Seabank leads deposit interest to 18 percent

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Báo Tuổi Trẻ English - 52 month(s) ago 7 readings

Seabank has become the local best place for depositors after raising interest rates to 18 percent per annum for depositors from Wednesday, according to local newswire Vnexpress.

Photo: Tuoi Tre

The bank’s move followed Techcombank which Wednesday morning started to raise interest rates to 17 percent per annum plus 0.6 percent bonus for depositors.

The interest rate of 17 percent per annum is applied for deposits from VND100 million or higher for the 1-month term, effective only on three days from Wednesday to Friday, without prior withdrawal.

If the depositors choose longer term, the interest rate is 17 percent for the first month, while then-interest rate policy will be applied for the rest, the lender said. If the depositors extend the term, they will get VND50,000 bonus for every VND100 million deposited, with a maximum bonus value of VND500,000 an account.

Techcombank will also give commission of VND500,000 for middle man who introduced depositors of VND1 billion for at least 1 month.

Vietnam International Commercial Bank (VIB) has also announced to hike interest rate to 17.3 percent per annum.

Earlier, the highest deposit interest rates on the market were around 16 percent per annum.

Some local small lenders allowed their branches to raise deposit interest rates of up to 17 percent per annum but they do not advertise their policies publicly.

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