The State Bank of Vietnam to continue to increase the ceiling of deposit interest rates from October 25, 2022

Le Truong Quoc Dat

08:38, 25/10/2022

On October 24, 2022, the State Bank of Vietnam promulgated Decision No. 1812/QD-NHNN on maximum interest rates of deposits in Vietnam Dong at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN.

According to the Decision, regulations on maximum interest rates of deposits in Vietnam Dong of organizations (except for credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN are as follows:

- The maximum interest rate applicable to demand deposits and deposits with a term below 1 month is 1,0% per year.

- The maximum interest rate applicable to deposits with a term from 1 to below 6 months is 6,0% per year. Particularly, regarding People's Credit Funds and microfinance institutions, the maximum interest rate applicable to deposits with a term from 1 to below 6 months is 6,5% per year.

(Compared to Decision No. 1607/QD-NHNN dated September 22, 2022, the maximum interest rate applicable to demand deposits and deposits with a term below 1 month has increased by 0.5% per year, and other interest rates have increased by 1.0% per year)

Additionally, interest rates generated before October 25, 2022 shall be implemented until the end of the specific term. Upon the expiry of the agreed term, if organizations and individuals do not come to receive their deposits, the new interest rate shall be applicable according to Decision No. 1812/QD-NHNN.

Decision No. 1812/QD-NHNN comes into force as of October 25, 2022 and replaces Decision No. 1607/QD-NHNN dated September 22, 2022.

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