Decision No. 497/QD-NHNN dated 17 March 2014 of the State Bank of Vietnam on the maximum interest rate applicable to USD deposits of entities, individuals at credit institutions, foreign bank branches under the Circular no. 06/2014/TT-NHNN dated March 17, 2014

THE STATE BANK OF VIETNAM 

Decision No. 497/QD-NHNN dated 17 March 2014 of the State Bank of Vietnamon the maximum interest rate applicable to USD deposits of entities, individuals at credit institutions, foreign bank branches under the Circular no. 06/2014/TT-NHNN dated March 17, 2014

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

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated 16 June 2010;

Pursuant to the Decree No. 156/2013/ND-CP dated 11 November 2013 of the Government, providing for functions, duties, authorities and organizational structure of the State Bank of Vietnam;

Pursuant to the Circular No. 06/2014/TT-NHNN dated 17 March 2014 of the Governor of the State Bank Providing for the maximum interest rate applicable to USD deposits of entities, individuals at credit institutions;

Upon proposal of the Director of the Monetary Policy Department;

DECIDES:

Article 1.Maximum interest rate applicable to USD deposits of entities, individuals as prescribed in the Circular No. 06/2014/TT-NHNN dated 17 March 2014 shall be as follows:

1. Maximum interest rate applicable to deposits of entities (other than credit institutions, foreign bank branches) to be of 0.25%/annum.

2. Maximum interest rate applicable to deposits of individuals to be of 1%/annum.

Article 2.

1. This Decision shall come into effect from 18 March 2014.

2. For interest rates applicable to term USD deposits of entities, individuals at credit institutions arising prior to the effective date of this Decision shall be implemented until the expiry of the term; in the event where at the end of the agreed term, if the entities, individuals do not come for withdrawal, then the credit institutions shall apply interest rates for deposits in accordance with provisions of this Decision.

Article 3.Director of the State Bank’s Office, Director of Monetary Policy Department, Heads of units of the State Bank of Vietnam, General Managers of State Bank s branches in provinces, cities under the Central Government’s management; Chairman of Board of Directors, Board of Members and General Directors (Directors) of credit institutions shall be responsible for the implementation of this Decision.

For the Governor of the State Bank of Vietnam

Deputy Governor

Nguyen Dong Tien