Vietcombank lowered its interest rate on three-month deposits from 4.8% to 4.7% while the rate on deposits of 12 months or longer remained unchanged at 6.8%.
Vietinbank cut its rates on deposits of three to less than six months by the small margin of 0.05 percentage points to 4.75%.
As one of the banks with the most attractive deposit rates, VietCapitalBank also reduced its rates to 4.7% for deposits of one month to less than six months from the previous figure of 4.85%-4.9%.
Deposit rates at Sacombank dropped to 4.3%-4.7%, depending on the terms, from the previous rates of 4.9%-5%.
ACB trimmed its short-term deposit rates to 4.5%-4.75% while VIB reduced it rates by 0.4 percentage points to 4.6%.
Similar cuts were also announced by Techcombank, LienVietPostBank and SeABank.
On March 16, the State Bank of Vietnam cut the refinance rate from 6% to 5% and the discount rate from 4% to 3.4%, in an effort to bolster an economy affected by the coronavirus outbreak.
The central bank also reduced the overnight lending rate in the inter-bank market from 7% to 6% and lowered the caps on the deposit interest rate by 0.25-0.5 percentage points.
