Headlines 06/10/2020 11:55 SA

Maximum interest rates on Vietnamese-dong deposits to take effect from October 1, 2020

Châu Giang

State Bank of Vietnam issues the Decision No. 1729/QD-NHNN on interest rates applied to Vietnamese-dong deposits of entities and individuals at credit institutions and foreign bank branches.

The Decision prescribes the maximum interest rates governed under the Circular No. 07/2014/TT-NHNN as follows:

- The maximum interest rate applied to non-term deposits and fixed-term deposits with the maturity of shorter than 1 month will be 0.2%/year;

- The maximum interest rate applied to deposits with the maturity between 1 month and less than 6 months will be 4.0%/year.  

In particular, people's credit funds and microfinance institutions will apply 4.5%/year as the maximum interest rate to fixed-term deposits with the maturity ranging from 1 month to less than 6 months.

If any interest rate is effective before October 1, 2020, it will remain valid till the deadline; by end of the final maturity date, if entities or persons do not make any withdrawal transaction, the new interest rate prescribed in the Decision No. 1729 will be applied.     

Decision No. 1729/QD-NHNN is in force on October 1, 2020.

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