At the Circular No. 07/2014/TT-NHNN providing for the maximum interest rate applicable to VND deposits of entities, individuals at credit institutions.
The State Bank of Vietnam requires that credit institutions, foreign bank’s branches shall fix their interest rate applicable to VND deposits of entities and individuals that is not higher than the maximum interest rate applicable to demand deposits, deposits with term of less than one month, deposits with term of one month to less than six month as announced by the Governor of the State Bank from time to time and to specific type of credit institutions.
Credit institutions shall fix their interest rate applicable to VND deposits with term of six months and more of entities and individuals on the capital demand and supply of the market.
Deposits shall include such forms as demand deposits, term deposits, savings deposits, deposit certificates, bills of exchange, bills, bonds and other forms of deposits received from entities (other than credit institutions), individuals.
For interest rates applicable to term VND deposits of entities, individuals at credit institutions arising prior to March 18, 2014 shall be implemented until their expiry; in the event where at the ending of the agreed period, the entities, individuals do not come to withdraw their deposits, then the credit institutions shall fix the interest rate applicable to those deposits.
This Circular replaces the Circular No. 15/2013/TT-NHNN dated June 27, 2013.
