According to this document, the following regulations will come into force from March 7, 2020:
- The maximum interest rate applied to demand deposits and deposits with the term of less than 1 month will be 0.5%/year (previously 0.8%/year).
- The maximum interest rate applied to deposits with the duration from at least 1 month to less than 6 months will be 4.75%/year (previously 5%/year);
In particular, people's credit funds and microfinance institutions will apply the maximum interest rate of 5.25%/year (previously 5.5%/year) to deposits with the term of at least 1 month to less than 6 months.
Notes: Maximum interest rates existing by March 17, 2020 will be applied till the agreed maturity; if the agreed maturity duration expires, and customers do not withdraw their deposits, credit institutions and foreign bank branches can apply new interest rate ceilings to deposits.
The Decision No. 419/QD-NHNN is coming into force from March 17, 2020, replacing the Decision No. 2415/QD-NHNN dated November 18, 2019.
>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE
793