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Dong deposit interest rate cut to 9%

Update: June, 08/2012 - 10:53

HA NOI — The deposit interest rate for dong will be reduced to 9 per cent per year from the current 11 per cent from Monday, Governor of the State Bank of Viet Nam (SBV) Nguyen Van Binh said at a National Assembly meeting yesterday.

Binh said that the Prime Minister approved the SBV's rate cut, which it decided on with 14 commercial banks at a meeting last week.

Yesterday morning, dong interest rates at the large Vietcombank and the Asian Commercial Bank (ACB) declined unexpectedly on most long and short term deposits after a long time at 11 per cent.

The highest deposit rate at Vietcombank was reduced to 10.5 per cent per year, applied only for one-month terms. The rate of 10 per cent was applied for two- and three-month terms while those with six and 24-month terms got a rate of only 9.5 per cent.

The interest rate at ACB also reduced to 10.8 per cent for two, three, six and nine-month terms. However, the bank still kept the ceiling rate of 11 per cent for 12 and 13-month terms.

Commercial banks often offer the interest rate at the highest level allowed by the SBV to attract depositors. — VNS

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