Can a person under 18 open a savings account in Vietnam?

Can a person under 18 open a savings account in Vietnam?

Pursuant to Article 3 of the Circular 48/2018/TT-NHNN stipulating depositors in Vietnam as follows:

Depositors

1. Vietnamese citizens who are 18 years of age or older and have full civil capacity as per the law.

2. Vietnamese citizens who are 15 years of age to under 18 years of age and have not had limited legal capacity or lack of legal capacity as per the law.

3. Vietnamese citizens who have limited legal capacity or lack of legal capacity as per the law or are under 15 years and have their savings deposit transactions conducted by their legal representatives; Vietnamese citizens with limited cognition or behavior control by law who have their savings deposit transaction conducted by their guardians.

As regulations above, a person under 18 can open a savings account in Vietnam as long as he/she satisfies following requirements:

- Vietnamese citizens who are 15 years of age to under 18 years of age and have not had limited legal capacity or lack of legal capacity as per the law.

- Vietnamese citizens are under 15 years and have their savings deposit transactions conducted by their legal representatives.

Note:

- Vietnamese citizens who have limited legal capacity or lack of legal capacity as per the law shall have their savings deposit transactions conducted by their legal representatives.

- Vietnamese citizens with limited cognition or behavior control by law who have their savings deposit transaction conducted by their guardians.

Can a person under 18 open a savings account in Vietnam? - Source: Internet

What are procedures for making saving deposits at transaction offices of credit institutions in Vietnam?

Pursuant to Article 12 of the Circular 48/2018/TT-NHNN stipulating procedures for making saving deposits at transaction offices of credit institutions in Vietnam as follows:

Step 1. 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 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 credit institution shall compare and update information of depositors as per the law on anti-money laundering.

Step 4. The depositor will follow other procedures as guided by the credit institution.

Step 5. Upon completion of procedures prescribed in Clauses 1, 2, 3 and 4 of this Article, the credit institution shall take the savings deposit and give the passbook to the depositor.

Adding credit to a savings account of an issued passbook:

- Adding credit in cash: The depositor shall comply with Clauses 1, 2, 3, and 4 of this Article 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.

What are types of savings deposits in Vietnam?

Pursuant to Article 6 of the Circular 48/2018/TT-NHNN stipulating types of savings deposits in Vietnam as follows:

Types of savings deposits

1. Savings deposits are classified by:

a) Terms of deposit, including demand savings deposit and term savings deposit. Specific terms of deposit are determined by credit institutions;

b) Other criteria determined by credit institutions.

2. Credit institutions specify types of savings deposits in accordance with this Circular 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.

As regulations above, savings deposits are classified by:

- Terms of deposit.

- Other criteria determined by credit institutions.

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