Banks Raise Dollar Deposit Interest Rates
Commercial banks are raising interest rates for US dollar deposits, bills of exchange and other valuable papers.
The Hanoi Housing Development Bank (Habubank) has issued bills of exchange worth $30 million in the US dollar, with face values of $100 minimum and $100,000 maximum.
The bank has decided to offer attractive interest rates for the bills. The rates for five-month term bills are between 4.9-5% per annum, depending on the face value of the bill, while rates for 11-month term bills are between 5.1-5.2% per annum.
Holders of Habubank bills of exchange can mortgage the bills for loans or transfer the bills to others.
On March 21, the Military Bank announced it would raise interest rates on USD deposits by 0.6% on average compared to current levels. Individual depositors now can receive the interest rate of 1% per annum instead of 0.4% for demand deposits.
Meanwhile, the Export-Import Joint Stock Bank (Eximbank) decided to raise rates on all term deposits from mid March 2007.
The rates have been raised by 0.1-0.25% per annum: 1.5% on demand deposits, 4.5% on one-month term deposits, 4.6% on six-month, and 4.9% on 12-month term deposits.
SEABank also announced it will adjust interest rates on VND, USD and EUR deposits. Rates on USD deposits will be raised according to their terms: 4.4% per annum on one-month, 4.6% on two-month, 4.75% on three-month and 5.05% on six-month term deposits. (VietNamNet)
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