As regards saving deposits, the Circular No. 48 prescribes that credit institutions will have to regulate interest rates on saving deposits in compliance with regulations of the State Bank on interest rates over periods of time.
(in place of existing regulations on interest rates that correspond to market interest rates, assure business efficiency and safety for business operations of credit institutions accepting saving deposits).
Besides, methods for paying saving deposit interest will be subject to agreements between credit institutions and depositors instead of discretionary regulations of credit institutions accepting saving deposits.
As regards term deposits, the Circular No. 49 prescribes that customers will only be allowed to send and receive term deposits through their own payment accounts.
Agreements on term deposits between credit institutions and customers must be made in writing and must contain the following information: Customer’s particulars, credit institution’s information, deposit amount, currency and maturity date, etc.
The Circular No. 48/2018/TT-NHNN and the Circular No. 49/2018/TT-NHNN commence on July 5, 2019.
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