The State Bank has just issued a new circular with new regulations on USD deposit interest rates.
The State Bank has just issued Circular 46/2024/TT-NHNN regulating the application of interest rates to USD deposits of organizations and individuals at credit institutions and foreign bank branches.
This Circular stipulates the application of maximum interest rates to USD deposits of organizations (excluding credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches.
Applicable subjects: Commercial banks, cooperative banks, general finance companies, specialized finance companies, foreign bank branches (credit institutions) operating in Vietnam according to the provisions of the Law on Credit Institutions; organizations (excluding credit institutions), individuals depositing money at credit institutions (customers).
According to the Circular, credit institutions apply USD deposit interest rates not exceeding the maximum interest rate decided by the Governor of the State Bank of Vietnam in each period for:
– Institutional deposits.
– Personal deposits.
The maximum interest rate for USD deposits prescribed in this Circular includes promotional expenses in all forms, applicable to the end-of-term interest payment method and other interest payment methods converted according to the end-of-term interest payment method.
Credit institutions shall publicly post interest rates on USD deposits at legal transaction locations within the credit institution’s network of operations and post them on the credit institution’s website (if any). When receiving deposits, credit institutions shall not conduct promotions in any form (in cash, interest rates and other forms) that are not in accordance with the provisions of law.
This Circular takes effect from November 20, 2024 and replaces Circular No. 06/2014/TT-NHNN dated March 17, 2014 of the Governor of the State Bank stipulating maximum interest rates on USD deposits of organizations and individuals at credit institutions.
For agreements on interest rates on deposits in US dollars before the effective date of this Circular, credit institutions and customers shall continue to implement the agreement until the end of the term. In case the agreed term expires and the customer does not come to withdraw the deposit, the credit institution shall apply the deposit interest rate as prescribed in this Circular.