Legal Counselling

Vietnam: The currency used in payment of principal and interest of the term deposit is the currency that the customer previously used to make the deposit

10:40, 19/01/2019

This is a notable content specified in Circular No. 49/2018/TT-NHNN of the State Bank of Vietnam on term deposits.

Term deposit transactions shall be carried out in compliance with the 06 principles specified in Circular No. 49/2018/TT-NHNN of the State Bank of Vietnam, specifically as follows:

- A credit institution shall take term deposits in accordance with its scope of operation;

- A customer may only make a term deposit and receive payment thereof via his/her checking account;

- A customer shall, by himself/herself or through his/her legal representative, make a term deposit or receive payment thereof under guidance of the credit institution;

- Regarding a joint term deposit, the customers shall make deposit or receive payment thereof via their joint checking account;

- The deposit term shall be determined according to the agreement made between the credit institution and the customer;

- The currency used in payment of principal and interest of the term deposit is the currency that the customer previously used to make the deposit.

View the regulation on agreement on term deposit at Circular No. 49/2018/TT-NHNN of the State Bank of Vietnam, effective from July 05, 2019.

- Thanh Lam -

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