Vietnam’s new regulations on currencies upon savings deposit taking and payout

Specifically, according to Circular No. 48/2018/TT-NHNN of the State Bank of Vietnam, currencies upon savings deposit taking and payout are specified as follows:

- The currency upon savings deposit taking is Vietnamese dong or foreign currency. The credit institution may determine the type of foreign currency/ies which it takes saving deposits.

- The currency upon savings deposit payout is the one that the depositor previously made.

- Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a resident, the depositor and the credit institution may reach an agreement as to payout of principal and interest into a checking account in Vietnamese dong of such depositor.

- Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a non-resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in Vietnamese dong of such depositor.

- Regarding a savings deposit in foreign currency of a Vietnamese citizen who is a resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in foreign currency of such depositor.

View the procedures for making saving deposits at Circular No. 48/2018/TT-NHNN of the State Bank of Vietnam, effective from July 05, 2019.

- Thanh Lam -

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