Vietnam’s regulation on interest rates applicable to deposits in USD of organizations and individuals at credit institutions

Trong Tin

17:05, 10/10/2024

On September 30, 2024, the Governor of the State Bank of Vietnam promulgated Circular No. 46/2024/TT-NHNN on the application of interest rates to deposits in USD of organizations and individuals at credit institutions and foreign bank branches.

Vietnam’s regulation on interest rates applicable to deposits in USD of organizations and individuals at credit institutions

Circular No. 46/2024/TT-NHNN stipulates the application of maximum interest rates to deposits in USD of organizations (excluding credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches.

Credit institutions shall ensure that the interest rates applicable to deposits in USD do not exceed the maximum interest rates decided by the Governor of the State Bank of Vietnam in each period applicable to:

- Deposits of organizations.

- Deposits of individuals.

The maximum interest rates applicable to deposits in USD prescribed in Circular No. 46/2024/TT-NHNN include payments for sale promotion in any form and be applied to the method of term-end interest payment and other methods of interest payment that are converted into the method of term-end interest payment.

Credit institutions shall publicly post interest rates applicable to deposits in USD at legal transaction locations included in the operational network of credit institutions and on their websites (if any). When receiving deposits, credit institutions shall not offer sale promotion in any form (in cash, interest rate, or other forms) contrary to the law.

Circular No. 46/2024/TT-NHNN replaces Circular No. 06/2014/TT-NHNN on maximum interest rates applicable to deposits in USD of organizations and individuals at credit institutions.

Regarding agreements on interest rates applicable to deposits in USD made before November 20, 2024, credit institutions and clients shall continue to implement them until the expiry dates. In case the clients do not come for the withdrawal when the agreed terms expire, credit institutions shall apply the deposit interest rates prescribed in Circular No. 46/2024/TT-NHNN.

See more details in Circular No. 46/2024/TT-NHNN, effective as of November 20, 2024.

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- This translation is generated by OpenAI's GPT-4o model;
- The legal regulations in this article are according to Vietnamese Law;
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