Banks continue to increase deposit interest rate to attract deposits. — Photo courtesy of Viet Capital Bank Viet Capital Bank has unveiled a certificate of deposit for individual and institutional customers with an interest rate of up to 8.4 per cent depending on the tenor. Customers can buy CoDs for just VND10 million (US$417) and receive interest of 7.5 per cent, 7.8 per cent, 8 per cent, and 8.2 per cent for terms of six, nine, 12, and 15 months. For 18-month term they can get 8.4 per cent. After six months they can freely transfer the CoDs and still enjoy higher interest rates than ordinary savings deposits, a bank spokesperson said. After the State Bank of Viet Nam raised its policy rate, many banks, including State-owned ones, have raised interest rates for dong deposits. ABBANK has the highest rate of 8.8 per cent for 13-month deposits of VND500 billion ($20.8 million) and above. Banks are also offering promotions to attract deposits. For instance, from October … [Read more...] about Deposit interest rates continue to rise
