Adjustments to interest rates on VND deposits by the Vietnam Bank for Social Policies from April 03, 2023

Adjustments to interest rates on VND deposits by the Vietnam Bank for Social Policies from April 03, 2023

From April 03, 2023, the interest rate on VND deposits of the Vietnam Bank for Social Policies is 0.5% per annum.

(Decreased by 0.3% per annum compared to the current rates specified in Decision 1350/QD-NHNN dated August 06, 2020).

Additionally, the interest rates on VND deposits of the Vietnam Development Bank, People's Credit Funds, and Microfinance Institutions at the State Bank of Vietnam have also been adjusted as follows:

- For deposits of the Vietnam Development Bank: 0.5% per annum.

- For deposits of People's Credit Funds: 0.5% per annum.

- For deposits of Microfinance Institutions: 0.5% per annum.

(In Decision 1350/QD-NHNN, the interest rates applied for these cases were 0.8% per annum)

Decision 578/QD-NHNN is effective in Vietnam from April 03, 2023, and substitutes Decision 1350/QD-NHNN dated August 06, 2020.

SBV continues to reduce deposit interest rates for individual and organizational deposits at credit institutions in Vietnam

Under Decision 575/QD-NHNN, the maximum interest rate for VND deposits of organizations (excluding credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches under the regulations in Circular 07/2014/TT-NHNN is as follows:

- The maximum interest rate for non-term deposits and term deposits less than 1 month is 0.5% per annum.

(Decreased by 0.5% per annum compared to the current rates specified in Decision 1812/QD-NHNN)

- The maximum interest rate for term deposits from 1 month to less than 6 months is 5.5% per annum; for People's Credit Funds and Microfinance Institutions, the maximum interest rate for term deposits from 1 month to less than 6 months is 6.0% per annum.

(Under Decision 1812/QD-NHNN, the interest rates were as follows:

The maximum interest rate for term deposits from 1 month to less than 6 months was 6.0% per annum;

For People's Credit Funds and Microfinance Institutions, the maximum interest rate for term deposits from 1 month to less than 6 months was 6.5% per annum.)

* Note: For VND term deposits of organizations and individuals at credit institutions and foreign bank branches incurred before April 03, 2023, the agreed interest rates continue to be applied until the end of the term.

If the term expires and the organization or individual does not withdraw the deposit, the credit institution or foreign bank branch will apply the interest rates according to Decision 575/QD-NHNN.

Decision 575/QD-NHNN is effective in Vietnam from April 03, 2023, and substitutes Decision 1812/QD-NHNN dated October 24, 2022.

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