THE STATE BANK OF VIETNAM
Circular No. 07/2014/TT-NHNN dated 17 March 2014 of the State Bank of Vietnam providing for the maximum interest rate applicable to VND deposits of entities, individuals at credit institutions
Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated 16 June 2010;
Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated 16 June 2010;
Pursuant to the Decree No. 156/2013/ND-CP dated 11 November 2013 of the Government providing for the functions, duties, authorities and organizational structure of the State Bank of Vietnam;
Upon proposal of the Director of Monetary Policy Department;
The State Bank of Vietnam hereby promulgates the Circular providing for the maximum interest rate applicable to VND deposits of entities, individuals at credit institutions,
Article 1.
1. Credit institutions, foreign bank's branches (hereinafter collectively referred to as credit institutions) 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.
2. 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.
3. 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 in accordance with provisions in Clause 13 Article 4 of the Law on Credit institutions.
