Saigon Bank (SCB) increased deposit interest rates by 1% for terms over 9 months, of which the one-year deposit rate was up to 8.55% – the highest in the system.
This increase is effective from 8/10. Specifically, when sending online, the highest interest rate is 8.9% for a 36-month term. Interest rates under 6 months are at the ceiling of 5%, and interest rates for 6 and 9 months are 7.95% and 8.25% respectively. As for the 12-month term, the interest rate is 8.55% – the highest level in the banking system.
In a recent month, the entire banking system entered the race to increase interest rates, but most banks are still paying less than 8% interest on deposits of 12 months or less.
SCB’s over-the-counter deposit earlier from October 5 also increased to the highest level of 8.1% for an 18-month term. The interest rate when depositing 12-15 months ranges from 7.4% to 8%.
From the late afternoon of October 7 to October 8, many people lined up at SCB branches due to concerns about unsafe deposits due to recent rumors. Facing the situation that the number of customers coming to withdraw money is larger than usual without prior notice, Hoang Minh Hoan, Deputy General Director of SCB said that the bank has increased the number of funds and deposits at the State Bank, ensuring liquidity in all situations.
The State Bank also continuously broadcasts messages to ensure the interests of depositors at SCB and advises people not to panic, leading to premature withdrawal of money and loss of benefits.
Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Ho Chi Minh City, affirmed that the law protects the legitimate rights and interests of depositors at the bank. At the same time, the State Bank has also confirmed the implementation of solutions to ensure the legitimate rights and interests of depositors at banks. This is an important legal basis for people to feel secure when depositing money at banks to enjoy interest rates as a safe and least risky investment channel compared to all other investment channels.
In addition, Mr. Lenh said that banking is a special and conditional business that strictly complies with the provisions of the law. Therefore, the State Bank always pays attention and implements solutions to ensure the safe operation of each bank in particular and the system of credit institutions in general.