The State Bank of Vietnam (SBV) has issued a circular on interest rates applicable to US dollar (USD) deposits of organizations and individuals in credit institutions and foreign bank branches.
Image image (Source: VNA)
Hanoi (VNA) – The State Bank of Vietnam (SBV) has issued a circular on interest rates applicable to US dollar (USD) deposits of organizations and individuals in credit institutions and foreign bank branches.
Therefore, interest rates may not exceed the maximum amount determined by the SBV Governor for a particular period for institutional and individual deposits.
The maximum interest rate for U.S. dollar deposits specified in this Circular includes all forms of promotional incentives applicable to the Ending Interest Payment Method and any other interest payment method converted pursuant to the Ending Interest Payment Method.
According to the document, credit institutions must publicly post interest rates on U.S. dollar deposits on legal transaction locations within their networks and on their websites (if any), and when accepting deposits, credit institutions must It has also been made clear that companies are prohibited from offering promotional incentives in the form of cash or interest. , or any other form that violates any law.
For USD deposit interest rate agreements entered into prior to the effective date of this Circular, credit institutions and customers shall continue the agreement until the end of the term. If the agreed period expires and the customer does not come to withdraw the deposit, the financial institution shall apply the deposit interest rate in accordance with the provisions of this Circular.
This circular replaces another circular issued by the SBV Governor on March 17, 2014. The new circular will come into effect from November 20, 2024. /
