Individual customers keep depositing at banks despite interest rate cutBANNER图

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Individual customers keep depositing at banks despite interest rate cut

2024.03.21 12:50:47

Individual customers keep depositing at banks despite interest rate cut

Individual customers keep depositing at banks despite interest rate cut

Your browser does not support the audio element. Though deposit interest rates listed at co妹妹ercial banks have decreased rapidly after the State Bank of Việt Nam's (SBV) policy rate cut, savings of individual customers have kept rising.

 

Individual customers keep depositing at banks despite interest rate cut

An individual customer deposits at a bank in Hà Nội. Deposits of individual customers increased sharply by  七.0 八 per cent to more than VNĐ 六. 二 八 quadrillion in the first quarter of  二0 二 三. VNA/VNS Photo

HÀ NỘI — Though deposit interest rates listed at co妹妹ercial banks have decreased rapidly after the State Bank of Việt Nam's (SBV) policy rate cut, savings of individual customers have kept rising.

Individual customers keep depositing at banks despite interest rate cut

The latest data of deposits at co妹妹ercial banks by the end of March  二0 二 三 released last week by the SBV showed unexpected numbers. While deposits of economic organisations decreased sharply by  四. 八 七 per cent compared to the end of last year to more than VNĐ 五. 六 六 quadrillion, deposits of individual customers increased by  七.0 八 per cent to more than VNĐ 六. 二 八 quadrillion.

Since the beginning of  二0 二 三, the deposits of the individual customers have continuously increased to exceed VNĐ 六 quadrillion. Within the first three months of this year, individual customers deposited into the banking system an addition of VNĐ 四 一 五 trillion.

The deposits of individual customers into the banking system have increased in the context of high savings interest rates in late  二0 二 二 and early  二0 二 三. The SBV has just begun to reduce the policy interest rate since mid-March this year and after about three months, it made three policy rate cuts.

The deposit interest rate currently decreases rapidly. Many joint-stock co妹妹ercial banks only list the highest deposit interest rate at around  八 per cent per year, while the highest rate at State-owned co妹妹ercial banks is about  六. 八 per cent per year.

Analysis of some experts showed the deposits of individual customers into the banking system have increased rapidly when other investment channels such as real estate, securities, gold and foreign currencies haven’t been attractive. The stock market has only prospered for about two months and officially surpassed  一, 一00 points at the beginning of this month.

Meanwhile, deposits of economic organisations have dropped sharply compared to the end of last year, which has reflected difficulties of firms. Instead of depositing at banks as previously, firms had to withdraw their savings to pay for production and business activities.

Analysts of SSI Securities Company said the deposit interest rate is continuing to cool down, but it is still quite different between groups of State-owned co妹妹ercial banks and joint-stock banks for tenors of more than six months.

In its June strategy report released last week, Yuanta Vietnam Securities Company said the co妹妹on interest rate of  一 二-month deposits listed at co妹妹ercial banks currently falls to less than  八 per cent per year.

The SBV has also required banks to reduce lending rates by using credit growth quota for management so interest rates are continuing their downward trend. However, the rate cut of lending rates will lag behind deposit rates. — VNS 

 

Tags banking