Circular No. 04/2011/TT-NHNN stipulates that the maximum interest rate for withdrawing deposits before maturity at credit institutions shall be the lowest interest rate for demand deposits of the credit institution according to each currency. This Circular applies to both organizations and individuals and takes effect from the date of issuance.
适用范围
Credit institutions, foreign bank branches, organizations (except credit institutions), individuals.
要点
- Credit institutions apply the maximum interest rate equal to the lowest interest rate for demand deposits of the credit institution according to each currency in cases of withdrawing deposits before maturity.
- This interest rate is the lowest rate at the time when organizations and individuals withdraw deposits before maturity.
- Credit institutions must publicly display the interest rates applicable in cases of withdrawing deposits before maturity at locations where funds are mobilized.
- Interest rate agreements made prior to the effective date of this Circular, the parties continue to implement according to the agreed commitments until the repayment date; or implement according to the provisions of this Circular.
- The provisions on interest rates in Clause 4, Article 1 of Decision No. 47/2006/QĐ-NHNN cease to be enforceable.
🌐 本文件的社会影响
- Positive impact: Reduces financial burden for organizations and individuals when withdrawing deposits before maturity.
- Negative impact: May reduce income for credit institutions if the applied interest rate is lower than the initial agreement.
❓ 常见问题
What is the maximum interest rate when withdrawing deposits before maturity?
The maximum interest rate is the lowest interest rate for demand deposits of the credit institution according to each currency at the time of withdrawal.
Must credit institutions publicly display the interest rates applicable in cases of withdrawing deposits before maturity?
Yes, credit institutions must publicly display the applicable interest rates at locations where funds are mobilized.
How does the interest rate agreement made before the effective date of this Circular remain valid?
Interest rate agreements made before the effective date of this Circular remain valid, the parties continue to implement according to the agreed commitments until the repayment date; or implement according to the provisions of this Circular.
Which decision is revoked by this Circular?
Decision No. 47/2006/QĐ-NHNN amending and supplementing certain articles of the Deposit Savings Regulation issued together with Decision No. 1160/2004/QĐ-NHNN is revoked.
When does this Circular take effect?
This Circular takes effect from the date of issuance.
全文
CIRCULAR
Provisions on interest rates in cases where organizations or individuals withdraw deposits before maturity from credit institutions
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Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credit Organizations No. 47/2010/QH12 dated June 16, 2010;
Pursuant to Decree No. 96/2008/NĐ-CP dated August 26, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
Pursuant to Resolution 11/NQ-CP dated February 24, 2011 of the Government on major focused measures to control inflation, stabilize the macro-economy, and ensure social welfare;
The State Bank of Vietnam stipulates the application of interest rates in cases where organizations or individuals withdraw deposits before maturity from credit institutions, including foreign bank branches (hereinafter referred to as credit institutions) as follows:
Article 1. Credit institutions shall apply the maximum interest rate equal to the lowest interest rate for demand deposits of the credit institution for each currency in cases where organizations or individuals withdraw deposits before maturity; this demand deposit interest rate is the lowest at the time of early withdrawal. Deposits include various forms of term savings deposits, term deposits, deposit certificates, bills, bonds, and other deposit forms of organizations (excluding credit institutions) and individuals as provided for in Clause 13, Article 14 of the Law on Credit Institutions.
Article 2. Credit institutions shall publicly display the interest rates applicable in cases where organizations or individuals withdraw deposits before maturity at capital-raising locations (head office, branch, sub-branch, savings fund). Interest rate agreements prior to the effective date of this Circular shall continue to be implemented according to the commitments made until the due date; or the parties may agree to implement in accordance with the provisions of this Circular.
Article 3. Implementation Organization
1. 1. The Director of the Finance and Planning Department is responsible for guiding and supervising the implementation of this Circular.
Clause 4, Article 1 of Decision No. 47/2006/QĐ-NHNN dated September 25, 2006 of the Governor of the State Bank of Vietnam regarding amendments and supplements to certain articles of the Regulation on Savings Deposits issued together with Decision No. 1160/2004/QĐ-NHNN dated September 13, 2004, and other provisions contrary to this Circular shall cease to be effective.
3. The Director of the Office, Heads of the Monetary Policy Department and other units under the State Bank of Vietnam; Governors of the State Bank of Vietnam branches in provinces and centrally-administered cities; Chairmen of the Board of Directors, General Managers (Managers) of credit institutions and related organizations and individuals are responsible for implementing this Circular./.
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