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

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

Regarding this issue, LawNet would like to answer as follows:

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

 Procedures for paying out saving deposits at transaction offices of credit institutions according to Article 18 of Circular 48/2018/TT-NHNN are as follows:

- 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.

2. Types of savings deposits in Vietnam

Types of savings deposits according to Article 6 of Circular 48/2018/TT-NHNN are as follows:

- Savings deposits are classified by:

+ Terms of deposit, including demand savings deposit and term savings deposit. Specific terms of deposit are determined by credit institutions;

+ Other criteria determined by credit institutions.

- Credit institutions specify types of savings deposits in accordance with Circular 48/2018/TT-NHNN and relevant laws and regulations, adequately securing the deposits of depositors and operations of credit institutions.

Regulations on types of savings deposits must have at least the following information: interest payment methods, interest calculation methods, deposit term extension, premature withdrawal from savings deposits, and required advance notice upon premature withdrawal from savings deposits.

3. Transaction offices offering savings deposits taking and payout in Vietnam

Transaction offices offering savings deposits taking and payout according to Article 8 of Circular 48/2018/TT-NHNN are as follows:

- The credit institution shall take and pay out savings deposits at legal transaction offices under its operation network (hereinafter referred to as transaction office), except for taking and paying out online savings deposits.

- As for a passbook, the credit institution may take and pay out saving deposit at the transaction office which issued such passbook or any of other transactions offices.

If a credit institution takes and pays out saving deposits in multiple transaction offices, it must ensure that saving deposits are taken and paid out accurately and safely as to the depositors and the credit institution’s operation.

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