DECISION

ON MAXIMUM INTEREST RATES OF DEPOSITS IN VIETNAM DONG OF ORGANIZATIONS AND INDIVIDUALS AT CREDIT INSTITUTIONS AND FOREIGN BANK BRANCHES ACCORDING TO CIRCULAR NO. 07/2014/TT-NHNN DATED MARCH 17, 2014

THE GOVERNOR OF THE STATE BANK OF VIETNAM

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 and the Law on amendments to the Law on Credit Institutions No. 17/2017/QH14 dated November 20, 2017;

Pursuant to Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government on function, tasks, powers and organizational structures of the State Bank of Vietnam;

Pursuant to Circular No. 07/2014/TT-NHNN dated March 17, 2014 of Governor of State Bank of Vietnam on interest rates of deposits in Vietnam Dong of organizations and individuals at credit institutions;

At the request of the Director General of the Monetary Policy Department,

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Article 1. Maximum interest rates of deposits in Vietnam Dong of organizations (except credit institutions and foreign bank branches) and individuals at credit institutions and branches of foreign banks according to Circular No. 07/2014/TT-NHNN dated March 17, 2014 are as follows:

1. The maximum interest rate applicable to demand deposits and term deposits under 1 month is 1,0%/year.

2. The maximum interest rate applicable to term deposits from 1 month to less than 6 months is 6,0%/year; except People's Credit Funds and microfinance institutions, which shall apply the maximum interest rate of 6,5%/year with respect to term deposits from 1 month to less than 6 months.

Article 2.

1. This Decision comes into force from September 25, 2022 and replaces Decision No. 1607/QD-NHNN dated September 22, 2022 of Governor of State Bank of Vietnam on maximum interest rates of deposits in Vietnam Dong of organizations and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN dated March 17, 2014.

2. With respect to interest rates of term deposit in Vietnam Dong of organizations and individuals at credit institutions and foreign bank branches made before the effective date hereof, the interest rates shall continue to be applied for the whole period; in case the agreed period is expired and organizations and individuals do not withdraw the deposits, the credit institutions and foreign bank branches shall apply deposit interest rates as specified in this Decision.

Article 3. Chief of the secretariat, Director General of the Monetary Policy Department, Heads of units affiliated to the State Bank of Vietnam, credit institutions and foreign bank branches are responsible for implementation of this Decision./.

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