1. What is Online Installment Savings?

Online installment savings is a form of saving where you deposit multiple small amounts based on your financial capacity and income, with the goal of building a larger savings balance over time. There is no limit on the number of deposits or deposit frequency, allowing you to add funds to your savings account throughout the term.

Savings tenors vary across banks, typically ranging from 1 month to up to 10 years.

This is a term deposit product with tenors from 6 months to 10 years and dedicated interest rates. There are two types of online installment savings:

Fixed (Periodic) contributions

Flexible contributions

With periodic contributions, you are required to deposit a fixed amount on a scheduled basis (monthly or quarterly).
With flexible contributions, you can deposit money into your account at any time.

This product helps you gradually accumulate savings from small amounts on a monthly or quarterly basis until you reach your financial goals.

2. Benefits of Online Installment Savings

Compared to traditional savings, online installment savings offer several advantages:

No need for multiple small accounts: Instead of opening multiple savings accounts for each deposit, you can accumulate funds in a single account, making it easier to track and manage your savings.
Better financial planning: You can contribute regularly (monthly/quarterly) or flexibly at any time, allowing you to proactively plan your finances.
Easy account opening: No need to visit a branch. You can open and manage your savings account via Mobile Banking or Internet Banking anytime, anywhere.
Low minimum deposit: Starting from just VND 100,000 per deposit. You can increase your contributions based on your financial capacity.
Multiple deposit channels: Deposits can be made via eBanking or directly at bank branches.
Proof of financial capacity: Your installment savings account can be used for financial proof purposes, similar to a standard savings account.

Overall, online installment savings help you manage and grow your cash flow more effectively.

3. SeABank’s Online Installment Savings Products

SeABank is one of the pioneering banks in Vietnam offering high-quality online installment savings solutions. Its key products include:

“Nurturing Dreams” Installment Savings

“Future Accumulation” Installment Savings

3.1. Product Overview

Key advantages of SeABank’s installment savings:

Simple and fast procedures

Diverse and flexible products

Competitive and often higher interest rates compared to traditional savings

3.1.1. “Nurturing Dreams” Installment Savings

This is a term savings product designed for individuals under 15 years old (Vietnamese citizens). The account is opened and managed through a legal guardian, who is authorized to make deposits and manage the account.

The legal guardian represents the account holder and is entitled to perform all transactions in accordance with SeABank’s regulations and applicable laws.

3.1.2. “Future Accumulation” Installment Savings

This product is opened as a savings account and can be recorded via e-banking systems, savings books, or other formats depending on SeABank’s regulations.

Once the account is opened, customers can make multiple deposits throughout the registered term.

3.2. Key Features of SeABank Installment Savings

Customers can choose between Periodic and Flexible contribution methods:

Periodic Contributions

Pre-register deposit schedule (monthly, quarterly, semi-annually)

Minimum deposit:

VND 200,000/month

VND 600,000/quarter

VND 1,200,000/semi-annually

Automatic transfer from current account on scheduled dates

No maximum deposit limit

Additional deposits are restricted within 30 days before maturity

Flexible Contributions

No pre-scheduled deposit date required

Minimum deposit: VND 200,000 per transaction

Unlimited deposit amount and frequency

Deposit via:

Branch counters

eBanking

ATMs

Auto-transfer from current account (if registered)

When making an online installment deposit at SeABank, you can choose one of two options: fixed-term deposit or flexible deposit.

4. Interest Rates for Online Installment Savings at SeABank

SeABank applies two types of interest rates:

Listed rate: Applicable to deposits held for 6 months or more

Adjusted rate: Applicable to deposits with a tenor of less than 6 months

4.1. Interest Calculation Formula

Interest is calculated as follows:

Interest = T₁ × A₁(A₂) × N₁/365 + T₂ × A₁(A₂) × N₂/365 + … + Tₙ × A₁(A₂) × Nₙ/365

Where:

T₁, T₂... Tₙ: Amount of each deposit

A₁: Listed interest rate (% per annum)

A₂: Adjusted interest rate (% per annum)

N₁, N₂… Nₙ: Number of actual days each deposit is held

4.2. Reference Interest Rates

Below is a reference table (as of June 13, 2022). Rates may vary over time:

Tenor	Listed Rate (% p.a.)	Adjusted Rate (% p.a.)
3 months	3.60	3.60
6 months	5.85	5.65
9 months	6.00	5.80
12 months	6.15	5.95
24 months	6.35	6.15
36 months	6.42	6.22