In Vietnam: Is it permissible to take out savings deposits at transaction offices, that didn't issue the passbook?
In Vietnam: Is it permissible to take out savings deposits at transaction offices, that didn't issue the passbook? Is it permissible to make joint savings deposits through the legal representative in Vietnam? What are procedures for paying out savings deposits at transaction offices of credit institutions in Vietnam?
Hello Lawnet. in 2017, my mother opened a savings account at the Binh Trieu branch of S Bank in Ho Chi Minh City. In 2021, my mother passed away due to Covid. Currently, I want to withdraw my mother's savings account. However, I am living in District 6. I would like to know if I can withdraw my mother's savings account at the S Bank branch in District 6 or if I have to withdraw it at the branch where the account was opened.
Thank you!
In Vietnam: Is it permissible to take out savings deposits at transaction offices, that didn't issue the passbook?
Pursuant to Article 8 of the Circular 48/2018/TT-NHNN stipulating transaction offices offering savings deposits taking and payout as follows:
1. The credit institution shall take and pay out savings deposits at legal transaction offices under its operation network (hereinafter referred to as transaction office), except for taking and paying out online savings deposits.
2. As for a passbook, the credit institution may take and pay out saving deposit at the transaction office which issued such passbook or any of other transactions offices. If a credit institution takes and pays out saving deposits in multiple transaction offices, it must ensure that saving deposits are taken and paid out accurately and safely as to the depositors and the credit institution’s operation.
As regulations above, before, your mother opened a savings account at the Binh Trieu branch of S Bank. Now that your mother has passed away, you can still withdraw the savings account at the District 6 branch of this S Bank.
Is it permissible to make joint savings deposits through the legal representative in Vietnam?
Pursuant to Clause 1 Article 12 of the Circular 48/2018/TT-NHNN stipulating procedures for making saving deposits at transaction offices of credit institutions as follows:
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.
As regulations above, it is permissible to make joint savings deposits through the legal representative in Vietnam. 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.
What are procedures for paying out savings deposits at transaction offices of credit institutions in Vietnam?
Pursuant to Article 18 of the Circular 48/2018/TT-NHNN stipulating procedures for paying out savings deposits at transaction offices of credit institutions in Vietnam as follows:
1. The credit institution requests the depositor to follow the following procedures:
a) Present the passbook;
b) Present the identity proof of the depositor; or of all depositors (applied to joint savings deposit). If the savings deposit is going to paid out by the legal representative, such legal representative must present his/her representative status proof and identity proof and identity proof of depositor;
c) Submit a savings deposit withdrawal form bearing the signature as the same as the sample signature held at the credit institution. If the depositor is unable to write, read or see: he/she will follow the guidelines of the credit institution.
2. The credit institution shall compare information of the depositor, the depositor’s legal representative in a case where the savings deposit is paid out through the legal representative, information in the passbook, signature in the withdrawal form to with the information held at the credit institution.
3. After the credit institution and the depositor complete the procedures prescribed in Clause 1 and Clause 2 of this Article, the credit institution shall pay out the depositor the principal and interest of the savings deposit in full.
4. The credit institution shall provide guidelines for the following payout procedures in accordance with this Circular and relevant law provisions, ensuring that the savings deposit payout is made accurately and safely as to the depositor and the operation of the credit institution:
a) Savings deposit payout under inheritance;
b) Savings deposit payout under authorization of the depositor.
Above are procedures for paying out savings deposits at transaction offices of credit institutions in Vietnam.
Best regards!
