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THE STATE BANK
OF VIETNAM
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THE SOCIALIST
REPUBLIC OF VIET NAM
Independence-Freedom-Happiness
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No. 34/VBHN-NHNN
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Hanoi, October
07, 2024
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CIRCULAR
PRESCRIBING
APPLICATION OF INTEREST RATES ON PREMATURE WITHDRAWAL OF DEPOSITS FROM CREDIT
INSTITUTIONS AND FOREIGN BANK BRANCHES
The Circular No. 04/2022/TT-NHNN dated June 16,
2022 of the Governor of the State Bank of Vietnam prescribing application of
interest rates on premature withdrawal of deposits from credit institutions and
foreign bank branches, coming into force from August 01, 2022, is amended by:
The Circular No. 47/2024/TT-NHNN dated September
30, 2024 providing amendments to clause 3 Article 3 of the Circular No.
04/2022/TT-NHNN dated June 16, 2022 of the Governor of the State Bank of
Vietnam prescribing application of interest rates on premature withdrawal of
deposits from credit institutions and foreign bank branches, coming into force
from November 20, 2024.
Pursuant to the Law on the State Bank of Vietnam
dated June 16, 2010;
Pursuant to the Law on Credits Institutions
dated June 16, 2010;
Pursuant to the Law on amendments to the Law on
Credit Institutions dated November 20, 2017;
Pursuant to the Government's Decree No. 16/2017/ND-CP
dated February 17, 2017 prescribing functions, tasks, powers and organizational
structure of the State Bank of Vietnam;
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The Governor of the State Bank of Vietnam (SBV)
promulgates a Circular prescribing application of interest rates on premature
withdrawal of deposits from credit institutions and foreign bank branches[1].
Article 1. Scope
1. This Circular provides for the application of
interest rates on premature withdrawal and payment of deposits under agreements
(hereinafter referred to as "premature withdrawal of deposits") of
organizations (excluding credit institutions and foreign bank branches) and
individuals' deposits at credit institutions and foreign bank branches.
2. Regarding time deposits at credit institutions
and foreign bank branches, in order to guarantee fulfillment of obligations as
prescribed y law, the application of interest rates on premature withdrawal of
deposits is carried out according to separate documents of the Government of
Vietnam and the State Bank of Vietnam. In case the separate documents of
the Government of Vietnam and State Bank of Vietnam do not prescribe the
interest rates on premature withdrawal of deposits, the agreement between
parties shall apply in accordance with this Circular.
Article 2. Regulated entities
1. Credit institutions and foreign bank branches
(hereinafter referred to as “credit institutions”) that are operating in
Vietnam under the Law on Credit Institutions, except banks for social policies.
2. Organizations (excluding credit institutions)
and individuals depositing money in credit institutions (hereinafter referred
to as "clients").
Article 3. Forms of deposits eligible for
premature withdrawal
1. Time savings deposits.
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3.[2]
Deposit certificates issued by credit institutions.
4. Other forms of time deposits as prescribed in
the Law on Credit Institutions.
Article 4. Premature withdrawal of deposits
1. Premature withdrawal of deposits is when a
client withdraws a part or all of the deposit before the due date or maturity
date of such deposit.
2. Credit institutions and clients shall make
agreements on the premature withdrawal of deposits in compliance with
regulations of the State Bank of Vietnam regarding each specific form of
deposit. Interest rates on premature withdrawal of deposits are agreed
upon in accordance with regulations prescribed in Article 5 of this Circular.
If no agreements on premature withdrawal of deposits are made, credit
institutions shall apply the interest rates on premature withdrawal of deposits
following the regulations of this Circular.
Article 5. Interest rates on premature
withdrawal of deposits
1. When a client withdraws all of the deposit:
credit institutions shall apply a maximum interest rate equal to its lowest
interest rate of demand deposits based on the type of client and/or the
currency of the deposit when such client withdraws it.
2. When a client withdraws a part of the deposit:
a) Regarding the part of withdrawn deposit before
maturity, credit institutions shall apply a maximum interest rate equal to its
lowest interest rate of demand deposits based on the type of client and/or
currency of the deposit when such client withdraws it;
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Article 6. Effect [3]
1. This Circular comes into force as of August 01,
2022 and replaces Circular No. 04/2011/TT-NHNN dated March 10, 2011 of the
Governor of the State Bank of Vietnam on the application of interest rates upon
organizations or individuals' premature withdrawal of deposits from credit
institutions.
2. Regarding agreements on interest rates on
premature withdrawal of deposits made before this Circular comes into force,
credit institutions and clients shall continue to follow such agreements until
the due date or payment date of the deposit or the agreements made according to
this Circular.
Article 7. Implementation organization
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 shall organize the implementation
of this Circular./.
CERTIFIED BY
PP. GOVERNOR
DEPUTY GOVERNOR
Doan Thai Son
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[1]
The Circular No. 47/2024/TT-NHNN dated September 30, 2024 providing amendments
to clause 3 Article 3 of the Circular No. 04/2022/TT-NHNN dated June 16, 2022
of the Governor of the State Bank of Vietnam prescribing application of
interest rates on premature withdrawal of deposits from credit institutions and
foreign bank branches is promulgated pursuant to:
“The Law on the State Bank of Vietnam dated June
16, 2010;
The Law on Credits Institutions dated January
18, 2024;
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 (SBV);
At the request of the Director of the Monetary
Policy Department;”
[2]
This Clause is amended according to Article 1 of the Circular No.
47/2024/TT-NHNN dated September 30, 2024 providing amendments to clause 3
Article 3 of the Circular No. 04/2022/TT-NHNN dated June 16, 2022 of the
Governor of the State Bank of Vietnam prescribing application of interest rates
on premature withdrawal of deposits from credit institutions and foreign bank
branches, coming into force from November 20, 2024.
[3]
Article 2 and Article 3 of the Circular No. 47/2024/TT-NHNN dated September 30,
2024 providing amendments to clause 3 Article 3 of the Circular No.
04/2022/TT-NHNN dated June 16, 2022 of the Governor of the State Bank of
Vietnam prescribing application of interest rates on premature withdrawal of
deposits from credit institutions and foreign bank branches, coming into force
from November 20, 2024, stipulate as follows:
“Article 2. Effect
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Article 3. Implementation organization
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 shall organize the implementation
of this Circular./.”