What is an agricultural bank?

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A. Agribank - Agricultural Bank

This article will share with you what an agricultural bank is. Is it a state bank? How does this bank operate? Please follow the article to understand more about agricultural banks.

Surely, many people do not know what an agricultural bank is. To provide readers with a clearer view of this bank, Mytour will share in the following article.

Vietnam Bank for Agriculture and Rural Development

A. Agribank - Agricultural Bank

1. Overview of Agribank

Agribank, officially known as the Vietnam Bank for Agriculture and Rural Development, is the largest commercial bank in Vietnam, under the management of the state-owned enterprise. With over 30 years of operation, Agribank has achieved numerous high achievements and received many awards.

Agribank offers more than 200 products and services, categorized into various groups to provide the best services to customers, gaining trust and usage from many individuals.

Currently, Agribank operates in all 64 provinces and cities of Vietnam, serving the needs of customers from rural to urban areas.

2. Agribank Hotline

Agribank Hotline: 1900.55.88.18

3. Agribank Working Hours

As a state-owned bank, Agribank operates from Monday to Friday, with specific working hours:

- Morning: 8:00 AM - 12:00 PM
- Afternoon: 1:00 PM - 5:00 PM

Only a few branches of Agribank operate on Saturday mornings, so please contact Agribank hotline to find out which branches are open on Saturdays. These hours apply on regular days and do not include public holidays.

Additionally, Agribank branches close transaction services before 4:30 PM. Therefore, if you plan to conduct transactions at the bank, it's advisable to go early.

B. Agribank's Products and Services

Agribank has been developing various products and services such as personal accounts, business accounts, credit cards, international payments, and savings accounts. Among them, two services are widely used:

1. Savings Deposits

Agribank, a bank with nationwide coverage from urban areas to rural areas, offers convenient transactions. Saving deposits at Agribank come in various forms such as fixed-term savings, flexible savings, ... Each type of savings deposit has different characteristics, utilities, and conditions, so it's important to thoroughly understand them to save efficiently.

As of June 2018 update, the average savings interest rates at Agribank are as follows:

- Interest rate of 4.1% for 1-month term.
- Interest rate of 4.8% for 3-month term.
- Interest rate of 5.5% for 9-month term.
- Interest rate of 6.7% for 12-month and 24-month terms.

2. Consumer Loans

Due to the advantage of quick loan procedures and various loan packages such as home loans, car loans, study abroad loans ..., including both mortgage and unsecured loans, Agribank's consumer loan service is chosen and used by many people.

Consumer Loan Interest Rates

Agribank applies an interest rate of 9 - 10% per annum for short-term loans and 10.5% for medium and long-term loans.

Consumer Loan Procedures at Agribank

- Loan application form (provided by Agribank)
- Identification documents: ID card/citizen ID/passport
- Household registration book.
- Proof of income and purpose of capital usage.
- Asset documents for mortgage loans.

As such, Agribank, a state-owned bank, offers various financial services to meet the needs of customers from all regions of the country. If you want to use Agribank's services and wish to learn more, you can call the bank's hotline to have the staff assist you and answer your questions.

Frequently Asked Questions

What is the main function of the Vietnam Bank for Agriculture and Rural Development?

The Vietnam Bank for Agriculture and Rural Development, commonly known as Agribank, primarily functions as a commercial bank that supports agriculture and rural development in Vietnam. It offers a wide range of financial services including savings accounts, consumer loans, and international payments. Agribank's services are designed to cater to the needs of both urban and rural customers, promoting economic growth across various sectors.

What are the operating hours of Agribank for customer transactions?

Yes, Agribank has specific operating hours for customer transactions. Generally, it operates from Monday to Friday, with morning hours from 8:00 AM to 12:00 PM and afternoon hours from 1:00 PM to 5:00 PM. Some branches may open on Saturday mornings, but it's advisable to call Agribank's hotline to confirm the hours of specific branches, especially during public holidays.

What types of savings deposit options does Agribank offer its customers?

Agribank provides various savings deposit options to meet customer needs. These include fixed-term savings, flexible savings, and other forms tailored to different financial goals. Each type has unique features, interest rates, and conditions. Customers are encouraged to understand these options thoroughly to maximize their savings efficiency and choose the best product for their financial circumstances.

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