Products are always designed towards convenience for customers

VBSP has studied and developed appropriate services for its customers who are vulnerable population living in rural and disadvantaged areas and have limited access to commercial bank products and services. In addition to implementing Government-designated credit programs to various clients, VBSP has designed savings products specifically for the poor through Savings and Credit Groups. In 2019, VBSP's savings outstanding balance reached VND 22,340 billion (USD 971 thousand). In which, the deposit balance from Savings and Credit Group members is VND 10,098 billion, accounting for 45% of total savings outstanding balance, with 6 million members participating. The balance of savings deposits mobilized at commune transaction points reached VND 3,345 billion, accounting for 15% of the total saving outstanding balance.

The mirco-savings deposit service for the poor through savings and credit groups on one hand helps the borrowers practice saving habits, increases income and repayment ability, on the other hand, create favorable conditions for the poor and policy beneficiaries to access banking services. The figure shows the increase in saving amount from SCG members very quickly, which indicates the positive efficiency of VBSP target on savings products.         

In addition, since 2016, Vietnam Bank for Social Policies has implemented a savings mobilization service for residents at commune transaction points. Instead of going to a bank office, which is far away from place of living, people in rural areas can deposit their savings into the Social Policy Bank at the Commune Transaction Point. This product brings convenience to customers living away from the urban centers, contributing to mobilizing resources from the public and providing banking products and services to rural areas..

The latest product has been launched in 2019 is the flexible saving deposit. The product is designed for all eligible customers to deposits many times during the saving terms with the flexible amount each. With the favorable condition, the poor and low income segment even are not active borrowers at VBSP can access to VBSP services and practice saving with a small amount on demand.               

One of the regular products is demand deposit. This type of saving services is used mainly for making payment transactions via banks by means of payment such as checks, payment orders, e-transfer.. The benefits from demand deposit are simple and quick signing up procedure and easy deposit and withdrawal. Also, the transfer fee is low which is suitable and attracted to the active borrowers and community, especially the vulnerable group.