The CIRCULAR regulates interest rates for deposits in Vietnam by organizations, institutions and individuals _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pursuant to the law the State Bank of Vietnam the number 46/2010/QH12 16 June 2010;
Pursuant to the law on credit institutions the number 47/2010/QH12 16 June 2010;
Pursuant to Decree No. 154/2013/ND-CP DATED 11 November 2013 of government functions, tasks, powers and structure of the State Bank of Vietnam;
At the suggestion of the Director of monetary policy;
The Governor of the State Bank of Vietnam issued a circular regulating the interest rate for deposit in Vietnam by organizations, institutions and individuals.
1. Credit institutions, branches of foreign banks (hereinafter the credit organization) applies the interest rates of deposits in Vietnam by organizations and individuals do not exceed the maximum interest rate for deposit non-term, term deposits under 1 month, term deposits from 1 month to 6 months by the Governor of the State Bank of Vietnam recipes in each period and for each type of credit institutions.
2. Credit institutions apply the interest in Vietnam for term deposits from 6 months upwards of organizations and individuals on the basis of supply-demand of capital markets.
3. Deposits include the form non-term deposits, term deposits, savings deposits, certificate of deposits, promissory notes, bills, bonds and other forms of deposits of other organizations (except credit institutions), individuals under the provisions of clause 13 article 4 of the law on credit institutions.
Article 2. Maximum interest rate for deposit specified in this circular includes promotional spending in any form, apply to interest method and the final method of paying interest on other Exchange interest method.
Article 3. Credit institutions listed interest in Vietnam at locations receive deposits under the provisions of the State Bank of Vietnam. Prohibit credit institutions receiving deposits done promotions in all forms (in money, interest and other forms) are not true to the rule of law and this circular.
Article 4. Implementation 1. This circular effect since March 18, 2014 and replaces circular No. 15/2013/TT-NHNN dated Jan. 27, 2013 of the Governor of the State Bank of Vietnam stipulates maximum interest rate for deposit in Vietnam by organizations, individuals in credit institutions foreign bank branches.
2. for interest in Vietnam have tenor of the organization or individual at credit institutions incurred prior to the date of this circular effect, enforcement is done by the end of the time limit; the case of expiry of agreement, the Organization, individuals not to deposit, credit institutions shall apply the interest rates for deposits under the provisions of this circular.
3. Inspection bodies, banking supervision and the State Bank branch in the central cities, inspect, inspect, monitor the implementation of the provisions of the deposit interest rate in Vietnam; application of the measures under the jurisdiction to handle for credit institutions violate the provisions of this circular.
4. Office, Director of monetary policy and the heads of the units of the State Bank of Vietnam, the Director of the branch of the State Bank, the central cities; Chairman of the Board, the Chairman of the Board members and the ceo (Director) credit institutions, branches of foreign banks be responsible for organizing the implementation of this circular.