Deposits per individual customer at banks in Vietnam reached a total of VND6,300 trillion (US$271 billion) as of the end of March, the highest-ever, despite falling deposit rates.

The figure rose over seven percent over the end of last year, according to data from the State Bank of Vietnam.

Individuals made deposits totaling VND415 trillion ($17.7 billion) at banks in the first quarter of this year alone.

Meanwhile, the savings of economic organizations fell nearly five percent to almost VND5,700 trillion ($243.3 billion) as of March.

Deposit rates in Vietnam have maintained a downturn trend since early this year.

The average annual interest rate for new deposits at commercial banks is about 6.1 percent, down 37 basis points from the end of last year.

Long-term accounts are no longer entitled to deposit rates of around nine percent, but commonly seven percent.

Some small joint stock banks, such as An Binh Commercial Joint Stock Bank and Bao Viet Bank, offer the highest deposit rate of around eight percent per year, falling 0.5-1 percentage point over two weeks ago.

At four state-run banks, including the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the Vietnam Bank for Agriculture and Rural Development (Agribank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), and the Bank for Investment and Development of Vietnam (BIDV), the highest savings rate is 6.8 percent per year for 12-month deposits.

Some banks provide their highest deposit rates for nine-month tenors, instead of those for 12 months or longer.

For example, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) offers its highest deposit rate of 7.7 percent for eight- and nine-month tenors. The rate is 7.4 percent per year for 12-month deposits and 6.6 percent per year for 15-month savings.

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