Listed rates reduced at fifteen banks
Fifteen private banks reduced listed deposit rates for terms of at least six months on October 19, following a State Bank directive, according to the report. The reductions ranged from 0.5 to 0.7 percentage points a year.
The group includes ACB, TPBank, Sacombank, SeABank, PGBank, VCBNeo, BVBank, LPBank, Bac A Bank, OCB, Nam A Bank, BaoVietBank, NCB, VietBank and KienlongBank. Most cut by 0.5 percentage points, while some made larger changes.
Shorter deposits below six months remain subject to a 4.75% annual cap. Most banks left those terms unchanged, with a few making smaller reductions. The changes are therefore not identical across every maturity.
Published prices and conditional offers
After the adjustment, most ordinary individual 12-month deposit quotations were below 7% a year, excluding special VIP arrangements and very large balances. About 15 banks listed rates below 6% for that maturity.
Some institutions continued to offer higher promotional rates through application vouchers or staff referral codes. Those conditional offers should be distinguished from the standard published rate and should not be described as available to every depositor.
The central bank's October 18 instruction called for at least a 0.5-percentage-point reduction on listed deposits of six months or longer and separate lending-rate reductions for production, business and priority areas. Further bank changes were expected, but that expectation is not evidence that every institution had already adjusted its schedule.