Regulations on the use of payment accounts opened at the State Bank of Vietnam

Regulations on the use of payment accounts opened at the State Bank of Vietnam

- Payment accounts opened at the State Bank are used to deposit, withdraw cash, issue checks, account, monitor, and execute payment orders via the payment systems organized and operated by the State Bank, make one-time payments through the payment account, and access other payment services provided by the State Bank of Vietnam.

- Payment accounts of credit institutions, branches of foreign banks opened at the State Bank's Transaction Office are used to conduct payment transactions when participating in open market operations, buying and selling transferable instruments, bonds of the Government of Vietnam, treasury bills, State Bank bills, and other activities as prescribed by law.

- The State Bank's Transaction Office and branch offices have the following rights and responsibilities:

+ Proactively deduct (debit) the payment account of customers in cases:

(i) Collect due, overdue debts, interest, and fees arising in the management process of payment accounts and provide payment services as prescribed by the State Bank;

(ii) Adjust wrongly accounted items, items that do not match the nature or usage of the payment account as prescribed by law;

(iii) When a credit is mistakenly posted to a customer's payment account, or according to the request to cancel/return a credit transfer order from the payment service provider serving the sender due to detected errors compared to the sender's payment order;

(iv) Based on a written request from a competent authority for the enforcement of administrative penalty decisions, execution decisions, tax collection decisions, or other payment obligations as prescribed by law.

+ Refuse to execute the account holder's payment order in cases:

(i) The payment order is illegal or invalid;

(ii) The account holder fails to meet the necessary procedures for payment, or the payment order does not match the registered details in the State Bank's payment account opening file;

(iii) Insufficient funds in the payment account;

(iv) Based on a written request from a competent authority as prescribed by law.

+ Keep and promptly update all documents, information, and data in the payment account opening file, including signature samples and seal samples (if any) of the account-opening organization for verification during the usage of the payment account;

+ Provide transaction information, payment account balances to organizations opening payment accounts at the State Bank of Vietnam for verification and reconciliation.

- The State Treasury, credit institutions, and branches of foreign banks opening payment accounts at the State Bank of Vietnam have the following rights and responsibilities:

+ Use their payment account balances to execute legal and valid payment orders;

+ Choose to use payment methods, services, and facilities provided by the State Bank of Vietnam;

+ Request the State Bank's Transaction Office or the State Bank branch opening the payment account to execute legal and valid payment orders and provide information on transactions and balances in their payment accounts.

+ Provide fully, accurately, and promptly documents, information, and data in the payment account opening file and other information as requested by the State Bank's Transaction Office or the State Bank branch opening the payment account;

+ The State Treasury, credit institutions, and branches of foreign banks must send notifications of changes in payment account information to the State Bank's Transaction Office, the branch opening the payment account, using Appendix No. 01 issued with Circular 17/2024/TT-NHNN;

+ Be responsible for risks arising due to incomplete, inaccurate, or untimely information updates and for damages caused by their own errors.

See detailed content in Circular 17/2024/TT-NHNN, effective from July 01, 2024

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