Sacombank hikes deposit rates

Wednesday, May 21, 2008
From May 19, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) increased the interest rate of dong deposit with a term of over six months to 14% per annum and of the US dollar deposit with a term of over five months to 7% a year.

Accordingly, the monthly for dong deposit with more than six months is 1.167% a month and less than six months is 13.5-13.8% meaning 1.125-1.150% a month. As for depositors of 50 million dong and higher, they will receive a plus interest rate of 0.005-0.025% for each term.

US dollar deposit rate with a term of over six months is hiked to 7% pa and of below six months is 6.5-6.9% per annum. For deposits of more than US$5,000, the bonus interest rate is 0.05-0.25%.

On May 16, Sacombank made the debut of Sacombank Financial Group including five member companies and six strategic partners with a total chartered capital of over 5.2 trillion dong, total asset of 79.915 trillion dong and a workforce of 6,500 employees up to the end of Q1.