Further reduction of the maximum deposit interest rate at foreign bank branches in Vietnam

Nguyen Trinh

00:52, 10/07/2024

This is a notable content in Decision 1729/QD-NHNN regarding the maximum interest rate for deposits in VND of organizations and individuals at institutions and foreign bank branches in Vietnam as stipulated in Circular 07/2014/TT-NHNN dated March 17, 2014.

From October 1, 2020, the maximum interest rate on deposits in VND by organizations and individuals at credit institutions, foreign bank branches in Vietnam as per Circular 07/2014/TT-NHNN is as follows:

- The maximum interest rate applicable to demand deposits and deposits with a term of less than 1 month is 0.2%/year;

- The maximum interest rate applicable to deposits with a term from 1 month to less than 6 months is 4.0%/year (before October 1, 2020, it was 4.25%/year); for People's Credit Funds and microfinance institutions, the maximum interest rate applicable to deposits with a term from 1 month to less than 6 months is 4.5%/year (before October 1, 2020, it was 4.75%/year).

Note: For deposit interest rates in VND with a term arising before October 1, 2020, implementation continues until the end of the term; in cases where the agreed term has expired and the organization or individual does not withdraw the deposit, the above-mentioned deposit interest rates will apply in Vietnam.

More details can be found in Decision 1729/QD-NHNN which comes into force in Vietnam from October 1, 2020, replacing Decision 919/QD-NHNN dated May 12, 2020.

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