Circular No. 09/2011/TT-NHNN stipulates the maximum deposit interest rate for US dollars by organizations and individuals at credit institutions. The maximum interest rate is determined differently between organizations and individuals, residents and non-residents. This Circular takes effect from April 13, 2011.
Đối tượng áp dụng
Credit institutions, foreign bank branches, organizations, and individuals who are residents and non-residents.
Các điểm cốt lõi
- Credit institutions set the maximum deposit interest rate for US dollars for organizations and individuals: 1.0%/year for resident organizations; 3.0%/year for resident and non-resident individuals.
- The maximum deposit interest rate includes all promotional expenditure under any form and applies to the end-of-period interest payment method; other methods must be converted to the equivalent end-of-period interest payment method.
- Credit institutions must publicly display the deposit interest rate for US dollars at locations where deposits are collected.
- This Circular takes effect from April 13, 2011, replacing Circular No. 03/2010/TT-NHNN.
- Violations of the regulations on the maximum deposit interest rate for US dollars will be handled according to the authority of the State Bank of Vietnam.
🌐 Tác động xã hội từ văn bản này
- Positive impact: Reducing costs for people and businesses when saving in US dollars.
- Negative impact: May limit competition among credit institutions regarding interest rates, affecting customers' freedom of choice.
❓ Câu hỏi thường gặp
What is the maximum deposit interest rate for US dollars?
The maximum deposit interest rate for US dollars for resident organizations is 1.0%/year; for resident and non-resident individuals is 3.0%/year.
Can credit institutions apply promotional interest rates?
The maximum deposit interest rate includes all promotional expenditure under any form. However, other interest payment methods must be converted to the equivalent end-of-period interest payment method corresponding to the maximum deposit interest rate.
When does this Circular take effect?
This Circular takes effect from April 13, 2011, replacing Circular No. 03/2010/TT-NHNN.
How must credit institutions publicly display interest rates?
Credit institutions must publicly display the deposit interest rate for US dollars at locations where deposits are collected according to the regulations of the State Bank of Vietnam.
How will violations of the interest rate regulations be handled?
Violations will be handled according to the authority of the Banking Inspection and Supervision and the State Bank of Vietnam branch in provinces and centrally-administered cities.
Toàn văn
CIRCULAR
Regulations on the maximum deposit interest rate in US dollars for organizations and individuals at credit institutions
______________________________
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 the Foreign Exchange Ordinance No. 28/2005/PL-UBTVQH11 dated December 13, 2005;
Pursuant to Decree No. 160/2006/NĐ-CP dated December 28, 2006 of the Government detailing the implementation of the Foreign Exchange Ordinance;
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;
Implementing Resolution No. 11/NQ-CP dated February 24, 2011 of the Government on key measures to focus on curbing inflation, stabilizing macroeconomic conditions, and ensuring social welfare;
The State Bank of Vietnam stipulates the maximum deposit interest rate in US dollars for organizations and individuals at credit institutions and foreign bank branches (hereinafter referred to as credit institutions) as follows:
Article 1. Credit institutions shall set the maximum deposit interest rate in US dollars for resident organizations and individuals and non-resident organizations and individuals in the form of demand deposits, time deposits, savings deposits, issuance of deposit certificates, bills, promissory notes, bonds, and other deposit forms as prescribed in Clause 13, Article 4 of the Law on Credit Institutions:
1. For the maximum deposit interest rate in US dollars for resident organizations and non-resident organizations (excluding credit institutions): 1.0%/year.
2. For the maximum deposit interest rate in US dollars for resident individuals and non-resident individuals: 3.0%/year.
The maximum deposit interest rate prescribed in this Article includes all promotional allowances in any form and applies to the end-of-period interest payment method; for other interest payment methods, they must be converted to the corresponding end-of-period interest payment method according to the maximum deposit interest rate.
Article 2. Credit institutions shall publicly display the deposit interest rate in US dollars at their deposit collection locations (head office, branch, sub-branch, savings fund) in accordance with the regulations of the State Bank of Vietnam. Strictly prohibit credit institutions from conducting promotional deposit activities in cash, interest rates, and other forms that do not comply with the provisions of the law and this Circular.
Article 3. Implementation
1. This Circular takes effect from April 13, 2011. Circular No. 03/2010/TT-NHNN dated February 10, 2010 of the Governor of the State Bank of Vietnam on the maximum deposit interest rate in US dollars for economic organizations at credit institutions ceases to be effective.
2. For the term deposit interest rate in US dollars of organizations and individuals at credit institutions arising before the date this Circular takes effect, it shall be implemented until the agreed term between the credit institution and the organization or individual.
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 the maximum deposit interest rate in US dollars; apply measures within their authority to handle credit institutions violating the provisions of 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 the Board of Directors and General Managers (Directors) of credit institutions and related organizations and individuals are responsible for implementing this Circular./.
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