In the context of the complicated situation of the Covid-19 epidemic and its negative impact on economic activities on a global scale, the State Bank of Vietnam (SBV) has decided to lower numerous interest rates to be in line with macroeconomic developments, international financial market and to remove difficulties for production and business activities.
Orient Commercial Joint Stock Bank (OCB) is the pioneer in implementing the reduction of deposit rates. This is considered a quick response of OCB in order to contribute to stabilising the deposit rate level, creating a basis for further reducing lending rates for customers in the near future.
Specifically, for individual customers, OCB lowered deposit rates by 0.2 0.3 percent per annum for all terms, effective from March 17th 2020.
Currently, the mobilisation rates are fluctuating from 4.6 percent per annum for short terms of one to three months. For savings terms of six months and above, OCB still applies a fairly competitive level in the market from seven percent per annum or more.
Along with the instructions on how to make safe transactions at the counter, OCB encourages customers to transaction online with many incentive programmes. For example, customers depositing online via OCB OMNI will be given an additional 0.1 percent per annum interest rate compared to the rate when depositing over the counter, applicable for all terms from one to 24 months.
For terms from one to 12 months and deposits from one billion to less than five billion dong, customers will be given an extra 0.1 percent percent interest rate, and 0.2 percent per annum will be added if customers deposit more than five billion dong.
Customers also enjoy free online transactions via OCB OMNI such as free internal and external money transfers, including 24/7 instant money transfer; free bill payment service; free SMS; free annual charge, etc.
For corporate customers, OCB has implemented a preferential credit package worth 500 billion dong for import export companies and supply chains in the prioritised industries of micro small and medium enterprises (MSME), etc. That shows the bank’s efforts in providing cheap capital to accompany businesses overcome difficulties caused by the Covid-19 epidemic.
In addition, the bank’s online lending channel https://msme.ocb.com.vn/ for small and medium enterprises (SMEs) has also been deployed, helping customers balance and be financially active through a tool which offers estimation of principal capital and interest expected to be paid periodically, and the success rate of the borrowing application. Customers are contacted by the bank within four working hours for advises and support on account opening or capital borrowing without the need to go to the counter. OCB has also launched a rooftop solar power investment package for corporate customers, SMEs from Da Nang to the South. OCB provides credit support of up to 70 percent of the total investment value with term of up to five years and grace period during construction of up to six months.
