Interest rates for personal deposits in U.S. Dollars at foreign credit institutions in Vietnam from November 20, 2024

Interest rates for personal deposits in U.S. Dollars at foreign credit institutions in Vietnam from November 20, 2024

According to the provisions in Article 1 of Decision 2410/QD-NHNN in 2024, the maximum interest rates for US dollar deposits of organizations and individuals at credit institutions and foreign bank branches in Vietnam as stipulated in Circular 46/2024/TT-NHNN are as follows:

- The interest rate applicable to deposits from organizations (excluding credit institutions, foreign bank branches) is 0% per annum.

- The interest rate applicable to individual deposits is 0% per annum.

Note: Interest rates for US dollar deposits are specifically stipulated in Article 3 of Circular 46/2024/TT-NHNN as follows:

- Credit institutions shall apply US dollar deposit interest rates not exceeding the maximum interest rates decided by the Governor of the State Bank of Vietnam from time to time for:

+ Deposits from organizations.

+ Deposits from individuals.

- The maximum interest rate on US dollar deposits stipulated in Circular 46/2024/TT-NHNN includes promotional expenditure in any form, applicable to the interest payment method at the end of the term and other interest payment methods converted to the end of the term payment method.

- Credit institutions must publicly list US dollar deposit interest rates at legitimate transaction locations within their operational network and post them on their website (if available). When receiving deposits, credit institutions are not allowed to implement promotions in any form (cash, interest rate, and other forms) that are not compliant with legal regulations.

More details can be found in Decision 2410/QD-NHNN, effective from November 20, 2024.

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