STATE BANK OF
VIETNAM |
SOCIALIST
REPUBLIC OF VIETNAM |
No. 46/2024/TT-NHNN |
Hanoi, September 30, 2024 |
Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated January 18, 2024;
Pursuant to the Ordinance on Foreign Exchange dated December 13, 2005; and the Ordinance dated March 18, 2013 on amendments to certain Articles of the Ordinance on Foreign Exchange;
Pursuant to Decree No. 70/2014/ND-CP dated July 17, 2014 of the Government of Vietnam elaborating the Ordinance on Foreign Exchange and Ordinance on amendments to the Ordinance on Foreign Exchange;
Pursuant to Decree No. 102/2022/ND-CP dated February 12, 2022 of the Government on function, tasks, powers and organizational structures of the State Bank of Vietnam;
At the request of the Director of the Financial Policy Department;
The Governor of the State Bank of Vietnam hereby promulgates a Circular on the application of interest rates of deposits in US dollars of organizations and individuals at credit institutions and foreign bank branches.
1. This Circular provides for the application of maximum interest rates of deposits in US dollars of organizations (excluding credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches.
2. Deposits in the forms specified in clause 27 Article 4 of the Law on Credit Institutions.
1. Commercial banks, cooperative banks, general finance companies, specialized financial companies, foreign bank branches (hereinafter referred to as “credit institutions”) operating in Vietnam according to the provisions of Law on Credit Institutions.
2. Organizations (excluding credit institutions) and individuals making deposits at credit institutions (hereinafter referred to as “clients”).
1. A credit institution shall apply interest rates on deposits in US dollars not exceeding the maximum interest rates decided by the Governor of the State Bank of Vietnam in each period for:
a) Deposits of organizations.
b) Deposits of individuals.
2. The maximum interest rate on a deposit in US dollar specified herein shall include payments for sale promotion in any form and be applicable to a term deposit on which interest rate is paid at the end of the deposit period and another deposit on which interest rate is paid by another method that is converted into deposit on which interest rate is paid at the end of the deposit period.
3. A credit institution shall post publicly its interest rates on deposits in US dollars at a lawful transaction location within the operation network of the credit institution and be posted on the website of the credit institution (if any). The credit institution, when receiving deposits, is not allowed to do promotions in any form (in cash, interest rates and other forms) in contravention of the provisions of law.
Article 4. Implementation clauses
1. This Circular comes into force from November 20, 2024.
2. This Circular replaces Circular No. 06/2014/TT-NHNN .
3. Regarding agreements on interest rates on deposits in US dollars made before the effective date of this Circular, credit institutions and clients shall continue to comply with the agreements until the expiration of the terms of such deposits. When the agreed term expires, if any client does not come to collect the deposit, the credit institution shall apply the interest rate on the deposit as prescribed in this Circular.
Article 5. Organization of implementation
The Chief of Office, the Director of the Monetary Policy Department, heads of units affiliated to the State Bank of Vietnam, credit institutions and foreign bank branches are responsible for organization of implementation of this Circular./.
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PP. GOVERNOR |
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