568057

Decision No. 951/QD-NHNN dated May 23, 2023 on maximum interest rates of deposits in Vietnam Dong of organizations and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN

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Decision No. 951/QD-NHNN dated May 23, 2023 on maximum interest rates of deposits in Vietnam Dong of organizations and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN

Sign: 951/QD-NHNN Document type: Decision
Promulgation place: Ngân hàng Nhà nước Việt Nam Signer: Pham Thanh Ha
Promulgation day: 23/05/2023 Effect day: Known
Announcement day: Updating Announcement number: Updating
Status: Known
Sign: 951/QD-NHNN
Document type: Decision
Promulgation place: Ngân hàng Nhà nước Việt Nam
Signer: Pham Thanh Ha
Promulgation day: 23/05/2023
Effect day: Known
Announcement day: Updating
Announcement number: Updating
Status: Known

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STATE BANK OF VIETNAM
--------

SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
---------------

No. 951/QD-NHNN

Hanoi, May 23, 2023

 

DECISION

ON MAXIMUM INTEREST RATES OF DEPOSITS IN VIETNAM DONG OF ORGANIZATIONS AND INDIVIDUALS AT CREDIT INSTITUTIONS AND FOREIGN BANK BRANCHES ACCORDING TO CIRCULAR NO. 07/2014/TT-NHNN DATED MARCH 17, 2014

THE GOVERNOR OF THE STATE BANK OF VIETNAM

- Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

- Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010 and the Law on amendments to the Law on Credit Institutions No. 17/2017/QH14  dated November 20, 2017;

- Pursuant to the Government's Decree No. 102/2022/ND-CP dated December 12, 2022 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam;

- Pursuant to Circular No. 07/2014/TT-NHNN dated March 17, 2014 of Governor of State Bank of Vietnam on interest rates of deposits in Vietnam Dong of organizations and individuals at credit institutions;

- At the request of the Director of the Monetary Policy Department.

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Article 1. Maximum interest rates of deposits in Vietnam Dong (VND) of organizations (except credit institutions and foreign bank branches) and individuals at credit institutions and foreign banks branches according to Circular No. 07/2014/TT-NHNN dated March 17, 2014 are as follows:

1.  The maximum interest rate of demand deposits and deposits with a term less than 1 month is 0,5%/year.

2. The maximum interest rate of deposits with a term from 1 month to less than 6 months is 5,0%/year. Particularly, people's credit funds and microfinance institutions shall apply the maximum interest rate of 5,5%/year with respect to deposits with a term from 1 month to less than 6 months.

Article 2.

1. This Decision comes into force from May 25, 2023 and supersedes Decision No. 575/QD-NHNN dated March 31, 2022 of Governor of State Bank of Vietnam on maximum interest rates of deposits in VND of organizations and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN dated March 17, 2014.

2. Interest rates of term deposits in VND of organizations and individuals at credit institutions and foreign bank branches made before the effective date hereof shall continue to be applied until these term deposits reach their maturity dates; in case these term deposits are not withdrawn at their maturity dates, the interest rates of these term deposits shall be calculated according to this Decision.

Article 3. 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 the implementation of this Decision./.

 

 

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