Many banks have simultaneously sharply reduced deposit interest rates after the Prime Minister's directive
Immediately after the meeting between the State Bank and the credit institution system on February 25, up to now,
10 banks have reduced direct and online deposit interest rates.
The State Bank has just announced a list of banks that have reduced deposit interest rates after the meeting between
the State Bank and the credit institution system on February 25.
According to statistics from the Monetary Policy Department, from February 25 to March 4, 10 banks adjusted their
listed interest rates for regular customers (at the counter), including: BVBank, Maritime Bank (MSB), Vietnam Thuong
Tin Bank (VietBank), Saigon Bank for Industry and Trade (Saigonbank), International Bank (VIB), Bao Viet Bank (BaovietBank),
Kien Long Bank (Kienlongbank), Bac A Bank (BacABank), Viet A Bank (VietABank), and Prosperity and Development Bank (PGBank).
Specifically, on February 25, BVBank reduced 0.1%-0.4% for terms from 6 to 60 months; on February 25, MSB reduced 0.2% for
terms from 13 to 60 months; On February 26, VietBank reduced 0.2% for terms from 1-4 months and 12 months and
reduced 0.3% for terms from 5-9 months; on February 27, Saigonbank reduced 0.2% for terms from 12-36 months for
yen deposits, online deposits and payment deposits of individual customers; on February 28, VIB reduced 0.1% for terms
from 6-11 months for customers with deposit balances from 10 million to under 300 million, and reduced 0.1% for terms
from 1-36 months for customers with balances from 300 million or more. On February 28, BaovietBank reduced 0.1% for
terms from 12, 13 months and reduced 0.2% for terms from 15 months, reduced 0.3% for terms from 18-36 months;
On March 1, 2025, Kienlongbank reduced 0.2% for terms from 13-36 months and reduced 0.3% for terms from 60 months;
on March 1, 2025, BAC A BANK reduced 0.1% for terms from 1-11 months and reduced 0.2% for terms from 12-36 months;
on March 3, VietABank reduced 0.1% for terms from 12-36 months; on March 3, PGBank reduced 0.2% for terms from 24 and 36 months.
In addition, there are 7 commercial banks adjusting to reduce online deposit interest rates and interest rates for some programs,
including: Eximbank, BVBank, VietABank, KienLongBank, Saigonbank, VIB, VietABank also adjusted to reduce from 0.1% - 0.4% for terms.
Previously, on February 25, the State Bank urgently organized a meeting with the credit institution system to thoroughly grasp
and issue a document directing the credit institution system to stabilize deposit interest rates and reduce lending interest rates.
The meeting between the State Bank and the credit institution system was held after the Prime Minister issued Official Dispatch
No. 19 dated February 24, 2025 to the Governor of the State Bank on strengthening the implementation of solutions to reduce
interest rates. In particular, the Prime Minister requested the State Bank to immediately inspect and examine commercial banks
that have adjusted their mobilization interest rates upward in the past time and the announcement and implementation of
mobilization and lending interest rates of credit institutions, ensuring compliance with legal regulations and instructions of the
Government, the Prime Minister, and the State Bank of Vietnam.
At the meeting, the State Bank directed credit institutions to thoroughly implement the direction of the Government,
the Prime Minister and the State Bank on stabilizing deposit interest rates; continue to reduce operating costs,
increase the application of information technology, simplify administrative procedures, restructure and reorganize the operating
apparatus to operate more effectively, enhance social responsibility, and be willing to share part of the profits to reduce lending
interest rates to support people and businesses in accessing bank credit capital, promoting production and business development./.
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