Decision No. 27-NH/QD Issuing the Rules for Interest-bearing Non-fixed Term Savings Deposits; the Rules for Interest-bearing Fixed Amount Savings Deposits with Prizes

Pursuant to …;

PURSUANT TO DECISION NO. 27-NH/QD OF THE STATE BANK ON MARCH 5, 1985 ISSUING REGULATIONS ON INTEREST-BEARING NON-MATURITY SAVINGS DEPOSITS;
REGULATIONS ON INTEREST-BEARING FIXED AMOUNT SAVINGS DEPOSITS WITH PRIZES

CHAIRMAN OF THE STATE BANK OF VIETNAM

WHEREAS, Decree No. 35-CP dated February 9, 1981 of the Council of Ministers stipulates the tasks, powers, responsibilities of ministers and functions of ministries in certain areas of state management;

WHEREAS, Decree No. 178-HĐBT dated December 25, 1984 of the Council of Ministers amends certain interest rates for savings deposits and loans of the State Bank and credit cooperatives;

IN ORDER TO SATISFY THE WISHES OF SAVINGS DEPOSITORS AND AT THE REQUEST OF THE CENTRAL SOCIAL SAVINGS FUND DIRECTOR;

Pursuant to …;

Article 1.- NOW, WE ISSUE THE REGULATIONS ON INTEREST-BEARING NON-MATURITY SAVINGS DEPOSITS; REGULATIONS ON INTEREST-BEARING FIXED AMOUNT SAVINGS DEPOSITS WITH PRIZES FOR AMOUNTS OF 200, 500, AND 1000 DONG;

Article 2.- THESE REGULATIONS SHALL BE ENFORCED NATIONWIDE FROM JANUARY 1, 1985;

Article 3.- THE CENTRAL SOCIAL SAVINGS FUND DIRECTOR IS RESPONSIBLE FOR GUIDING AND ELUCIDATING SPECIFIC PROVISIONS OF THESE REGULATIONS AND ORGANIZING SERVICES TO FACILITATE THE PUBLIC IN MAKING AND WITHDRAWING SAVINGS DEPOSITS QUICKLY;

Article 4.- THE CHIEF OF THE OFFICE, THE CENTRAL SOCIAL SAVINGS FUND DIRECTOR, THE DIRECTORS OF THE CREDIT DEPARTMENT, THE DIRECTORS OF THE BRANCHES OF THE STATE BANK, THE DIRECTORS OF THE SOCIAL SAVINGS FUNDS OF THE PROVINCES, CITIES, AND SPECIAL ADMINISTRATIVE ZONES UNDER THE CENTRAL GOVERNMENT, AND THE DIRECTORS OF THE DISTRICTS, COUNTIES, AND TOWNS UNDER THE PROVINCES ARE RESPONSIBLE FOR IMPLEMENTING THIS DECISION;

Article 5.- ONLY THE GENERAL DIRECTOR OF THE STATE BANK HAS THE AUTHORITY TO AMEND THE PROVISIONS OF THESE REGULATIONS;

REGULATIONS ON SAVINGS DEPOSITS
WITHOUT MATURITY PERIOD WITH INTEREST

(ISSUED ALONG WITH DECISION NO. 27-NH/QD DATED MARCH 5, 1985
OF THE GENERAL DIRECTOR OF THE STATE BANK);

Article 1.- THESE REGULATIONS ON INTEREST-BEARING NON-MATURITY SAVINGS DEPOSITS AIM TO ENCOURAGE EVERYONE TO SAVE MONEY AND DEPOSIT IT INTO THE SOCIAL SAVINGS FUND, CONTRIBUTING TO INCREASING THE CAPITAL SOURCES FOR THE STATE, PROMOTING THE DEVELOPMENT OF PRODUCTION, AND IMPROVING THE LIVING STANDARDS OF THE PEOPLE;

Article 2.- INTEREST-BEARING NON-MATURITY SAVINGS DEPOSITS BELONG TO THE OWNER OF THE DEPOSIT AND ARE PROTECTED BY STATE LAW;

Article 3.- THE INTEREST RATE FOR INTEREST-BEARING NON-MATURITY SAVINGS DEPOSITS IS 24% PER YEAR (2% PER MONTH); INTEREST IS CALCULATED DAILY AND ADDED TO THE PRINCIPAL AT THE END OF THE YEAR; THE DEPOSITOR MAY WITHDRAW INTEREST MONTHLY AS REQUIRED;

Article 4.- HOLDERS OF INTEREST-BEARING NON-MATURITY SAVINGS DEPOSITS ARE ENTITLED TO THE FOLLOWING RIGHTS:

- RECEIVING INTEREST ON THE DEPOSIT;

- AUTHORIZING ANOTHER PERSON TO MAKE OR WITHDRAW THE DEPOSIT;

- BEING EXEMPTED FROM TRANSFER FEES WHEN CHANGING RESIDENCE;

- HAVING THEIR BALANCE OF SAVINGS DEPOSITS KEPT CONFIDENTIAL;

Article 5.- WHEN MAKING A FIRST DEPOSIT INTO THE SOCIAL SAVINGS FUND, THE DEPOSITOR WILL BE ISSUED A SAVINGS BOOK; IF THE SAVINGS BOOK IS LOST, THE DEPOSITOR MUST IMMEDIATELY REPORT TO THE SOCIAL SAVINGS FUND WHERE THE DEPOSIT WAS MADE TO PREVENT FRAUDULENT ACTIVITY;

Article 6.- SAVINGS BOOKS WITHOUT MATURITY PERIOD WITH INTEREST AND PRIZES THAT HAVE BALANCES UNTIL DECEMBER 31, 1984 WILL BE CONVERTED TO SAVINGS BOOKS WITHOUT MATURITY PERIOD WITH INTEREST WITHOUT NECESSITY OF EXCHANGE AND WILL ENJOY THE RIGHTS ACCORDING TO THESE REGULATIONS;

REGULATIONS ON SAVINGS DEPOSITS
WITH INTEREST AND PRIZES
(ISSUED PURSUANT TO DECISION NO. 27-NH/QD DATED MARCH 5, 1985
OF THE GENERAL DIRECTOR OF THE STATE BANK);

Article 1.- THESE REGULATIONS ON INTEREST-BEARING FIXED AMOUNT SAVINGS DEPOSITS WITH PRIZES AIM TO ENCOURAGE EVERYONE TO SAVE MONEY AND DEPOSIT IT INTO THE SOCIAL SAVINGS FUND, CONTRIBUTING TO INCREASING THE CAPITAL SOURCES FOR THE STATE, PROMOTING THE DEVELOPMENT OF PRODUCTION, AND IMPROVING THE LIVING STANDARDS OF THE PEOPLE;

Article 2.- SAVINGS DEPOSITS BELONG TO THE OWNER OF THE DEPOSIT AND ARE PROTECTED BY STATE LAW;

Article 3.- INTEREST-BEARING FIXED AMOUNT SAVINGS DEPOSITS WITH PRIZES ARE IMPLEMENTED THROUGH FIXED AMOUNT DEPOSIT CERTIFICATES, INCLUDING THREE TYPES OF 200, 500, AND 1000 DONG ISSUED BY THE STATE BANK. THE DEPOSIT CERTIFICATE CAN BE NAMED OR UNNAMED, AT THE DISCRETION OF THE DEPOSITOR;

Article 4.- IF THE DEPOSITOR NAMES THE DEPOSIT CERTIFICATE AND REGISTERS THEIR SIGNATURE AT THE SAVINGS FUND, THEY MUST IMMEDIATELY REPORT TO THE SAVINGS FUND WHERE THE DEPOSIT WAS MADE IF THE CERTIFICATE IS LOST; IF THE CERTIFICATE HAS NOT BEEN FULLY WITHDRAWN, A NEW CERTIFICATE WILL BE ISSUED AND MARKED AS THE SECOND ISSUE. IF THE DEPOSITOR DOES NOT NAME THE DEPOSIT CERTIFICATE, THE SAVINGS FUND WILL NOT ACCEPT LOSS REPORTS;

Article 5.- THE INTEREST RATE IS 24% PER YEAR, OF WHICH 12% IS PAID AS INTEREST AND 12% AS A PRIZE. INTEREST IS CALCULATED BASED ON THE ACTUAL TIME OF DEPOSIT AND PAID OUT IN ONE INSTALLMENT UPON CLOSURE OF THE DEPOSIT CERTIFICATE;

Article 6.- THE PRIZE FOR THE DEPOSITOR IS IMPLEMENTED THROUGH LOTTERY; THERE IS A DRAW EVERY MONTH. DEPOSIT CERTIFICATES THAT HAVE BEEN HELD FOR 30 OR 31 DAYS IN THE MONTH AND STILL HAVE BALANCES AT THE END OF THE MONTH ARE ELIGIBLE FOR THE LOTTERY AND PRIZE CALCULATION;

- TYPE OF 200 DONG FIXED AMOUNT:

EACH SERIES OF 10,000 CERTIFICATES INCLUDES 115 PRIZES, INCLUDING:

1 FIRST PRIZE, 6,000 DONG

2 ENCOURAGEMENT PRIZES, 200 DONG EACH

2 SECOND PRIZES, 800 DONG EACH

10 THIRD PRIZES, 200 DONG EACH

100 FOURTH PRIZES, 60 DONG EACH.

- TYPE OF 500 DONG FIXED AMOUNT:

EACH SERIES OF 10,000 CERTIFICATES INCLUDES 115 PRIZES, INCLUDING:

1 FIRST PRIZE, 15,000 DONG

2 ENCOURAGEMENT PRIZES, 500 DONG EACH

2 SECOND PRIZES, 2,000 DONG EACH

10 THIRD PRIZES, 500 DONG EACH

100 FOURTH PRIZES, 150 DONG EACH.

- TYPE OF 1000 DONG FIXED AMOUNT:

EACH SERIES OF 10,000 CERTIFICATES INCLUDES 115 PRIZES, INCLUDING:

1 FIRST PRIZE, 30,000 DONG

2 ENCOURAGEMENT PRIZES, 1,000 DONG EACH

2 SECOND PRIZES, 4,000 DONG EACH

10 THIRD PRIZES, 1,000 DONG EACH

100 FOURTH PRIZES, 300 DONG EACH.

Article 7.- FIXED AMOUNT DEPOSIT CERTIFICATES THAT WIN MULTIPLE PRIZES STILL RETAIN THE ORIGINAL PRINCIPAL AMOUNT LISTED ON THE CERTIFICATE.