Ngân hàng TMCP Sài Gòn (SCB) has cut online savings rates for newly opening individual customers to 0.1%–0.7% per year from October 26, with 12-month deposits at 0.6% and 24-month deposits at 0.7%. For a 100 million dong deposit, the article estimates interest of 600,000 dong over 12 months and about 1.4 million dong over 24 months, assuming the rate holds and there is no early withdrawal. The move follows a State Bank of Vietnam directive on October 21 that banks cut average rates on new deposits of 6 months or longer by at least 0.5 percentage points in late 2026. SCB has been under special control since 2022, typically keeps the lowest deposit rates in the market and rarely changes them, and has shrunk from nearly 240 transaction points to about 8 across 6 localities.
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Original headline: Một ngân hàng giảm lãi suất tiết kiệm xuống gần 0%
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Related tickers and likely impact
VNINDEX
• NeutralRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/27/2026 | 1,761.87 |
| Change that session | -0.10% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Bank deposit rates: Listed one way, offered another at the counter
Although many banks have cut their listed deposit rates, a survey on October 22 at several Hanoi branches found staff offering customers substantially higher rates, in some cases above 9% a year. At BIDV, the publicly posted 6-month rate was 3% a year, yet staff suggested 8% a year for deposits of 100 million to 3 billion VND. Another bank offered 9.19% a year for a 6-month term on deposits of 2 to 3 billion VND, against a listed rate of 5.2%, a gap of 3.99 percentage points. Under State Bank of Vietnam Official Letter No. 9736/NHNN-CSTT dated October 21, 2026, banks must cut effective deposit and lending rates across all sales channels, with the average rate on new deposits of 6 months or more falling by at least 0.5 percentage points in late 2026.
- SCB cuts savings interest rates to nearly 0%
Saigon Commercial Bank (SCB) cut its deposit interest rates from October 26 by 1.5 to 3.2 percentage points, and now pays 0.5% a year for 6–11 month terms, 0.7% for 2–3 year terms, and 0.1% for terms under 6 months. The move came about a week after the State Bank of Vietnam asked banks to cut savings rates for terms of 6 months or more and lower lending rates. Since being placed under special control in mid-2022, SCB has typically received liquidity support from the State Bank and exemption from deposit insurance premiums, so it has less need to attract deposits with high rates, though it had once ranked among the highest-paying banks, such as 8.25% in 2022. SCB now has only 8 branches after 39 closed from mid-July, and it says handling collateral to recover bad debts is its top priority.
- Is the deposit rate cut just a 'pie in the sky'?
About 26 banks have announced cuts to their listed deposit rates since 18/10, yet a Tien Phong survey on 26/10 found that customers with large deposits were still offered rates well above the listed levels, which are commonly 5-6%/year. One state-owned bank advised 8%/year for a 6-month term while its counter table showed 3%/year, and another bank's app displayed 9.0%/year for 6 months against a listed 5.7%/year. On 21/10/2026, the State Bank of Vietnam asked banks to make genuine cuts to deposit and lending rates, with the average rate on new deposits of 6 months or longer to fall by at least 0.5%/year in the final months of the year. Rong Viet Securities (VDSC) expects deposit rates to fall quickly in the short term but finds deep cuts hard in 2027, since the gap between deposits and credit remains large, although it has narrowed from about 2.8 million billion VND to about 2.35 million billion VND.
- What savings interest rates look like after the State Bank's directive
A VnExpress survey shows that as of October 26, most banks' published savings rates are no higher than 7% a year after many cut their listed rates, but actual preferential rates remain commonly at 8-9% a year. Actual rates are typically 1-3% higher than listed rates, thanks to app-based vouchers and referral programs: Vietcombank lists 3-5.4% for 6-12 month terms, but customers depositing from 3 million VND via its app may get up to 6.8%, while NCB lists 6.3% online but pays 9% via its app. Saigonbank publicly lists the market's highest rate at 7.9% a year for 13 months, while MB offers 8.2% via its app for deposits from 10 million VND, down from nearly 9.5% two weeks earlier. The State Bank has repeatedly urged banks to cut rates, and on October 18 directed them to lower deposit rates for terms of 6 months and up by at least 0.5%, or face tighter credit growth targets. VDSC expects deposit rates to move sideways or at least not rise again for the rest of this year, but does not expect them to fall much further next year, as medium- and long-term capital demand remains strong and deposit growth still lags credit growth.
- Momentum of savings rate increases likely ended
According to newly released State Bank of Vietnam (SBV) data, average deposit rates at commercial banks rose a further 0.1 percentage points in September, extending the upward run to 11 consecutive months, though the pace has slowed from 0.3 points a month in late last year and early this year. The article says the rise is likely to end this month after many banks cut their minimum deposit rates by 0.5 percentage points on SBV instructions. Under dispatch No. 9736/NHNN-CSTT dated 21 October 2026, the SBV requires commercial banks to cut average deposit rates on new transactions with tenors of 6 months or longer by at least 0.5% per year in the final months of 2026, compared with rates reported between 11 October and 20 October 2026. Many analysts expect rates to hold flat until year-end and decline gradually from 2027, while the SBV warns that banks failing to comply could face tougher measures, including reviewing or lowering credit growth targets.
- Savings Interest Rates Have Risen for 11 Consecutive Months
The average deposit interest rate has risen continuously since October 2025, reaching 8.1% for 6-12 month terms versus 5.5% a year earlier, before climbing more slowly under State Bank of Vietnam guidance. The average lending rate in September was 10.9%, nearly 2 percentage points higher than at the end of last year, while short-term rates for priority sectors remain capped at 4%. Many banks have announced deposit rate cuts of at least 0.5 percentage points, and the streak of increases is likely to end this month, with some analysts expecting rates to stay flat until year-end. The State Bank of Vietnam also asked banks to cut lending rates by 1.5-2 percentage points a year for production, business and priority sectors, and warned that non-compliant institutions could face reviews of their remaining credit quotas.
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