Circular No. 08/2012/TT-NHNN amends the maximum interest rate for deposits in Vietnamese dong of organizations and individuals at credit institutions and foreign bank branches. The maximum interest rate for demand deposits is 4% per annum, and for time deposits with terms of one month or longer is 12% per annum (People's Credit Cooperatives set the maximum interest rate at 12.5% per annum). This Circular takes effect from April 11, 2012.
적용 범위
Credit institutions, foreign bank branches, and organizations and individuals depositing money at these institutions.
핵심 사항
- Credit institutions, foreign bank branches → apply a maximum interest rate of 4% per annum for demand deposits.
- Credit institutions, foreign bank branches → apply a maximum interest rate of 12% per annum (People's Credit Cooperatives set the maximum interest rate at 12.5% per annum) for time deposits with terms of one month or longer.
- Credit institutions, foreign bank branches → implement interest rates according to this regulation for deposits arising before the Circular takes effect if they have reached their agreed term.
- State Bank of Vietnam members and credit institutions, foreign bank branches → are responsible for implementing this Circular.
- Credit institutions, foreign bank branches → will be subject to handling according to authority if they violate regulations on deposit interest rates.
🌐 이 문서의 사회적 영향
- Citizens and businesses benefit from the adjustment of the maximum interest rate to be consistent with current economic conditions.
- Businesses may strengthen investment activities if interest rates are more attractive, but must also face liquidity risks.
- Credit institutions and foreign bank branches need to adjust interest rates appropriately to attract customers.
❓ 자주 묻는 질문
What is the maximum interest rate for demand deposits?
The maximum interest rate for demand deposits is 4% per annum.
What is the maximum interest rate for time deposits with terms of one month or longer?
The maximum interest rate for time deposits with terms of one month or longer is 12% per annum, except for People's Credit Cooperatives which set the maximum interest rate at 12.5% per annum.
When does this Circular take effect?
This Circular takes effect from April 11, 2012.
What should credit institutions and foreign bank branches do with deposits arising before the Circular takes effect?
Credit institutions and foreign bank branches shall implement interest rates according to this regulation for deposits arising before the Circular takes effect if they have reached their agreed term.
If credit institutions and foreign bank branches violate regulations on deposit interest rates, how will they be handled?
Credit institutions and foreign bank branches will be subject to handling according to the authority of the State Bank of Vietnam if they violate regulations on deposit interest rates.
전문
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
Article specifies the maximum interest rate for deposits in Vietnamese dong of organizations,
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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 and implement 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 time deposits with terms under one month is 4% per annum."
2. Clause 2, Article 1 is amended and supplemented as follows:
"2. The maximum interest rate applicable to time deposits with terms of one month or more is 12% per annum; specifically, for People's Credit Cooperatives, the maximum interest rate for time deposits with terms of one month or more is set at 12.5% per annum."
Article 2. Implementation
1. This Circular takes effect from April 11, 2012 and replaces Circular No. 05/2012/TT-NHNN dated March 12, 2012 of the Governor of the State Bank of Vietnam 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.
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; if the agreed term expires and the organization or individual does not withdraw the deposit, the credit institution or foreign bank branch shall determine the interest rate on the deposit according to the provisions of 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 Councils, and General Directors (Directors) of credit institutions and foreign bank branches and related organizations and individuals are responsible for implementing this Circular./.
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