THE STATE BANK OF VIETNAM
Circular No. 15/2013/TT-NHNN dated June 27, 2013 of the State Bank of Vietnam promulgating the maximum interest rate of VND deposit of organization and individuals at credit institutions 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 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 rate of VND 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 VND deposit for organizations (except for credit institutions and foreign banks’ branches) and individuals including promotion payments under all forms as follows:
1. The maximum interest rate of demand deposit and deposit with term of less than one month is 1.2% per annum.
2. 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.
3. 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.
4. 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
