Regarding this matter, LawNet would like to answer as follows:
“savings deposit” means an amount of money that a depositor deposits at a credit institution following the principle that principal and interest will be paid in full under an agreement with the credit institution (bank) (According to Clause 1, Article 5 of the Circular 48/2018/TT-NHNN)
According to the provisions of Article 6 of Circular 48/2018/TT-NHNN, savings deposits are classified by:
- Terms of deposit, including demand savings deposit and term savings deposit. Specific terms of deposit are determined by credit institutions;
- Other criteria determined by credit institutions.
Credit institutions specify types of savings deposits in accordance with Circular 48/2018/TT-NHNN and relevant laws and regulations, adequately securing the deposits of depositors and operations of credit institutions.
Regulations on types of savings deposits must have at least the following information: interest payment methods, interest calculation methods, deposit term extension, premature withdrawal from savings deposits, and required advance notice upon premature withdrawal from savings deposits.
Thus, savings deposit is money deposited by depositors at a bank with an agreed interest rate and deposit term. Savings depositors can deposit money in the form of demand savings deposit and term savings deposit or other forms prescribed by the bank.
According to the provisions of Article 12 of Circular 48/2018/TT-NHNN, the procedures for making saving deposits at transaction offices of credit institutions are as follows:
Step 1: The depositor sends money directly to the transaction office
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.
Step 2: The depositor registers his/her sample signature
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.
Step 3: The depositor verifies information
The credit institution shall compare and update information of depositors as per the law on anti-money laundering.
Step 4: The depositor performs other procedures
The depositor will follow other procedures as guided by the credit institution.
Step 5: Deliver savings card
Upon completion of procedures prescribed above, the credit institution shall take the savings deposit and give the passbook to the depositor.
Note: Regarding adding credit to a savings account of an issued passbook:
- Adding credit in cash:
+ The depositor shall comply with Step 1, 2, 3, and 4 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.
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