The State Bank of Vietnam (SBV) recently released data showing that individual non-term deposits, also known as current accounts, totaled 1,220 trillion VND by mid-year. This figure represents a decline of approximately 130 trillion VND, or nearly 10%, from its peak of nearly 1,350 trillion VND in Q2/2025. This marks the fourth consecutive quarter of decrease for funds held in individual payment accounts.

The SBV defines individual payment accounts as active non-term deposit accounts opened by individuals at banks, used for services such as cards and other cashless payment methods. According to SBV regulations, non-term deposits yield a maximum annual interest rate of 0.5%.

Despite the decline in balances, the number of payment accounts continues to grow steadily each quarter, reaching new records. By the end of June, the banking system recorded nearly 256.7 million individual payment accounts. It is estimated that by the end of Q2 this year, the average balance per one individual payment account was 4.75 million VND.

While funds in payment accounts decreased, total resident deposits across the banking system still increased. By the end of Q2, resident deposits, encompassing both non-term and term accounts, exceeded 11,000 trillion VND, a 7% rise compared to the beginning of the year.

This trend coincides with a period of elevated savings interest rates. Many banks are offering actual interest rates of up to 9% annually for customers depositing tens to hundreds of millions of VND, which is 2-3% higher than their listed rates.

Several banks, including VIB, Techcombank, and VPBank, are actively seeking to attract temporarily idle funds from payment accounts through "earning accounts" that offer returns of up to 5-6% annually. Some of these products automatically transfer funds exceeding a certain threshold in a customer's account to an earning segment or linked investment scheme, while still allowing customers access to their money when needed.

By Quynh Trang