Regulations on interest rates for deposits in Vietnamese Dong at credit institutions in Vietnam from November 20, 2024

Regulations on interest rates for deposits in Vietnamese Dong at credit institutions in Vietnam from November 20, 2024

The regulations regarding the interest rates for deposits in Vietnamese Dong by organizations and individuals at credit institutions and foreign bank branches in Vietnam are as follows:

- Credit institutions may apply interest rates for deposits in Vietnamese Dong of organizations and individuals no higher than the maximum interest rate for demand deposits, term deposits of less than 1 month, and term deposits from 1 month to less than 6 months as decided by the Governor of the State Bank of Vietnam during each period and for each type of credit institution.

- Credit institutions shall apply interest rates for deposits in Vietnamese Dong for term deposits of 6 months or more of organizations and individuals based on the supply and demand of market capital.

- The maximum interest rate for deposits in Vietnamese Dong prescribed in Circular 48/2024/TT-NHNN includes all promotional costs in any form, applicable to the method of interest payment at the end of the term and other interest payment methods converted into the method of interest payment at the end of the term.

- Credit institutions must publicly disclose the Vietnamese Dong deposit interest rates at their legally operational transaction locations and post them on the institution's website (if any). Credit institutions, when accepting deposits, must not implement promotions in any form (in money, interest rates, and other forms) contrary to legal regulations.

Circular 48/2024/TT-NHNN takes effect in Vietnam from November 20, 2024, and replaces Circular 07/2014/TT-NHNN.

For agreements on interest rates for deposits in Vietnamese Dong made before the effective date of Circular 48/2024/TT-NHNN, credit institutions and customers shall continue to operate according to the agreement until the end of the term. In the case that the agreed term ends and the customer does not withdraw the deposit, the credit institution shall apply the deposit interest rates as regulated in Circular 48/2024/TT-NHNN.

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