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Almost all banks cut 6-month deposit interest rate to below 8%/year

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(VOVWORLD) - Almost all banks in Vietnam have cut interest rates for deposits for terms from six months and above to below 8% per year. 

Almost all banks cut 6-month deposit interest rate to below 8%/year - ảnh 1Illustrative photo. (Photo: VNA)

Out of the total 35 banks, only five banks are keeping their 12-month deposit interest rate at 8-8.2% including VIB, BaoVietBank, ABBank, GPBank, and NCB.

The current interest rate of many banks has decreased by more than 1% per year compared to the beginning of May. Some banks have even reduced deposit interest rates three or four times within the past month.

The recent interest rate cut shows banks' consensus in their efforts to reduce deposit interest rates, creating conditions for further cut in lending rates to support businesses and people, especially after the State Bank's decision to cut policy interest rates, which took effects last week.

In its updated report on Thursday, the SSI Securities Corporation predicts that interest rates can drop by another 50-100 basis points from now until the end of the year and will continue to fall next year.

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