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Maximum interest rate for deposits in Vietnam Dong from September 23, 2022 in Vietnam

Nguyễn Thị Diễm My

11:13, 23/09/2022

On September 22, 2022, the Governor of the State Bank of Vietnam issued Decision 1607/QD-NHNN to level maximum interest rate for deposits in Vietnam dong of organizations and individuals at credit institutions, foreign bank branches as prescribed in Circular 07/2014/TT-NHNN.

According to Vietnam's Decision 1607/QD-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 is prescribed in Vietnam's Circular 07/2014/TT-NHNN as follows:

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

(Previously, this maximum interest rate was 0.2%/year)

- Maximum interest rate applicable to deposits with terms ranging from one month to six months:

+ Of people's credit funds and microfinance institutions is 5.5%/year.

(Previously, this maximum interest rate was 4.5%/year)

+ Of other types of credit institutions, foreign bank branches is 5.0%/year.

(Previously, this maximum interest rate was 4.0%/year)

Vietnam's Decision 1607/QD-NHNN takes effect from September 23, 2022 and replaces Decision 1729/QD-NHNN dated September 30, 2020.

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