Procedures for paying out saving deposits at transaction offices of credit institutions in Vietnam

Procedures for making saving deposits at transaction offices of credit institutions in Vietnam

Pursuant to the provisions of Article 12 of Circular 48/2018/TT-NHNN, a depositor must come to a transaction office of a credit institution in person and present his/her identify proof; in case of a joint savings deposit, all depositors must present their identify proof in person. If the savings deposit is going to made by the legal representative, such legal representative must present his/her representative status proof and identity proof and identity proof of depositor.

The depositor has to register his/her sample signature in a case where he/she wishes to change his/her old sample signature or he/she has not had such a sample signature registered at the credit institution. If the depositor is unable to write, read or see:  he/she will follow the guidelines of the credit institution.

The credit institution shall compare and update information of depositors as per the law on anti-money laundering.

The depositor will follow other procedures as guided by the credit institution.

Upon completion of procedures prescribed in Clauses 1, 2, 3 and 4 of Article 12 of Circular 48/2018/TT-NHNN, the credit institution shall take the savings deposit and give the passbook to the depositor.

Adding credit to a savings account of an issued passbook:

- Adding credit in cash: The depositor shall comply with Clauses 1, 2, 3, and 4 of Article 12 of Circular 48/2018/TT-NHNN and present the issued passbook.  The credit institution shall take the credit to the savings account, record the credit to the issued passbook and give the passbook to the depositor;

- Adding credit from a checking account of the depositor: the depositor will follow procedures as guided by the credit institution.

Procedures for paying out saving deposits at transaction offices of credit institutions in Vietnam (Internet image) 

Procedures for paying out saving deposits at transaction offices of credit institutions in Vietnam

Pursuant to Article 18 of Circular 48/2018/TT-NHNN, the credit institution requests the depositor to follow the following procedures:

- Present the passbook;

- Present the identity proof of the depositor; or of all depositors (applied to joint savings deposit). If the savings deposit is going to paid out by the legal representative, such legal representative must present his/her representative status proof and identity proof and identity proof of depositor;

- Submit a savings deposit withdrawal form bearing the signature as the same as the sample signature held at the credit institution. If the depositor is unable to write, read or see:  he/she will follow the guidelines of the credit institution.

The credit institution shall compare information of the depositor, the depositor’s legal representative in a case where the savings deposit is paid out through the legal representative, information in the passbook, signature in the withdrawal form to with the information held at the credit institution.

After the credit institution and the depositor complete the procedures prescribed in Clause 1 and Clause 2 of Article 18 of Circular 48/2018/TT-NHNN, the credit institution shall pay out the depositor the principal and interest of the savings deposit in full.

The credit institution shall provide guidelines for the following payout procedures in accordance with this Circular and relevant law provisions, ensuring that the savings deposit payout is made accurately and safely as to the depositor and the operation of the credit institution:

- Savings deposit payout under inheritance;

- Savings deposit payout under authorization of the depositor.

Mai Thanh Loi

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