HANOI: Individual customers’ banking deposits hit a record high of more than 6.83 quadrillion dong as of the end of July 2024, data from the State Bank of Vietnam show.

The value of the deposits increased by 305.67 trillion dong, or 4.68%, compared to the end of 2023.

Deposits from individual customers at banks have increased for almost two years, despite record low interest rates in 2023.

The economy still faces difficulties in supplying capital for production and business, while other investment channels have more potential risks.

Meanwhile, savings interest rates have shown signs of increasing again since April, which could be one reason bank deposits are attractive to customers.

In September, banks, including Dong A Bank, OceanBank, VietBank, GPBank, Agribank, Bac A Bank, NCB, OCB, PGBank and Nam A Bank, raised their savings interest rates, mainly for short-term deposits.

Before that, in July, about 20 banks increased their deposit interest rates and 15 banks raised their interest rates in August. 

 - ANN