What are the procedures for making saving deposits in Vietnam? Is it possible to make savings deposits in foreign currency?
Is it possible to make savings deposits in foreign currency in Vietnam?
The currencies upon savings deposit taking and payout is specified in Article 10 of Circular 48/2018/TT-NHNN as follows:
Currencies upon savings deposit taking and payout
1. The currency upon savings deposit taking is Vietnamese dong or foreign currency. The credit institution may determine the type of foreign currency/ies which it takes saving deposits.
2. The currency upon savings deposit payout is the one that the depositor previously made. The saving deposit payout as to foreign currency small change shall be accordant with regulations of the credit institution.
3. Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a resident, the depositor and the credit institution may reach an agreement as to payout of principal and interest into a checking account in Vietnamese dong of such depositor.
4. Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a non-resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in Vietnamese dong of such depositor.
5. Regarding a savings deposit in foreign currency of a Vietnamese citizen who is a resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in foreign currency of such depositor.
Thus, depositors may make savings deposits in foreign currency. The credit institution may determine the type of foreign currency/ies which it takes saving deposits.
The currency upon savings deposit payout is the one that the depositor previously made. The saving deposit payout as to foreign currency small change shall be accordant with regulations of the credit institution.
Regarding a savings deposit in foreign currency of a Vietnamese citizen who is a resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in foreign currency of such depositor.
What are the procedures for making saving deposits in Vietnam? Is it possible to make savings deposits in foreign currency?
What are the procedures for making saving deposits in Vietnam?
According to Article 12 of Circular 48/2018/TT-NHNN, Procedures for making saving deposits at transaction offices of credit institutions are carried out as follows:
(1) A depositor must come to a transaction office of a credit institution in person and present his/her identify proof; in case of a joint savings deposit, all depositors must present their identify proof in person. If the savings deposit is going to made by the legal representative, such legal representative must present his/her representative status proof and identity proof and identity proof of depositor.
(2) The depositor has to register his/her sample signature in a case where he/she wishes to change his/her old sample signature or he/she has not had such a sample signature registered at the credit institution. If the depositor is unable to write, read or see: he/she will follow the guidelines of the credit institution.
(3) The credit institution shall compare and update information of depositors as per the law on anti-money laundering.
(4) The depositor will follow other procedures as guided by the credit institution.
(5) Upon completion of procedures prescribed in Clauses 1, 2, 3 and 4 of Article 12 of Circular 48/2018/TT-NHNN, the credit institution shall take the savings deposit and give the passbook to the depositor.
Notes: Adding credit to a savings account of an issued passbook:
- Adding credit in cash: The depositor shall comply with Clauses 1, 2, 3, and 4 of Article 12 of Circular 48/2018/TT-NHNN and present the issued passbook. The credit institution shall take the credit to the savings account, record the credit to the issued passbook and give the passbook to the depositor;
- Adding credit from a checking account of the depositor: the depositor will follow procedures as guided by the credit institution.
Vietnam: Is premature withdrawal from savings deposits allowed?
Premature withdrawal from savings deposits is stipulated in Article 17 of Circular 48/2018/TT-NHNN as follows:
Premature withdrawal from savings deposits
1. The premature withdrawal from a savings deposit shall be done in conformity with agreement between the credit institution and the depositor.
2. Interest rate for premature withdrawal from savings deposit shall be charged in accordance with regulations of the State Bank of Vietnam on interest rate charged for premature withdrawal from savings deposit at the withdrawal time.
Thus, the premature withdrawal from a savings deposit shall be done in conformity with agreement between the credit institution and the depositor.
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