Circular No. 05/2012/TT-NHNN amending and supplementing certain provisions of Circular No. 30/2011/TT-NHNN dated September 28, 2011 on the maximum interest rate for deposits in Vietnamese dong of organizations and individuals at credit institutions and foreign bank branches.

CIRCULAR

Amending and supplementing certain provisions of Circular No. 30/2011/TT-NHNN dated September 28, 2011 on the maximum interest rate for deposits in Vietnamese dong of organizations and individuals

规定最高利率适用于组织和个人的越南盾存款

at credit institutions and foreign bank branches

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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 No. 01/NQ-CP dated January 3, 2012 of the Government on key measures to guide the implementation of the socio-economic development plan and state budget estimate for 2012;

Article 1.

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain provisions of Circular No. 30/2011/TT-NHNN dated September 28, 2011 on the maximum interest rate for deposits in Vietnamese dong of organizations and individuals at credit institutions and foreign bank branches,

Article 1. Amend and supplement Article 1 of Circular No. 30/2011/TT-NHNN dated September 28, 2011 on the maximum interest rate for deposits in Vietnamese dong of organizations and individuals at credit institutions and foreign bank branches:

1. Clause 1 of Article 1 shall be amended and supplemented as follows:

"1. The maximum interest rate applicable to demand deposits and term deposits under one month is 5% per annum."

2. Clause 2, Article 1 is amended and supplemented as follows:

"2. The maximum interest rate applicable to term deposits from one month and above is 13% per annum; specifically, for People's Credit Cooperatives, the maximum interest rate for term deposits from one month and above is 13.5% per annum."

Article 2. Implementation

1. This Circular takes effect from March 13, 2012.

2. For interest rates on deposits in Vietnamese dong with terms of organizations and individuals at credit institutions and foreign bank branches that arise before this Circular takes effect, they shall be implemented until their maturity; upon expiration of the agreed term, if the organization or individual does not withdraw the deposit, the credit institution or foreign bank branch shall determine the interest rate for the deposit in accordance with this Circular.

3. Banking inspection and supervision agencies and State Bank of Vietnam branches in provinces and centrally-administered cities shall conduct inspections, audits, and supervision of the implementation of regulations on deposit interest rates in Vietnamese dong; apply measures within their authority to handle violations by credit institutions and foreign bank branches as stipulated in this Circular.

4. The Director of the Office, Heads of the Monetary Policy Department and other units under the State Bank of Vietnam, Governors of State Bank of Vietnam branches in provinces and centrally-administered cities; Chairmen of Management Boards, Members of Boards of Directors and General Managers (Directors) of credit institutions and foreign bank branches and related organizations and individuals are responsible for implementing this Circular.