| THE STATE BANK OF VIETNAM ------------------ No: 19/2012/TT-NHNN | SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom – Happiness ---------------- Hanoi, June 08, 2012 |
CIRCULAR
AMENDING, SUPPLEMENTING SOME ARTICLES OF THE CIRCULAR NO. 30/2011/TT-NHNN DATED SEPTEMBER 28, 2011 OF THE STATE BANK OF VIETNAM PRESCRIBING THE CEILING INTEREST RATE FOR VIETNAM-DONG CAPITAL MOBILIZATIONS OF INSTITUTIONS, INDIVIDUALS AT SOME CREDIT INSTITUTIONS, FOREIGN BANK’S BRANCHES
Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 of June 16, 2010;
Pursuant to the Law on credit institutions No. 47/2010/QH12, of June 16, 2010;
Pursuant to the Government’s Decree No. 96/2008/ND-CP, of August 26, 2008, on regulating functions, tasks, powers and organizational structure of the State Bank of Vietnam;
In furtherance of the Government's Resolution No. 1/NQ-CP of January 03, 2012 of the Government on major solutions for implementing the plan of economic and social development and state budget estimation in 2012,
At the proposal of Head of the Monetary Policy Department,
The Governor of the State Bank of Vietnam issue the Circular amending, supplementing some articles of the Circular No. 30/2011/TT-NHNN dated September 28, 2011 of the State Bank of Vietnam prescribing the ceiling interest rate for Vietnam-dong capital mobilizations of institutions, individuals at some credit institutions, foreign bank’s branches.
Article 1. Amending, supplementing some articles of the Circular No. 30/2011/TT-NHNN dated September 28, 2011 of the State Bank of Vietnam prescribing the ceiling interest rate for Vietnam-dong capital mobilizations of institutions, individuals at some credit institutions, foreign bank’s branches as follows:
“Article 1. Credit institutions shall fix annual interest rates, for mobilizing Vietnam-dong capital from institutions (other than credit institutions) and individuals including also sales promotion amounts in any form as follows:
1. Apply ceiling interest rate of 2%/year to non-term deposits and term deposits under 01 month.
2. Apply ceiling interest rate of 9%/year for term deposits from 01 month and above; particularly, grassroots People's Credit Funds may fix those annual interest rates not exceeding 9.5%.
3. Interest rate of term deposits from 12 months upwards is fixed by credit institutions and foreign banks basing on market capital supply and demand.
