DECISION

MAXIMUM DEPOSIT INTEREST RATES IN VIETNAM DONG APPLIED TO ORGANIZATIONS, INDIVIDUALS AT CREDIT INSTITUTIONS AND BRANCHES OF FOREIGN BANKS ACCORDING TO THE PROVISIONS SET OUT IN THE CIRCULAR 07/2014/TT-NHNN DATED MARCH 17, 2014

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the 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 Government's Decree No. 156/2013/ND-CP dated November 11, 2013 defining the functions, tasks, entitlements and organizational structure of the State bank of Vietnam;

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

At the proposal of the Director of the Financial Policy Department,

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Article 1. Maximum deposit interest rates in Vietnam dong applied to organizations (except credit institutions and branches of foreign banks) and individuals at credit institutions and branches of foreign banks according to the provisions set out in the Circular 07/2014/TT-NHNN dated march 17, 2014 as follows:

1. Maximum interest rate on demand deposits and term deposits of less than a month term is 1% per year.

2. Maximum interest rate on term deposits from 1 month to less than 6 months is 5.5% per year; as for People's Credit Funds and Microfinance Institutions, maximum interest rate on term deposits from 1 month to less than 6 months is 6.0% per year.

Article 2.

1. This Decision shall come into force since October 29, 2014 and replace the Decision No.498/QD-NHNN dated March 17, 2014 of the Governor of the State Bank of Vietnam regulating maximum deposit interest rates in Vietnam dong applied to organizations, individuals at credit institutions, branches of foreign banks according to the provisions set out in the Circular No.07/2014/TT-NHNN dated March 17, 2014.

2. Rates of interest on deposits in Vietnam dong made by organizations, individuals at credit institutions, branches of foreign banks that arise before the effective date of this Decision shall remain unchanged until their maturity dates; In case the depositors do not withdraw the deposit after their maturity dates, the credit institutions and branches of foreign banks shall apply deposit interest rates according to this Decision..

Article 3. The Chief officers, the Director of the Financial Policy Department and heads of organizations affiliated to the State Bank of Vietnam, directors of the State Bank of central-affiliated provinces and cities; President of the Board of Directors, President of Member Council and General Director of credit institutions, branches of foreign banks shall be responsible for executing this Decision./.

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