THE STATE BANK OF VIETNAM 

Decision No. 498/QD-NHNN dated 17 March 2014 of the State Bank of Vietnam on the maximum interest rate applicable to VND deposits of entities, individuals at credit institutions, foreign bank branches under the Circular no. 07/2014/TT-NHNN dated March 17, 2014
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 functions, duties, authorities and organizational structure of the State Bank of Vietnam;
Pursuant to the Circular No. 07/2014/TT-NHNN dated 17 March 2014 of the Governor of the State Bank providing for the interest rate applicable to VND deposits of entities, individuals at credit institutions;
Upon proposal of the Director of the Monetary Policy Department;
DECIDES:
Article 1. Maximum interest rate applicable to VND deposits of entities (other than credit institutions, foreign bank branches) and individuals at credit institutions, foreign bank branches as prescribed in the Circular No. 07/2014/TT-NHNN dated 17 March 2014 shall be as follows:
1. Maximum interest rate applicable to demand deposits and deposits with term of less than one month to be of 1%/annum.
2. Maximum interest rate applicable to deposits with term of one month to less than six months to be of 6%/annum; for People’s credit funds and micro-financial institutions alone, the maximum interest rate applicable to deposits with term of one month to less than six months shall be 6.5%/annum.