Financial Markets Saving rates continue downward spiral The Saigon Times Tuesday, Jul 14, 2020,12:58 (GMT+7) Saving rates continue downward spiralThe Saigon Times Customers transact at an HDBank branch. Following deposit rate cuts early this month for tenors from six months onward, many local banks have continued to lower rates for the remaining tenors – PHOTO: VNA HCMC – Following deposit rate cuts early this month for tenors from six months onward, many local banks have continued to lower rates for the remaining tenors, with some even offering an annual rate of 3% for a one-month term. Among the private bank group, Techcombank has revised down the rates for over-the-counter deposits of a one-month term from 3.5%-4% to 3.15%-3.65%, depending on the age of depositors and the sum of deposits. Customers under 50 years of age making deposits worth less than VND1 billion at Techcombank will receive an annual rate of 3.15%. If they want to get the interest before maturity, the rate will be capped at 3%, the lowest in the local market for a one-month tenor. Also, the rates for other tenors at Techcombank were down by 0.2-0.3 percentage points compared to the beginning of July. Similarly, Kienlongbank reduced the rate for one-month… Read full this story
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