Since the end of 2022 the savings promotion programs of banks are still being maintained to excitingly elevate the capital deposit call.
The bank has increased promotions to mobilize to meet capital needs at the beginning of each New Year. In the photo: Customers deposit money at Hoa Phu Transaction Office of BIDV in Hoa Phu ward of Thu Dau Mot city
To increase competition and attract customers
After the Lunar New Year is usually the time when idle cash flows begin to return to the banks. Meanwhile, savings is always considered a safe investment channel, bringing stable profits for investors especially when deposit interest rates are quite high like today. Therefore, many promotional programs including depositing money to receive gifts or lucky money and opportunities to win great prizes, gifts trips, etc. have been rapidly launched by banks to increase competition and attract customers of idle capital resources like residents and businesses.
Currently, the most exciting is the saving program of "Tet until Spring - Lucky is overflowing" that offers a total prize value of VND 1.85 billion of HDBank for savings depositors. Accordingly, customers who deposit with a term from 1 month at the counter and online for the amounts from VND 10 million will be able to participate in the lucky draw for gift of a saving book from VND 50 million to VND 1 billion.
Similarly, in addition to applying other promotional programs, Techcombank has an attractive savings interest rate at the highest current rate being 9.2% a year on depositing from VND 1-3 billion or more of 12-16-month terms. At Saigonbank, 12-month and 13-month term deposit interest rates are 9.4% and 9.5% a year respectively. Many other banks have the highest savings interest rates up to 9.5% a year such as Kienlongbank, HDbank, DongAbank, BacAbank among others.
Effective mobilization channels
The use of promotions by banks to attract idle capital resources is a traditional but very effective approach. Nguyen Thi Thuy, the customer who won the first prize, a Honda Vision motorbike worth VND 35 million from the promotion program organized by the Bank for Investment and Development (BIDV), said that she had saved many times on the idle money, but she was not too attentive to bonus programs. Therefore, when she was informed by the staff of the place where she often transacted (BIDV Hoa Phu Transaction Office) that she had won the first prize, she felt very surprised and very happy.
Lai Thi Bich Thuy - Deputy Director of Binh Duong Branch of HDbank, said: “The last and first months of the year are the time when banks increase competition to attract depositors in the time when customers have many sources of income. The launch of promotional programs is an effective method of stimulating demand of the banks to attract idle money as well as increase the customer database to serve the business plan in the New Year. Besides, conducting promotions is also a meaningful gift of the bank for individual and corporate customers who have trusted in using our products and services."
According to leaders of commercial banks, the use of diverse forms of capital mobilization will make the investment channel through savings deposits more attractive than other investment channels, especially for investors. If they are small, they still need a fixed monthly interest to spend and accumulate. At the same time, saving at the end and the beginning of the year helps customers benefit greatly from promotions of banks.
Although there is no official data, preliminary information from some commercial banks shows that the capital mobilization sales of banks in the area in the first 2 months of the year tended to increase slightly, especially for small customers. Thus, while the investment channel in securities and real estate is still uncertain and unclear, saving is always the investment channel chosen by many.
Reported by Thanh Hong – Translated by Vi Bao
