Vietnam: Maximum deposit interest rate from September 23, 2022

Vietnam: Maximum deposit interest rate from September 23, 2022 (Source: internet)

The Governor of the State Bank issued Vietnam's Decision 1607/QD-NHNN on September 22, 2022, establishing the maximum interest rate for deposits in Vietnamese Dong made by organizations and individuals at credit institutions and foreign bank branches, as prescribed in Vietnam's Circular 07/2014/TT-NHNN.

From September 23, 2022, the maximum interest rate for deposits in Vietnam Dong of organizations (except credit institutions, foreign bank branches) and individuals at credit institutions and foreign bank branches as prescribed in Vietnam's Circular 07/2014/TT-NHNN will be as follows:

- The maximum interest rate applicable to demand deposits with a term of less than 1 month is 0.5%/year.

- The maximum interest rate applicable to deposits with a term from 1 month to less than 6 months is 5.0%/year; Particularly, People's Credit Funds and Microfinance Institutions apply the maximum interest rate for deposits with a term from 1 month to less than 6 months at 5.5%/year.

Note: Interest rates on deposits in Vietnam Dong with terms of organizations and individuals at credit institutions and foreign bank branches arising before September 23, 2022 shall be applied until the end of this term; in case the agreed time limit expires, and the organization or individual does not come to receive the deposit, the credit institution or foreign bank branch shall apply the interest rate on the deposit as prescribed in Vietnam's Decision 1607/QD- SBV.

Vietnam's Decision 1607/QD-NHNN takes effect from September 23, 2022.

Diem My

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