Over 20 banks have cut deposit interest rates, and the highest has fallen from 9% to 8.5%.
The average reduction has been 0.5 percentage points for deposits of less than six months after the State Bank of Vietnam lowered its policy rates last week for a second time this year.
For terms of six months and above lenders have reduced the rates by 0.2-0.3 percentage points compared to two weeks ago.
The four state-owned lenders, Vietcombank, Agribank, BIDV and VietinBank, reduced them by 0.4 percentage points.
Their highest interest rate is now 7%.
Private lenders such as GPBank, SeABank and ABBank have reduced their rates to 8.2-8.5%.
With inflation shows signs of cooling down, the SBV on May 25 reduced its interest rate ceiling on deposits of under six months from 5.5% to 5%.
The reduction in deposit interest rates will enable banks to cut loan interest rates, which in turn would boost economic recovery.
