Despite lower interest rates, people still put money in banks Though the deposit interest rates of commercial banks have been reducing, people are still putting their money into banks amid the pandemic. Nguyen Hong Ha, a nurse in Ha Noi sold her gold when the gold prices were near the peak last month at VND59 million (US$2,544) per tael. “I was so lucky to put my gold-selling money in the bank instead of buying more gold when the gold prices went lower. If I had not done that, I would have been lost the profit I gained from the gold-selling as the gold prices went down sharply and suddenly,” she told Viet Nam News. When considering whether to continue investing in gold or not, Ha deposited her money in a commercial bank for a month at an interest rate of 4 per cent per year. Now the rate for the same term has been reduced to 3.5 per cent. Seeing the falling interest rate for bank short term deposits, Ha said she may look for a long term deposit. Interest rates for deposit terms of more than a year in most commercial banks are still about 7 per cent annually,… Read full this story
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