DECISION

MAXIMUM INTEREST RATES OF DEPOSITS IN VIETNAMESE 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 No. 17/2017/QH14 dated November 20, 2017 providing amendments to the Law on credit institutions;

Pursuant to the Government's Decree No. 102/2022/ND-CP dated December 12, 2022 prescribing functions, tasks, powers 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 prescribing maximum interest rates of deposits in Vietnamese Dong of organizations and individuals at credit institutions;

At the request of the Director of the Monetary Policy Department; 

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

1. The maximum interest rate of demand deposits and deposits with a term less than 1 month is 0,5%/year.

2. The maximum interest rate of deposits with a term from 1 month to less than 6 months is 5,5%/year. Particularly, people's credit funds and microfinance institutions shall apply the maximum interest rate of 6,0%/year with respect to deposits with a term from 1 month to less than 6 months.

Article 2. 

1. This Decision comes into force from April 03, 2023 and supersedes the Decision No. 1812/QD-NHNN dated October 24, 2022 of the Governor of the State Bank of Vietnam prescribing maximum interest rates of deposits in VND of organizations and individuals at credit institutions and foreign bank branches according to Circular No. 07/2014/TT-NHNN dated March 17, 2014.

2. Interest rates of term deposits in VND of organizations and individuals at credit institutions and foreign bank branches made before the effective date of this Decision shall continue to be applied until these term deposits reach their maturity dates; in case these term deposits are not withdrawn at their maturity dates, the interest rates of these term deposits shall be calculated according to this Decision.

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

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