Update the latest operating interest rates of the State Bank of Vietnam in 2023? What is the interest rate of deposits?
- What are the State Bank of Vietnam’s latest regulations on interest rates of deposits?
- Deciding to lower refinancing interest rate, re-discount interest rate, interest rate on overnight loans in interbank electronic payment?
- Reducing interest rates of short-term loans in VND for specific sectors?
- What is the interest rate of deposits in Vietnam Dong of organizations and individuals at credit institutions?
What are the State Bank of Vietnam’s latest regulations on interest rates of deposits?
(1) Maximum interest rates of deposits in Vietnamese Dong (VND) of organizations and individuals at credit institutions:
Pursuant to Decision No. 575/QD-NHNN in 2023 issued by the State Bank of Vietnam on the maximum interest rates of deposits in Vietnamese Dong (VND) of organizations and individuals at credit institutions in accordance with regulations in Circular No. 07/2014/TT-NHNN dated March 17, 2014.
According to that, the maximum interest rate of demand deposits and deposits with a term less than 1 month will be reduced from 1.0%/year to 0.5%/year;
The maximum interest rate of deposits with a term from 1 month to less than 6 months is reduced from 6.0%/year to 5.5%/year.
Particularly, people's credit funds and microfinance institutions shall be reduced from 6.5%/year to 6.0%/year with respect to deposits with a term from 1 month to less than 6 months; Interest rates on deposits with a term of 6 months or more are set by credit institutions on the basis of market capital supply and demand.
(2) Interest rates of deposits of State Treasury and Deposit Insurance of Vietnam:
Pursuant to Decision No. 577/QD-NHNN in 2023 on interest rates of deposits of the State Treasury and Deposit Insurance of Vietnam at the State Bank of Vietnam.
According to that, the interest rate of deposits in VND of the State Treasury and Deposit Insurance of Vietnam is currently 0.5%/year; interest rate of deposits in foreign currencies of the State Treasury is kept at 0%/year.
(3) Interest rates of deposits of Vietnam Development Bank, Vietnam Bank for Social Policies, people’s credit funds and microfinance institutions at the State Bank of Vietnam:
Pursuant to Decision No. 578/QD-NHNN in 2023 on interest rates of deposits in Vietnamese Dong (VND) made by Vietnam Development Bank, Vietnam Bank for Social Policies, people’s credit funds and microfinance institutions at the State Bank of Vietnam.
According to that, the interest rate of deposits in VND of the Vietnam Development Bank, the Vietnam Bank for Social Policies, people’s credit funds and microfinance institutions is currently 0.5%/year.
Update the latest operating interest rates of the State Bank of Vietnam in 2023? What is the interest rate of deposits?
Deciding to lower refinancing interest rate, re-discount interest rate, interest rate on overnight loans in interbank electronic payment?
Decision No. 574/QD-NHNN in 2023 on refinancing interest rate, re-discount interest rate, interest rate on overnight loans in interbank electronic payment and loans for making up fund deficits in clearing payment given by the State Bank of Vietnam to credit institutions.
According to that, the refinancing interest rate decreased from 6%/year to 5.5%/year;
Particularly, the re-discount interest rate remained unchanged at 3.5%/year;
Interest rate on overnight loans in interbank electronic payment and loans for making up fund deficits in clearing payment given by the State Bank of Vietnam to credit Institutions and foreign bank branches: 6,0%/year.
Reducing interest rates of short-term loans in VND for specific sectors?
Pursuant to Decision No. 576/QD-NHNN in 2023 on prescribing maximum interest rates of short-term loans in Vietnamese Dong granted by credit institutions to meet borrowers' funding demand in certain business sectors according to Circular No. 39/2016/TT-NHNN dated December 30, 2016.
According to that, the maximum interest rates of short-term loans in Vietnamese Dong granted by credit institutions for borrowers to meet borrowers' funding demand in certain business sectors decreased from 5.0%/year to 4.5%/year;
The maximum interest rates of short-term loans in Vietnamese Dong granted by people's credit funds and microfinance institutions for these capital needs decreased from 6.0%/year to 5.5%/year.
What is the interest rate of deposits in Vietnam Dong of organizations and individuals at credit institutions?
Pursuant to Article 1 of Circular No. 07/2014/TT-NHNN stipulating interest rates for deposits in Vietnam dong of organizations and individuals at credit institutions as follows:
- Credit institutions, foreign bank's branches (hereinafter collectively referred to as credit institutions) shall fix their interest rate applicable to VND deposits of entities and individuals that is not higher than the maximum interest rate applicable to demand deposits, deposits with term of less than one month, deposits with term of one month to less than six month as announced by the Governor of the State Bank from time to time and to specific type of credit institutions.
- Credit institutions shall fix their interest rate applicable to VND deposits with term of six months and more of entities and individuals on the capital demand and supply of the market.
- Deposits shall include such forms as demand deposits, term deposits, savings deposits, deposit certificates, bills of exchange, bills, bonds and other forms of deposits received from entities (other than credit institutions), individuals in accordance with provisions in Clause 13 Article 4 of the 2010 Law on Credit institutions.
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