Basic Terms in the Deposit Contract of State Asset-Managed Funds at Commercial Banks

03:17, 10/07/2024

This is an important provision stipulated in Circular 64/2019/TT-BTC amending and supplementing certain articles of Circular 314/2016/TT-BTC, which provides guidance on certain articles of Decree 24/2016/ND-CP stipulating the policies for the management of the state's treasury.

According to the provisions in Circular 64/2019/TT-BTC, annually, based on the list of commercial banks (NHTM) expected to receive term deposits of temporarily idle State Treasury funds (NQNN) approved by the Ministry of Finance, the State Treasury (KBNN) shall execute a framework contract for term deposits with these NHTMs. The framework contract includes the following basic terms:

Framework contract terms for term deposits of NQNN with NHTM, Circular 64/2019/TT-BTC

Illustrative image (source: internet)

- Information about the depositor (KBNN) and the term deposit recipient (NHTM), including documents verifying the legal representative's information;

- Method of transferring money, paying the principal amount and interest;

- Rights and obligations of both parties;

- Provisions on contract breach penalties, dispute resolution, early withdrawal agreements, and other agreements related to the term deposit between the parties;

- Provisions on changes to terms and conditions as defined in the framework contract;

- Provisions on contract duration, liquidation, and termination.

The framework contract shall be liquidated or terminated as agreed upon by KBNN and NHTM or when the NHTM fails to meet the stipulated conditions. In the case of contract termination, KBNN and NHTM shall sign the contract liquidation minutes.

See more related provisions in Circular 64/2019/TT-BTC, effective from November 1, 2019.

Thu Ba

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