Regulations on interest rates for deposits in USD of organizations and individuals at credit institutions in Vietnam

Trọng Tín

14:38, 08/10/2024

On September 30, 2024, the Governor of the State Bank issued Circular 46/2024/TT-NHNN stipulating the application of interest rates for deposits in USD by organizations and individuals at credit institutions and branches of foreign banks.

Regulations on interest rates for deposits in USD of organizations and individuals at credit institutions in Vietnam

Circular 46/2024/TT-NHNN stipulates the application of maximum interest rates on deposits in USD by organizations (excluding credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches in Vietnam.

Credit institutions shall apply interest rates on deposits in USD not exceeding the maximum rates determined by the Governor of the State Bank of Vietnam, applicable during different periods for:

- Deposits by organizations.

- Deposits by individuals.

The maximum interest rates for deposits in USD as set out in Circular 46/2024/TT-NHNN include promotional amounts in any form and apply to end-of-term interest payments and other interest payment methods that are converted to end-of-term interest payment methods.

Credit institutions must publicly list the interest rates on deposits in USD at legal transaction locations within the credit institution's operational network and post on the credit institution's website (if available). Credit institutions receiving deposits are not allowed to offer promotions in any form (money, interest rates, or other forms) that do not comply with the law in Vietnam.

Circular 46/2024/TT-NHNN replaces Circular 06/2014/TT-NHNN concerning the maximum interest rates for deposits in USD by organizations and individuals at credit institutions.

For USD deposit interest agreements made before November 20, 2024, credit institutions and customers shall continue to execute the agreements until the expiration of the term. If the agreed term expires and the customer does not claim the deposit, the credit institution in Vietnam shall apply the deposit interest rate as stipulated in Circular 46/2024/TT-NHNN.

Details can be found in Circular 46/2024/TT-NHNN from November 20, 2024.

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- The legal regulations in this article are according to Vietnamese Law;
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