Lawyers - Interest rate of deposit less than 6 months is 7.0% per annum
On June 27, 2013, the State Bank of Vietnam issued the Circular No. 15/2013/TT-NHNN promulgating the maximum interest rate of VND deposit of organization and individuals at credit institutions and foreign bank’s branches.
At this Circular, Credit institutions and foreign banks’ branches may define interest rates of VND deposit for organizations and individuals including promotion payments under all forms as: the maximum interest rate of demand deposit and deposit with term of less than one month is 1.2% per annum; the maximum interest rate of deposit with term of between 1 month and less than 6 months is 7.0% per year; people’s credit funds and microfinance organizations may fix the maximum interest rate applicable to deposits with term of between 1 month and less than 6 months to be of 7.5 % per annum.
Besides, the credit institutions and foreign banks’ branches shall fix the interest rates of the deposit with terms of 6 months or more based on market capital demand and supply; deposits include forms of demand deposits, term deposits, saving deposits, deposit certificates, promissory notes, treasury bills, bills and other forms of deposit receipt of organizations ,individuals.
Therefore, this Circular regulates the deposit term for 6 months, instead of 12 months as previous regulation; at the same time, interest rates of deposit also decrease from 0.5% per annum – 0.8% per annum.This Circular takes effect on June 28, 2013 and replaces the Circular No. 08/2013/TT-NHNN dated March 25, 2013
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