THE STATE BANK OF VIETNAM
Circular No. 08/2013/TT-NHNN dated March 25, 2013 of the State Bank of Vietnam promulgating deposit’s maximum interest rate in Vietnam dong of organizations, individuals in credit institutions and foreign bank’s branches
Pursuant to the Law No. 46/2010/QH12 dated June 16, 2010 of the National Assembly on the State Bank of Vietnam;
Pursuant to the Law No. 47/2010/QH12 dated June 29, 2010 of the National Assembly on Credit Institutions;
Pursuant to the Decree No. 96/2008/ND-CP dated August 26, 2008 of the Government defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
At the proposal of the Head of Monetary Policy Department,
The Governor of the State Bank of Vietnam issues the Circular promulgating deposit’s maximum interest rate in Vietnam dong of organizations, individuals in credit institutions and foreign bank’s branches as follows:
Article 1. The credit institution and foreign bank’s branches shall impose deposit’s interest rates in VND of organizations (excluding credit institutions and foreign bank’s branches) and individuals, including the expenditure on promotion in all form as follows:
1. The maximum interest rate of demand deposits and deposits with term of less than one month is 2% per annum.
2. The maximum interest rate of deposits with term one month and less than 12 months is 7.5% per annum; People's Credit Funds and Microfinance Organizations may fix the maximum interest rate applicable to deposits with term one month and less than 12 months to be of 8% per annum.
3. Credit institutions and foreign bank’s branches shall fix the interest rates of the deposits with terms of 12 months or more on the basis of market capital demand and supply.
4. Deposits includes demand deposits, term deposits, saving deposits, deposit certificates, exchange bills, treasury bills, bonds, and other deposit receipts performed by organizations (excluding credit institutions and foreign bank’s branches) and individuals shall comply with Clause 13 Article 4 of the Law on Credit Institutions.
Article 2. The maximum interest rate applicable to deposits in Article 1 of this Circular shall be applicable to the method under which the interest is paid at the maturity and other methods of interest payment that are converted under the method of interest payment on maturity.
Article 3. Credit institutions shall have public post the interest rates applicable to deposits in VND at places of receiving deposits in accordance with provisions of the State Bank of Vietnam. Credit institutions and foreign bank’s branches shall be strictly prohibited from providing sale promotion in receiving deposits in any form (in cash, interest rate or other forms) that are not in conformity with provisions of applicable laws and this Circular.
Article 4. Implementation organization
1. This Circular shall be effective from March 26, 2013 and replace the Circular No. 32/2012/TT-NHNN dated 21 December 2012 of the Governor of the State Bank of Vietnam providing for the maximum interest rate applicable to VND deposits of organizations, individuals at credit institutions, foreign bank’s branches.
2. For interest rates applicable to term deposits in VND mobilized from organizations, individuals at credit institutions, foreign bank’s branches arising prior to the effective date of this Circular shall be implemented until their expiry; in the event where at the ending of the agreed period, the organizations, individuals do not come to draw their deposits, then the credit institutions, foreign bank’s branches shall fix the interest rate applicable to those deposits in line with provisions of this Circular.
3. Banking Inspection and Supervision Department and State Bank's branches in provinces, cities under Government's management shall carry out the inspection, supervision over the implementation of provisions on the interest rates of VND deposits; apply the measures within their authorities to deal with credit institutions, foreign bank’s branches violating this Circular.
4. The Chief Officer, Director of Foreign Transaction Management Department and heads of units directly under the State Bank, Director of State Bank branches in central-affiliated provinces and cities; Chairman of the Board, Chairman of the member Council, Chairman of the company, General Director (Director) of credit institutions and enterprises trading in gold bar with the State Bank and other relevant organizations and individuals shall implement Circular./.
For The Governor
Deputy Governor
Nguyen Dong Tien
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