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Banks lure depositors with Tet offers

Update: January, 17/2014 - 09:06

Techcombank has launched a programme from January 06 to March 31 this year, in which deposits are being accompanied by thousands of gifts worth VND5 billion (US$236,966).— Photo dddn

HA NOI (VNS) — Banks are rushing to launch promotion programmes to attract depositors amid increasing withdrawals of money by the people for spending and payments during Tet (the Lunar New Year).

The interest rates being offered are quite low, ranging from 6.5 to 7 per cent annually for one-to-six month deposits, 7.5 to 8.3 per cent for 6-12 month deposits, 8.3 to 9 per cent for over 12-month deposits.

The deposit rates are almost the same across banks, which mean banks need other tools to retain their depositors, or to lure new clients.

Techcombank has launched a programme from January 06 to March 31 this year, in which deposits are being accompanied by thousands of gifts worth VND5 billion (US$236,966).

The Asia Commercial Bank and Vietcombank are offering rewards worth VND2 billion ($94,786) and VND9 billion ($426,540) in value, respectively.

Many banks are also offering better customer care services to depositors. For example, customers wishing to open saving accounts need not come to the bank. Instead, the bank staff will come to the customers' homes to complete all necessary procedures.

Some other banks are even visiting major depositors present Tet gifts or to invite their big clients to the end-of-the-year party.

Bankers said that these programmes are designed to take advantage of the capital flow, especially when people receive end-of-the-year payments, Tet bonuses and overseas remittances. Banks are also aiming to use new deposits to settle due accounts and to prepare capital reserves for next year's operations.

Experts say that deposits and savings are seen safe investments in 2014 as the central bank's monetary policy appears to be more supportive of the Vietnamese dong.

The head of the Finance and Banking Department at Ha Noi National University's Economics College said that if an investor considers the interest rate versus risks, savings appear to be the popular choice. — VNS

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