New regulations on interest rates for USD deposits to be applied from Nov. 20
The State Bank of Vietnam (SBV) has issued a circular on interest rates applied to US dollar (USD) deposits of organisations and individuals at credit institutions and foreign bank branches.
Hanoi (VNA) – The State Bank of Vietnam (SBV) has issued a circular on interest rates applied to US dollar (USD) deposits of organisations and individuals at credit institutions and foreign bank branches.
Accordingly, the rates are not allowed to exceed the maximum decided by the SBV Governor in particular period for deposits of organisations and individuals.
The maximum interest rate for USD deposits prescribed in this circular includes promotional incentives in all forms, applicable to the end-of-term interest payment method and other interest payment methods converted according to the end-of-term interest payment method.
Credit institutions must publicly post interest rates on USD deposits at legal transaction locations within their network and on their website (if any), according to the document which also clarifies that when receiving deposits, credit institutions are prohibited from offering promotional incentives in cash, interest, or other forms that are against the law.
For USD deposit interest rate agreements reached before the date this circular comes into effect, credit institutions and customers shall continue to implement the deal until the end of the term. In case the agreed term expires and the customer does not come to withdraw the deposit, the credit institution shall apply the deposit interest rate according to the provisions of this circular.
The circular will replace another issued by﷽ the SBV Governor on March 17, 2014. The new one will take effect from November 20, 2024./.
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