Decision No. 1284/2002/QD-NHPP of the Governor of the State Bank issuing the Regulation on Opening and Using Deposit Accounts at the State Bank and Credit Institutions. This regulation stipulates conditions, procedures for opening and using deposit accounts, rights and responsibilities of account holders as well as banks, and measures to handle violations.
적용 범위
The State Bank of Vietnam, credit institutions are banks in Vietnam (referred to as banks), entities eligible to open deposit accounts (including individuals, organizations, National Treasury, credit institutions within the area, foreign banks, international financial organizations, international banks).
핵심 사항
- The State Bank and banks may open deposit accounts for specific entities (Article 2)
- Customers must provide complete documentation when opening an account (Article 4, Article 5)
- Using an account must comply with guidelines from the State Bank and laws (Article 7, Article 8)
- Account holders have the right to use funds in their account through lawful payment orders (Article 9)
- Banks have the right to withdraw from accounts under certain circumstances (Article 10)
🌐 이 문서의 사회적 영향
- Facilitating the opening and use of deposit accounts, enhancing transparency and effective management
- Reducing financial risks for customers through regulations on freezing and closing accounts (Article 13, Article 14)
❓ 자주 묻는 질문
Who can open a deposit account?
The State Bank and banks may open accounts for entities such as the National Treasury, credit institutions within the area, foreign banks, international financial organizations (Article 2).
What documents need to be prepared when opening an account?
Documents include an application for opening an account, papers proving the establishment of the organization and its lawful representative status (Article 4).
When can a bank withdraw from a customer's account?
A bank may only withdraw from an account in cases of overdue debt, over-due payments, or other payment obligations as decided by state authorities (Article 10).
How can an account holder use the funds in their account?
An account holder may use funds in their account through lawful payment orders, select payment services, and request the bank to execute payment orders (Article 9).
When can a bank freeze an account?
A bank may only freeze an account if one of the conditions specified in Decree No. 64/2001/ND-CP is met (Article 13).
전문
DECISION OF THE GOVERNOR OF THE STATE BANK OF VIETNAM
Issuing Circular on Opening and Using Deposit Accounts at the State Bank and Credit Institutions
and credit institutions
_________________________
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Law on the State Bank No. 01/1997/QH10 and the Law on Credit Institutions No. 02/1997/QH10 dated December 12, 1997;
Pursuant to Decree No. 64/2001/NĐ-CP dated September 20, 2001 of the Government on payment activities through service providers;
Pursuant to Decree No. 86/2002/NĐ-CP dated November 5, 2002 of the Government stipulating the functions, tasks, powers, and organizational structure of Ministries and ministerial-level agencies;
At the proposal of the Head of the Accounting and Finance Department, the State Bank,
DECISION:
Article 1. This Decision promulgates the Circular on Opening and Using Deposit Accounts at the State Bank and Credit Institutions.
Article 2. This Decision shall take effect fifteen days from the date of signature. Previous regulations on opening and using deposit accounts shall cease to be effective, including:
Decision No. 160/QĐ-NH2 dated August 19, 1998 of the Governor of the State Bank promulgating the Rules for Opening and Using Deposit Accounts of Private Enterprises and Individuals.
The provisions on opening and using deposit accounts, Part I of Circular No. 08/TT-NH2 dated June 2, 1994 of the Governor of the State Bank of Vietnam guiding the implementation of rules for non-cash payment transactions.
Article 3. The Director of the Office, Heads of Departments, Heads of Units under the State Bank, Governors of Branches of the State Bank in provinces and centrally governed cities; Chairmen of Management Boards, General Directors (Directors) of credit institutions are responsible for implementing this Decision.
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DIRECTOR
DEPUTY DIRECTOR
(Signed)
Vu Thi Lien
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REGULATIONS ON OPENING AND USING DEPOSIT ACCOUNTS
AT THE STATE BANK AND CREDIT INSTITUTIONS
(issued together with Decision No. 1284/2002/QĐ-NHNN
dated November 21, 2002 of the Governor of the State Bank)
PART I
GENERAL PROVISIONS
Article 1 Scope of Application.
1. These Regulations stipulate the procedures for opening and using deposit accounts (demand deposits) of customers at service providers that are the State Bank of Vietnam and credit institutions which are banks operating in Vietnam (hereinafter referred to as banks).
Each customer has the right to open one or more deposit accounts at one or more places, which may be their place of residence, main office location, or elsewhere according to their needs, except where otherwise provided.
2. Procedures for opening and using other settlement accounts that are not demand deposit accounts (such as savings deposit accounts, check guarantee accounts, transfer accounts, loan accounts, etc.) shall be carried out in accordance with current regulations.
3. Procedures for opening and using deposit accounts at other service providers that are not banks (such as the National Treasury, Development Fund, Post Office, etc.) shall be carried out in accordance with the regulations of those service providers.
4. Procedures for opening and using Vietnamese Dong and foreign currency deposit accounts of non-residents and residents must comply with these Regulations and current state regulations on foreign exchange management.
Article 2 Subjects Eligible to Open Deposit Accounts.
1. The State Bank of Vietnam opens deposit accounts for the following subjects:
a) The National Treasury, credit institutions within its jurisdiction.
If wishing to open a deposit account in another jurisdiction, written approval from the State Bank (Accounting and Finance Department) is required.
b) Foreign banks operating abroad.
c) Monetary organizations and international banks.
d) Other subjects eligible to open deposit accounts at the State Bank of Vietnam as prescribed by competent state authorities.
2. Credit institutions that are banks open deposit accounts for the following subjects:
a) Individuals who are Vietnamese citizens with full civil capacity and capacity for civil acts; foreign individuals with full civil capacity and capacity for civil acts as prescribed by the laws of the country of which they are citizens.
For minors, individuals without capacity for civil acts, and individuals with limited capacity for civil acts as prescribed by law: all procedures for opening and using deposit accounts must be conducted through guardians or legal representatives.
b) Vietnamese organizations established and operating in accordance with Vietnamese law, and foreign organizations established and operating in accordance with the laws of the country in which they are established.
c) For State Commercial Banks: open deposit accounts for the National Treasury located in districts or towns that are not provincial capitals but must obtain written approval from the State Bank.
Article 3. Forms of Opening Deposit Accounts.
1. A deposit account is a payment account opened by payment service users at banks for the purpose of depositing, keeping money, or conducting payment transactions through banks using payment instruments. Depending on the customer type, deposit accounts can be opened in the following forms:
a) Organizational deposit account: this is an account where the account holder is the legal representative or authorized representative of the organization opening the account.
b) Joint depositor account: this is an account with at least two people or more sharing the account name. Joint depositors may be individuals or legally authorized representatives of organizations.
c) Individual deposit account: this is an account where the account holder is an independent individual opening the account.
2. The balance on a deposit account can be either demand balance or term balance. The conversion of usage from demand to term balance and vice versa, or using different agreed terms, shall be carried out according to the customer's request or the bank's request where the account is opened.
PART II
OPENING AND USING DEPOSIT ACCOUNTS
PART A. OPENING DEPOSIT ACCOUNTS
Article 4. Documents for Opening Deposit Accounts.
1. For organizations, the main documents include:
a) Application for opening an account;
b) Documents proving that the organization was established in accordance with the law;
c) Documents proving the legal representative status of the account holder.
2. For joint account holders, the main documents include:
a) Application for opening a jointly owned account;
b) Documents proving the legal representative status of the person representing the organization participating in the jointly owned account;
c) Agreement (contract) on management and use of the shared account among joint account holders.
3. For individuals, the main documents include:
a) Application for opening an account;
b) Documents proving the status of the legal representative, guardian of minors, persons without civil capacity, or persons with limited civil capacity.
4. In addition to the main documents specified above, to meet the requirements and specific activities of their units, banks have the right to require customers to provide additional necessary documents to supplement the account opening dossier. These requirements must be publicly announced and specifically guided according to each customer type.
The documents in the account opening dossier may be original or certified copies confirmed by the issuing authority or notarized by competent state agencies. The information declared in the account opening dossier must be accurate and true. Customers are responsible for the information registered in the account opening dossier and must immediately notify the bank where the account is opened if there are changes in the account opening dossier.
Article 5. Application for Opening an Account.
1. The application for opening an account includes the following main elements:
a) Name and address of the account holder (or joint account holders), whether resident or non-resident.
b) ID card number, date of issue, place of issuance, military ID or passport number (if still valid) of the account holder (or joint account holders).
c) Registered name and transaction address (if the account holder is an organization).
d) Sample signature of the account holder to be used on transaction documents with the bank and the authorized signatory.
đ) Sample signature of the Chief Accountant or accounting supervisor and those authorized by them (for organizational deposit accounts if required).
One person cannot simultaneously register signatures in the roles of account holder, responsible signatory on transaction documents with the bank, or authorized signatory.
e) Stamp sample (if any) to be used on transaction documents with the bank.
g) Name and address of the person to whom the account is transferred when the account holder (or joint account holder) is an individual who has died or been declared missing.
Banks may supplement other information serving their management needs and suitable for each customer type.
2. If the account user cannot write in any form, the bank will guide the customer to register a code or special symbol instead of a sample signature.
In cases where electronic signatures are used for payment services, the establishment, issuance, management, and use of electronic signatures shall be regulated and guided by the bank.
3. The application for opening an account is invalid in the following cases:
a) There is evidence proving that the information declared in the application for opening an account is not true;
b) The customer does not belong to the category eligible to open an account at the bank.
Article 6. Acceptance and Processing of Account Opening Documents.
1. Upon receipt of account opening documents, the bank shall be responsible for checking and verifying the documents and factors declared in the account opening documents to ensure accuracy and consistency.
2. The bank must process the account opening on the same working day:
a) If the request to open an account from the customer is approved, the bank shall provide the customer with a "Notice of Approval to Open an Account" containing the details of the opened account and the date it begins operation.
b) In case of refusal to open an account, the bank must clearly state the reasons for the customer's knowledge.
PART B. USE OF DEPOSIT ACCOUNTS
Article 7. Use of Accounts.
1. The use of accounts shall be carried out in accordance with the guidelines of the State Bank, regulations of competent state agencies, and requirements of the account holder.
2. Use of accounts by minors, persons without civil capacity, and persons with limited civil capacity.
a) Guardians and legal representatives may use the accounts of minors, persons without civil capacity, and persons with limited civil capacity under their guardianship or representation. The guardians and legal representatives of the account holder shall not delegate other individuals or organizations to use the accounts of those under their guardianship or representation.
b) Guardians and legal representatives have the responsibility to use the account for the benefit of the person under their guardianship or representation; they possess all rights and responsibilities in using the account according to this Regulation and related laws.
3. Use of joint account holder accounts.
The use of joint account holder accounts must be carried out strictly in accordance with the contents of the agreement (contract) on management and use of the joint account.
Unless there are separate agreements regarding the method of using the joint account, the rights and responsibilities of each joint account holder in using the joint account, and the resolution methods in case of disputes, the use of joint account holder accounts shall follow the principle that:
Joint account holders have equal rights and obligations towards the joint account, and the use of the account requires the approval of all joint account holders. Each joint account holder is liable for the full payment of all debts arising from the use of the account.
Notifications related to the use of the account to one joint account holder are considered notifications to all joint account holders.
Joint account holders may authorize each other or authorize others to use and dispose of the joint account within the scope of their rights and obligations.
When a joint account holder is an individual who has died, been declared missing, or lost civil capacity, or an organization that has ceased operations as prescribed by law, the use of the account and obligations arising from its use shall be resolved in accordance with the provisions of the law.
Article 8. Authorization to Use Accounts.
1. The authorization to use accounts and the use of accounts pursuant to such authorization must comply with the provisions of Government Decree No. 64/2001/NĐ-CP dated September 20, 2001, on payment activities through service providers and other relevant laws on authorization.
2. Procedures for authorizing the use of accounts:
a) When there is a need to authorize the use of accounts for individuals who have not registered their signatures on the Account Opening Request Form, the account holder must establish an Authorization for Account Usage in accordance with the provisions of the law.
b) Any attached samples (if any) and the signature of the authorized user of the account must be kept at the bank.
Article 9. Rights of the account holder.
1. The account holder has the right to use the funds in the account through lawful and valid payment orders. The bank where the account is opened shall create all conditions for the account holder to use the account in the most effective and secure manner.
2. To choose and use payment services provided by the bank that are suitable to their requirements, capabilities, and legal provisions.
3. To authorize others to use the account in accordance with regulations.
4. To request the bank where the account is opened to execute lawful and valid payment orders within the available balance and overdraft limit (if permitted).
5. To request information about transactions and balances on their account.
6. To request the bank where the account is opened to close, freeze, or change the method of using the account when necessary.
7. To enjoy interest rates on the funds in the account at the rate specified by the bank according to the characteristics of the account, the account balance, and in compliance with the interest rate management mechanism issued by the State Bank during each period.
Article 10. Obligations of the account holder.
1. To ensure there is sufficient money in the account to fulfill established payment orders. To be responsible for overdraws beyond the available balance unless there is an overdraft agreement with the bank. Credit institutions must maintain an average balance in their deposit accounts at the State Bank not lower than the required reserve ratio set by the State Bank.
2. To organize accounting and monitor the balance in the account, reconcile it with the Notice of Debit, Notice of Credit, or Account Balance Notice sent by the bank where the account is opened.
3. To be responsible for any errors or fraudulent acts when using payment services through the account due to their own fault.
4. To comply with the bank's instructions regarding the issuance of payment orders and the use of payment instruments, conducting transactions through the account; using, circulating, storing transaction documents; ensuring security measures in payments as prescribed by the bank.
5. To promptly notify the bank where the account is opened upon discovering errors or discrepancies in their account or if their account is being misused. To provide accurate information when requesting to use payment services or during the use of payment services through the account.
6. Not to rent, lend the account, or use the account for payment transactions involving amounts with evidence of illegal origin.
Article 11. Rights of the bank.
1. To proactively deduct from the customer's account in the following cases:
a) Due and overdue debts, interest, and other legitimate fees arising from the management of the account and provision of payment services as stipulated.
b) Payment obligations pursuant to decisions of competent state authorities requiring the account holder to make payments.
c) Other cases agreed upon between the bank and the customer.
2. To refuse to execute customers' payment orders in the following cases:
a) Customers fail to fully comply with payment procedures; payment orders are invalid, do not match registered elements, or are inconsistent with agreements between the bank and the customer.
b) Customers do not have sufficient balance in the account to cover payment orders without prior overdraft agreement with the bank.
3. In case of detecting violations of current regulations or agreements with the bank, or signs of legal violations by the account user, the bank has the right to refuse to execute the customer's service usage requests, retain evidence, and immediately report to the competent authority for examination and handling.
4. To freeze, close, convert, or settle the account balance in accordance with regulations.
5. To establish security measures in payments according to needs and operational specifics.
6. To require customers to provide relevant information when using payment services as prescribed.
7. To impose penalties on customers for violating agreed-upon or prescribed regulations on account usage.
Article 12. Responsibilities of the bank.
1. Guide customers to comply with regulations on account opening documentation, transaction documents, and related regulations for account usage. The bank is responsible for promptly detecting and correcting incorrectly opened accounts or improper usage.
2. Fully and timely execute payment orders and account usage requests from customers in accordance with regulations or agreements between the bank and the customer. Control customer payment orders to ensure they follow the prescribed procedures, are lawful and valid, and match registered factors; provide necessary payment services and means in a timely manner to meet customer transaction needs through the bank.
3. Record accounting transactions based on received legitimate and valid accounting documents. Adjust incorrectly recorded items, entries not reflecting the true nature of the transaction, or entries inconsistent with the account usage according to regulations.
4. Timely and fully send Account Debit Notices, Account Credit Notices, Account Statement Copies, and Account Balance Notices upon request of the account user.
Provide timely information about payment transactions and account balances to customers periodically or urgently when requested.
5. Safeguard information related to customer accounts and transactions on those accounts as required.
6. Store account opening records and transaction documents through accounts in accordance with methods and timeframes stipulated by the Governor of the State Bank.
7. Publicly post regulations regarding account opening and usage.
8. Be liable for losses, violations, or exploitation on customer accounts due to their own errors.
Section C. OTHER PROVISIONS
Article 13. Freezing Accounts.
1. The bank may only freeze a customer's deposit account if one of the conditions specified in Clause 1 of Article 9 of Decree No. 64/2001/ND-CP dated September 20, 2001 of the Government on payment activities through service providers is met.
Usage of frozen accounts, frozen funds, duration of freezing, and processing of payment orders during the freezing period must be carried out strictly in accordance with the terms of the freeze.
2. Frozen funds on an account must be preserved and closely monitored according to the terms of the freeze, and can only be released when the freeze ends. If an account is partially frozen, unfrozen funds can still be used normally.
Article 14. Closing Accounts.
1. The bank may only close a customer's deposit account under the circumstances specified in Clause 1 of Article 10 of Decree No. 64/2001/ND-CP dated September 20, 2001 of the Government on payment activities through service providers.
Cases where the bank exercises its right to close an account and how to handle remaining balances must be notified to the account holder in advance or publicly posted.
2. Procedures for closing accounts, as defined by the bank, must be appropriate to the bank's operational characteristics and publicly announced.
3. After an account is closed, if a customer wishes to use it again, they must go through the account opening procedure.
Article 15. Resolution of disputes and handling of violations.
The parties shall comply with the provisions on opening and using accounts under this Regulation, other relevant laws, and agreements already made between the parties. Organizations and individuals who commit violations shall be subject to penalties, disciplinary actions, administrative fines, or criminal liability depending on the nature and severity of the violation.
If damage is caused, compensation must be provided.
CHAPTER III
IMPLEMENTING PROVISIONS
Article 16. Effective Implementation.
1. Account opening files implemented according to the provisions of Part I of Circular No. 08/TT-NH2 dated June 2, 1994 of the State Bank of Vietnam and Article 2 of Decision No. 160/QĐ-NH dated August 19, 1993 of the Governor of the State Bank of Vietnam, which remain consistent with the provisions of this Regulation, shall continue to be valid for use.
2. Based on the provisions of this Regulation, banks must conduct inspections to supplement and complete account opening files at their units to ensure compliance.
Article 17. Guidance on Implementation and Enforcement.
1. General Directors (Directors) of banks shall issue documents on opening and using accounts within their banks in accordance with the specific characteristics of their operations based on the provisions of this Regulation, and shall be responsible for monitoring and organizing inspections for implementation within their units.
2. The Head of the Accounting and Finance Department shall be responsible for guiding, monitoring, and resolving any issues arising during the implementation of this Regulation.
3. Amendments and supplements to this Regulation shall be decided by the Governor of the State Bank of Vietnam./.
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