On September 30, 2024, the Governor of the State Bank of Vietnam issued Circular 48/2024/TT-NHNN regulating the application of interest rates on deposits in Vietnam dong of organizations and individuals at credit institutions and foreign bank branches.
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Accordingly, the interest rate on deposits in Vietnam dong of organizations and individuals at credit institutions and foreign bank branches from November 20, 2024 shall comply with the provisions of Article 3 of Circular 48/2024/TT-NHNN, specifically:
- Credit institutions apply interest rates on deposits in Vietnamese Dong from organizations and individuals that do not exceed the maximum interest rate for demand deposits, term deposits under 1 month, and term deposits from 1 month to under 6 months as determined by the Governor of the State Bank of Vietnam at each time and for each type of credit institution.
- Credit institutions apply interest rates on deposits in Vietnamese Dong for term deposits of 6 months or more from organizations and individuals based on market supply and demand.
- The maximum interest rate for deposits in Vietnamese Dong specified in Circular 48/2024/TT-NHNN includes any promotional expenses in all forms, applicable to end-of-term interest payment methods and other payment methods converted according to the end-of-term payment method.
- Credit institutions must publicly display the interest rates for deposits in Vietnamese Dong at legally established transaction locations within their operational network and publish them on their electronic information page (if available). When receiving deposits, credit institutions must not conduct promotions in any form (monetary, interest rates, or other forms) that do not comply with legal regulations.
Note: For interest rate agreements on deposits in Vietnamese Dong made before the effective date of Circular 48/2024/TT-NHNN, credit institutions and customers shall continue to implement according to the agreement until the end of the term.
In cases where the agreed term expires and the customer does not come to collect the deposit, the credit institution shall apply the interest rate for deposits as prescribed in Circular 48/2024/TT-NHNN.
Thus, the interest rates for deposits in Vietnamese Dong from organizations and individuals at credit institutions and foreign bank branches from November 20, 2024, will be applied as analyzed under the TLK Law above.
Circular 48/2024/TT-NHNN takes effect on November 20, 2024, and replaces Circular No. 07/2014/TT-NHNN dated March 17, 2014, of the Governor of the State Bank regulating interest rates for deposits in Vietnamese Dong from organizations and individuals at credit institutions.
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