The Time Limit for Depositing Money from the Social Insurance Fund at the Bank is No More Than 3 Years

15:53, 10/07/2024

the Government of Vietnam promulgates Decree 30/2016/ND-CP detailing investment activities from social insurance funds, health insurance, and unemployment insurance.

Social Insurance Fund, Health Insurance Fund, and Unemployment Insurance Fund shall only deposit money at commercial banks with good operation quality according to the credit rating of the State Bank of Vietnam. To be specific:

- The amount of money deposited at commercial banks is decided by the General Director of Vietnam Social Security.- The term of the deposit is calculated from the deposit date to the retrieval date. The specific term is selected by Vietnam Social Security but must not exceed 03 years.- The deposit interest rate is applied according to the term deposit interest rate of commercial banks, but must ensure that it is not lower than the average term deposit interest rate at the deposit time of four branches belonging to four commercial banks: Vietnam Joint Stock Commercial Bank for Industry and Trade, Joint Stock Commercial Bank for Foreign Trade of Vietnam, Joint Stock Commercial Bank for Investment and Development of Vietnam, Vietnam Bank for Agriculture and Rural Development.- In case the interest or principal payment is due, if the commercial bank does not pay promptly, in addition to fully paying the delayed interest or principal, it must also pay late payment interest at 150% of the deposit interest rate at the payment time on the delayed amount, and for the delayed period.

More details can be found in Decree 30/2016/ND-CP effective from June 16, 2016.

- Thanh Lam -

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