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VietNamNews

SBV keeps deposit interest rate steady

Update: August, 28/2014 - 08:20
At Vietcombank, the rates for two – to nine-month term deposits have been cut by 0.2 percentage point to 5 to 5.7 per cent, and to 6.8 per cent for terms of 24 to 60 months.— Photo nld

HA NOI (VNS) — The State Bank of Viet Nam has not decided to lower the 6 per cent interest rate cap on short-term deposits, Deputy Governor Nguyen Thi Hong told baodautu.vn on Tuesday.

Hong made the statement in response to the recent public expectation of a deposit interest rate adjustment, following a 0.2 percentage point cut in interest rates to 4.8 to 4.5 per cent for one-month deposits at the two biggest banks by assets, Vietcombank and BIDV.

At Vietcombank, the rates for two – to nine-month term deposits have been cut by 0.2 percentage point to 5 to 5.7 per cent, and to 6.8 per cent for terms of 24 to 60 months.

Experts saw the cut as a boost for increasing the benefit margins for banks, not necessarily reflecting a new trend of the system. — VNS

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