Since the beginning of March, banks have increased interest rates on their personal savings deposits.

Many banks keep the same or lower interest rates. Photo: Internet

According to a survey, there are two banks on the market that have adjusted to increase deposit rates, namely Techcombank and VPBank.

Techcombank has sharply increased deposit rates at all terms, generally 0.4-0.7 percentage points higher. For example, for ordinary customers, under 50 years old with a deposit of less than 1 billion VND, the 3-month interest rate increased to 3.2 percent each year, the six-month term increased to 4.4 percent each year.

At VPBank, although the deposit interest rates for one-month and six-month terms and more are unchanged, it has increased the deposit rates for two-fivemonth terms, commonly 0.2 percentage points.

For the rest, joint stock commercial banks tended to keep interest rates unchanged compared to February or slightly decrease by 0.1-0.2 percentage points. The group of State-owned banks, namely Vietcombank, VietinBank, Agribank and BIDV, kept interest rates unchanged from February.

Techcombank's move to raise deposit interest rates was quite surprising, because this bank often maintains the lowest deposit interest rates in most terms in the market andamong commercial banks.

Previously, Bao Viet Securities Company (BVSC) assessed that in the context of controlled pandemicand the implementation of Covid-19 vaccination programme would be positive factors to bringproduction and business activities backto normal.

Beside the rebound in inflation, BVSC forecasts the deposit interest rate is likely to increase in the near future.

According to experts, this is normal business of banks when they need capital for credit, not a general trend or "race" on interest rates as in previous years.

BIDV's leaders recently shared that in 2021, the management's point of view is the needfor a flexible and stable monetary policy to serve the economy. Moreover, interbank interest rates are at the bottom, with abundant capital from Tet and credit has not been boosted, so interest rates in the short term will be unable to increase much.