New regulations on maximum interest rates for dollar deposits
The State Bank of Vietnam has issued a new circular that regulates the application of interest rates on US dollar deposits of organizations and individuals with foreign credit institutions and bank branches. It will officially come into force on November 20.
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| Interest rates for dollar deposits do not exceed the maximum interest rate decided by the Governor of the State Bank of Vietnam. |
| Photo : AFP/VNA/CVN |
It applies to commercial banks, cooperatives; general financial companies, specialized financial companies, branches of foreign banks (credit institutions) operating in Vietnam in accordance with the provisions of the Law on Credit Institutions; to organizations (excluding credit institutions) and individuals depositing dollars with credit institutions (customers).
Interest rates for dollar deposits do not exceed the maximum interest rate decided by the Governor of the State Bank of Vietnam for each period for: deposits of organizations and deposits of individuals.
Credit institutions publicly list interest rates for dollar deposits in places of legal transactions within their networks and publish them on their electronic information page (if any).
Credit institutions, when receiving deposits, are not allowed to carry out promotions in any form (in money, interest rates and other forms) that do not comply with the provisions of the law.
VNA/CVN
