Decision 1812/QD-NHNN 2022 the maximum interest rate applicable to deposits in VND

  • Summary
  • Content
  • Status
  • Vietnamese
  • Download
Save

Please log in to use this function

Send link to email

Please log in to use this function

Error message
Font size:

ATTRIBUTE

Decision No. 1812/QD-NHNN dated October 24, 2022 of the State Bank of Vietnam on the maximum interest rate applicable to deposits in Vietnamese dong of organizations and individuals at credit institutions and foreign bank branches as prescribed in the Circular No. 07/2014/TT-NHNN dated March 17, 2014
Issuing body: State Bank of VietnamEffective date:
Known

Please log in to a subscriber account to use this function.

Don’t have an account? Register here

Official number:1812/QD-NHNNSigner:Pham Thanh Ha
Type:DecisionExpiry date:Updating
Issuing date:24/10/2022Effect status:
Known

Please log in to a subscriber account to use this function.

Don’t have an account? Register here

Fields:Finance - Banking

SUMMARY

To increase the maximum interest rate applicable to deposits

This remarkable content is defined in the Decision No. 1812/QD-NHNN dated October 24, 2022 of the State Bank of Vietnam on the maximum interest rate applicable to deposits in Vietnamese dong of organizations and individuals at credit institutions and foreign bank branches as prescribed in the Circular No. 07/2014/TT-NHNN dated March 17, 2014.

Specifically, the maximum interest rate applicable to demand deposits and deposits with term of less than one month shall be increased from 0.5% per annum to 1.0 % per annum.

At the same time, the maximum interest rate applicable to deposits with term of one month to less than six months is increased from 5.0 per annum to 6.0% per annum. For People’s credit funds and micro-financial institutions, the maximum interest rate applicable to deposits with term of one month to less than six months is increased to 6.5% per annum in comparison to 5.5% per annum as in previous regulations.

This Decision takes effect on October 25, 2022.

For more details, click here.
Download files here.
LuatVietnam.vn is the SOLE distributor of English translations of Official Gazette published by the Vietnam News Agency
Effect status: Known

THE STATE BANK OF VIETNAM

_______

No. 1812/QD-NHNN

 

THE SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

_________________________

Hanoi, October 24, 2022


 

DECISION
On the maximum interest rate applicable to deposits in Vietnamese dong of organizations and individuals at credit institutions and foreign bank branches as prescribed in the Circular No. 07/2014/TT-NHNN dated March 17, 2014

_________

THE GOVERNOR OF THE STATE BANK OF VIETNAM

 

Pursuant to the Law No. 46/2010/QH12 on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law No. 47/2010/QH12 on Credit Institutions dated June 16, 2010; the Law No. 17/2017/QH14 on Amending and Supplementing a Number of Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Government’s Decree No. 16/2017/ND-CP dated February 17, 2017, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

Pursuant to the Circular No. 07/2014/TT-NHNN dated March 17, 2014 of the Governor of the State Bank  of Vietnam, providing for the interest rate applicable to deposits in Vietnamese dong of organizations and individuals at credit institutions;

At the proposal of the Director of the Monetary Policy Department.

 

DECIDES:

 

Article 1. The maximum interest rate applicable to deposits in Vietnamese dong of organizations (except credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches as prescribed in the Circular No. 07/2014/TT-NHNN dated March 17, 2014 shall be as follows:

1. The maximum interest rate applicable to demand deposits and deposits with term of less than one month shall be 1.0% per annum.

2. The maximum interest rate applicable to deposits with term of one month to less than six months shall be 6.0% per annum; for People’s credit funds and micro-financial institutions, the maximum interest rate applicable to deposits with term of one month to less than six months shall be 6.5% per annum.

Article 2.

1. This Decision takes effect on October 25, 2022 and replaces the Decision No. 1607/QD-NHNN dated September 22, 2022 of the Governor of the State Bank of Vietnam on the maximum interest rate applicable to deposits in Vietnamese dong of organizations and individuals at credit institutions and foreign bank branches as prescribed in the Circular No. 07/2014/TT-NHNN dated March 17, 2014.

2. The interest rates applicable to term deposits in Vietnamese dong of organizations and individuals at credit institutions and foreign bank branches arising before the effective date of this Decision shall be implemented until their expiry. In case where at the ending of the agreed period, organizations and individuals do not come to withdraw their deposits, the credit institutions and foreign bank branches shall fix the interest rate applicable to those deposits in conformity with this Decision.

Article 3. Chief of Office, director of the Monetary Policy Department and heads of units of the State Bank of Vietnam, credit institutions, foreign bank branches shall be responsible for the implementation of this Decision./.

 

 

FOR THE GOVERNOR

THE DEPUTY GOVERNOR


 

 

Pham Thanh Ha

 

Please log in to a subscriber account to see the full text. Don’t have an account? Register here
Please log in to a subscriber account to see the full text. Don’t have an account? Register here
Processing, please wait...
LuatVietnam.vn is the SOLE distributor of English translations of Official Gazette published by the Vietnam News Agency

ENGLISH DOCUMENTS

LuatVietnam's translation
Decision 1812/QĐ-NHNN DOC (Word)

This utility is available to subscribers only. Please log in to a subscriber account to download. Don’t have an account? Register here

Decision 1812/QĐ-NHNN PDF

This utility is available to subscribers only. Please log in to a subscriber account to download. Don’t have an account? Register here

* Note: To view documents downloaded from LuatVietnam.vn, please install DOC, DOCX and PDF file readers
For further support, please call 19006192

related news

SAME CATEGORY

loading