Saigon Joint Stock Commercial Bank (SCB) has cut deposit rates across all terms, now listed at 0.01% to 1.18% a year depending on term. The article says SCB's 12-month rate is about 5% below state-owned banks and up to 7% below private banks. Other banks have also cut: SaigonBank has brought most terms below 7% a year, VPBank has lowered its 6–11-month rate to 6.6% for deposits under 10 billion dong, and Sacombank has reduced its 24–36-month rate from 7.8% to 7.3% a year for deposits of 500 million dong or more. The State Bank of Vietnam has asked banks to cut average deposit rates for new terms of 6 months or more by at least 0.5% a year in the final months of 2026, and to reduce lending rates by 1.5–2% a year for production, business and priority sectors.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Bất ngờ lãi suất 'siêu thấp' tại SCB
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interest ratesbankssavings accountsState Bank of Vietnam
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Related tickers and likely impact
VNINDEX
• NeutralRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/28/2026 | 1,766.65 |
| Change that session | +0.27% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- 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.
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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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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.
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