Notably, the National Citizen Bank (NCB) announced a significant interest rate increase across many deposit products. Specifically, the one-month term was raised by 0.2% to 4.7% per year, while the 2–5 month term hit the cap of 4.75% regulated by the State Bank of Vietnam for deposits under six months.

For longer terms, NCB uniformly raised interest rates by 0.15–0.2% to 6.4% per year for 6–11 months. The 12–13 month term increased by 0.3% to 6.6% per year; the 15-month term increased to 6.7% per year after a 0.4% rise; while the 18-month term saw a sharp increase of 0.5% to 6.8% per year. For longer terms of 24–60 months, interest rates are currently at 6.9% per year, up 0.6%.

In addition to deposit products, the interest rate for 24-month certificates of deposit at NCB has also been raised from 7.1% per year to 7.4% per year.

Besides NCB, many commercial banks, including Sacombank, VPBank, VietBank, MB and SHB also adjusted their deposit interest rates upwards.

Currently, the interest rate for the one-month term on the market stands at 3–4.75% per year, while for the three-month term common interest rates range from 4–4.75% per annum.

For the six-month term, the difference in interest rates between banks becomes more pronounced, ranging from approximately 4.5% to over 7% per annum. Some banks are offering high rates, such as PGBank at 7.1% per year.

Interest rates for nine-month terms are commonly between 5.3–6.8% per year. Banks such as Bac A Bank, LPBank, PGBank and NCB are offering rates around 6.4–6.8% per year, while State-owned banks maintain significantly lower rates of around 4.5–5.7% per year.

For deposits with a 12-month term or more, the rates at many banks have approached or exceeded 7% per year. MBV and PGBank topped the list with a rate of approximately 7.2% per year, followed by LPBank with 7% per year and Techcombank at around 6.95% per year.

Besides the usual interest rates, some banks are offering deposit packages with special interest rates of up to 7–9% per year but with very large deposit value requirements.

For example, MSB applies a rate of 9% per year for customers opening new savings accounts with a term of 12–13 months and a minimum deposit of VND500 billion.

Deposit interest rate cap forecast to rise by 50 basis points in 2026

Under pressure from the mandated loan-to-deposit ratio (LDR), the State Bank of Vietnam (SBV) might have to raise the deposit interest rate cap by 50 basis points in 2026, analysts say.