New regulations on interest rates applicable to Vietnam-dong deposits from November 20, 2024

Decision No. 2411/QD-NHNN on providing the maximum interest rates applicable to Vietnam-dong deposits of organizations and individuals at credit institutions and foreign bank branches in accordance with Circular No. 48/2024/TT-NHNN

In accordance with the regulations specified in the Decision No. 2411/QD-NHNN on providing the maximum interest rates applicable to Vietnam-dong deposits of organizations (other than credit institutions, branches of foreign banks) and individuals at credit institutions and foreign bank branches in accordance with the Circular No. 48/2024/TT-NHNN as follows:

The maximum interest rate applicable to demand deposits, deposits with a term of less than one month is 0,5% per annum

The maximum interest rate applicable to deposits with a term of one month to less than six month is 4,75% per annum; The maximum interest rate applicable to deposits with a term of one month to less than six month for people’s credit funds, microfinance institutions  is 5.25 % per annum.

The maximum interest rate applicable to deposits in Vietnamese dong of organizations (other than 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:

- The maximum interest rate applicable to demand deposits and deposits with a term of less than one month shall be 0.5% per annum.

- The maximum interest rate applicable to deposits with term of one month to less than six months shall be 4.75% 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 5.25% per annum.