THE STATE BANK OF VIETNAM
Circular No. 14/2013/TT-NHNN dated June 27, 2013 of the State Bank of Vietnam promulgating the maximum interest rates for USD deposits of the organizations and individuals at credit institution and foreign bank’s branches
Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;
Pursuant to the Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH11 dated December 13, 2005;
Pursuant to the Decree No.160/2006/ND-CP dated December 28, 2006 of the Government detailing the implementation of the Ordinance on Foreign Exchange;
Pursuant to the Decree No.96/2008/ND-CP dated August 26, 2008 of the Government regulating functions, tasks, powers and organizational structure of the State Bank of Vietnam;
At the proposal of the Director of the Monetary Policy Department;
The Governor of the State Bank of Vietnam promulgates the Circular providing for maximum interest rates of USD deposit of organizations and individuals at the credit institutions, foreign banks’ branches,
Article 1. Credit institutions and foreign banks’ branches may define interest rates of USD deposit for organizations and individuals being residents and organizations and individuals being nonresidents including promotion payments under all forms as follows:
1. Maximum interest rate of deposit applied to organizations being residents, organizations being non-residents (except for the credit institutions and foreign banks’ branches) is 0.25% per annum.
2. Maximum interest rate of deposit applied to individuals being residents, individuals being non-residents is 1.25% per annum.
3. 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 (except for credit institutions and foreign banks’ branches), individuals as prescribed in clause 13 Article 4 of Law on credit institutions.
Article 2. Maximum interest rates specified in Article 1 of this apply to the method of interest payment on maturity and other methods of interest payment that are converted into the method of interest payment on maturity.
