Decision 575/QD-NHNN 2023 maximum interest rate applicable to deposits in VND

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 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 Amending and Supplementing a Number of Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Government’s Decree No. 102/2022/ND-CP dated December 12, 2022, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

Pursuant to 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 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 0.5% per annum.

2. The maximum interest rate applicable to deposits with term of one month to less than six months shall be 5.5% per annum; for People’s credit funds and microfinance institutions, the maximum interest rate applicable to deposits with term of one month to less than six months shall be 6.0% per annum.

Article 2.

1. This Decision takes effect on April 03, 2023, and replaces Decision No. 1812/QD-NHNN dated October 24, 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 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 implement this Decision./.