Regulations on taking and payout of online savings deposits in Vietnam

Regulations on taking and payout of online savings deposits in Vietnam (Internet image)

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

1. Regulations on taking and payout of online savings deposits in Vietnam

Regulations on taking and payout of online savings deposits in Vietnam according to Article 19 of Circular 48/2018/TT-NHNN are as follows:

- The credit institution shall provide guidance on procedures for taking and payout of online savings deposits through checking accounts of depositors held at the credit institution in accordance with Circular 48/2018/TT-NHNN, regulations of law on electronic transactions, anti-money laundering and relevant law provisions, ensuring that the savings deposit taking or payout is made accurately and safely as to the depositor and the operation of the credit institution.

- The credit institution must maintain all information associated with the taking and payout of online savings deposits to meet the requirements of the depositors concerning trace requests, verification and dispute settlement.

2.  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 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.

3. Regulations on the currencies upon savings deposit taking and payout in Vietnam

Regulations on the currencies upon savings deposit taking and payout in Vietnam according to Article 10 of Circular 48/2018/TT-NHNN are as follows:

- The currency upon savings deposit taking is Vietnamese dong or foreign currency. The credit institution may determine the type of foreign currency/ies which it takes saving deposits.

- The currency upon savings deposit payout is the one that the depositor previously made. The saving deposit payout as to foreign currency small change shall be accordant with regulations of the credit institution.

- Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a resident, the depositor and the credit institution may reach an agreement as to payout of principal and interest into a checking account in Vietnamese dong of such depositor.

- Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a non-resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in Vietnamese dong of such depositor.

- Regarding a savings deposit in foreign currency of a Vietnamese citizen who is a resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in foreign currency of such depositor.

- 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.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE