A state-owned bank sharply increased savings interest rates to 6%

The Bank for Agriculture and Rural Development (Agribank) has just increased sharply from 0.2% to 0.7% in all terms with the online interest rate schedule.

Specifically, interest rates for terms of 1 month to less than 6 months increased by 0.2% to 3.2-3.7%. Interest rates for 6 months or more increased sharply by 0.7%. In particular, the deposit interest rate for deposits from 12 months to 6%.

This is Agribank’s highest interest rate since the end of 2023 until now. With this new adjustment, Agribank’s interest rates are significantly higher than the other three state-owned banks. Currently, the mobilization interest rates of three state-owned banks including Vietcombank, BIDV and Vietinbank remain at 5.2-5.3% per year.

Normally, state-owned banks tend to adjust and list similar interest rates, with a difference of 0.1-0.3%. Therefore, it cannot be ruled out that the remaining state-owned banks will soon adjust their interest rate schedules. Previously, since the end of last year, four state-owned banks also simultaneously increased deposit interest rates after one year of holding

According to analysts, the speed of capital mobilization is currently slower than lending, creating pressure to increase mobilization interest rates on a large scale, which in turn will affect lending interest rates. Recently, “big man” Vietcombank has also sharply increased lending interest rates for home loan borrowers, especially with new loans.

Meanwhile, at the recent investor conference, Mr. Luu Trung Thai, Chairman of Military Bank (MB), assessed that lending interest rates will be maintained reasonably for each priority industry.

“Industries with high levels of risk will not be able to apply low interest rates, but overall, the economy’s interest rate level needs to be kept at a reasonable level to balance between capital mobilization and stimulating investment and consumption,” he said.