Việt Nam Prosperity Joint Stock Commercial Bank (VPBank) has introduced an overdraft protection saving product to bring financial flexibility to customers as well as ensure their rights with deposits.

Savings accounts are still a top choice among investment channels to ensure security for idle cash flows while getting additional income from interest. Normally, banks provide a relatively high interest rate for high and long-term deposits. Depositors sometimes want to use a part or total amount of their savings without losing interest when withdrawing money ahead of time.

Customers can use the overdraft protection saving online without completing direct procedures. — VNS Photo

To meet with demand and create flexibility for customers in terms of financial issues while ensuring depositors’ rights, VPBank has launched the overdraft protection saving product.

This is an online savings account allowing customers to withdraw up to 80 per cent of their total savings amount without completing procedures or approvals.

Depositors could choose a long-term with the highest interest rate and could withdraw their money anytime during the term. In case customers advance and pay back before 6pm on the same day, there will be no interest. If customer needs to use the withdrawal for more than one day, customers pay an interest rate equivalent to 0.007 per cent per day.

Đỗ Viết Nam – a security investor for a long time said the overdraft protection saving product meets his financial management needs.

Depositors will no longer suffer loss of interest thanks to the overdraft protection saving product. — VNS Photo

Nam could stay at home and control his cash flows through online channels effectively.

“With overdraft protection, now I don’t have to worry about needing cash but still can deposit money at VPBank,” said Hoàng Thu Trang, a hair salon owner in Hà Nội.

A representative of VPBank’s digital bank service department said this is their first complete banking service online.

“This could help customers have money immediately without completing procedures. This is the most flexible and convenient service that we bring to customers,” he said.

He added that for years of operating in the banking sector, they saw many depositors were withdrawing money from their savings due to urgent matters. Customers would suffer losses of interest from big savings.

“With this product, our customers would no longer suffer such disadvantages,” he added.