sums of money, or ask them not to draw out money before the deposits are due

 

Some days ago, Sacombank, the biggest joint stock bank in Vietnam, raised the interest rates for VND and gold deposits. The interest rates for VND 1-9 month deposits are now between 17.34 per cent-17.64 per cent, for 10-13 month deposits 17.16 per cent and 18 per cent per annum. Clients, who deposit VND50 million and more will get an additional interest rate of 0.48 per cent, meaning that they can enjoy the interest rate of 18.48 per cent per annum at maximum. (HCM City Law)