Banks cut deposit interest rate

Commercial banks in Vietnam have simultaneously reduced deposit interest rates on Monday after the State Bank officially reduced operating interest rates.

Many banks have also sharply reduced deposit interest rates with deposit terms of 6 months or more. Agribank currently has the lowest interest rate at 3.4%/year for 1-month term deposits. Most of the other commercial banks have reduced deposit interest rates for terms over 6-12 months to less than 8%/year.