Circular No. 46/2024/TT-NHNN stipulates the maximum interest rate applicable to US dollar deposits of organizations and individuals at credit institutions and foreign bank branches. This document aims to regulate foreign currency lending and savings activities within the Vietnamese financial system.
적용 범위
["commercial banks", "cooperative banks", "universal finance companies", "specialized finance companies", "foreign bank branches"] and ["organizations (excluding credit institutions)", "individuals"]
핵심 사항
- Commercial banks, cooperative banks, universal finance companies, specialized finance companies, and foreign bank branches must apply US dollar deposit interest rates not exceeding the maximum interest rate determined by the Governor of the State Bank of Vietnam (Article 3).
- The maximum interest rate includes all promotional expenses under any form and applies to both end-of-period interest payment methods and other methods converted to end-of-period interest payment methods (Article 3).
- Credit institutions must publicly display US dollar deposit interest rates at legitimate transaction locations within their network and post them on their website if available (Article 3).
- Customers cannot enjoy any form of promotion when making foreign currency deposits that do not comply with the law (Article 3).
- Deposit agreements in US dollars made before this Circular takes effect shall continue to be implemented according to the agreement until the agreed term expires (Article 4).
🌐 이 문서의 사회적 영향
- Commercial banks, cooperative banks, universal finance companies, specialized finance companies, and foreign bank branches must comply with the maximum interest rate regulations when receiving US dollar deposits from organizations and individuals.
- Customers may be affected by changes in the maximum interest rate applied to foreign currency deposits.
- Publicly displaying interest rates helps customers easily compare and choose suitable savings products.
❓ 자주 묻는 질문
Are commercial banks permitted to exceed the maximum interest rate specified in this Circular?
No, commercial banks must apply US dollar deposit interest rates not exceeding the maximum interest rate determined by the Governor of the State Bank of Vietnam.
Does the maximum interest rate include promotional expenses under any form?
Yes, the maximum interest rate includes all promotional expenses under any form.
Must banks publicly display US dollar deposit interest rates?
Yes, banks must publicly display US dollar deposit interest rates at legitimate transaction locations within their network and post them on their website if available.
Can customers enjoy any form of promotion when making foreign currency deposits?
No, customers cannot enjoy any form of promotion when making foreign currency deposits that do not comply with the law.
How will deposit agreements in US dollars made before this Circular takes effect continue to be implemented?
Deposit agreements in US dollars made before this Circular takes effect shall continue to be implemented according to the agreement until the agreed term expires.
전문
CIRCULAR
Regulations on the application of interest rates for dollar deposits of organizations and individuals at credit institutions and foreign bank branches
organizations and individuals in organization credit institutions, foreign bank branches
Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated January 18, 2024;
Pursuant to the Foreign Exchange Decree dated December 13, 2005 and the Decree Amending and Supplementing Certain Articles of the Foreign Exchange Decree dated March 18, 2013;
Pursuant to Decree No. 70/2014/NĐ-CP dated July 17, 2014 of the Government detailing the implementation of certain provisions of the Foreign Exchange Ordinance and the Ordinance amending and supplementing certain provisions of the Foreign Exchange Ordinance;
Pursuant to Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
Article 1.
The Governor of the State Bank of Vietnam issues this Circular regulating the application of interest rates for dollar deposits of organizations and individuals at credit institutions and foreign bank branches. of organizations and individuals in credit institutions, foreign bank branches.
Article 1. Scope of Regulation
Article 1. This Circular regulates the maximum interest rate applicable to dollar deposits of organizations (excluding credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches.
Deposits include deposit forms prescribed in Clause 27, Article 4 of the Law on Credit Institutions.
Article 2. Applicability
1. Commercial banks, cooperative banks, comprehensive finance companies, specialized finance companies, and foreign bank branches operating in Vietnam in accordance with the Law on Credit Institutions (hereinafter referred to as credit institutions).
2. Organizations (excluding credit institutions) and individuals depositing money at credit institutions (hereinafter referred to as customers).
Article 3. Interest Rates
1. Credit institutions shall apply interest rates for dollar deposits not exceeding the maximum interest rate determined by the Governor of the State Bank of Vietnam for each period for:
a) Organizational deposits.
b) Individual deposits.
2. The maximum interest rate for dollar deposits prescribed in this Circular includes all promotional expenses under any form, applicable to end-of-period interest payment methods and other interest payment methods converted to end-of-period interest payment methods.
3. Credit institutions shall publicly display the interest rates for dollar deposits at legitimate transaction locations within their network and post them on their electronic information websites (if available). When receiving deposits, credit institutions shall not implement any form of promotion (in cash, interest rates, and other forms) inconsistent with the provisions of the law.
Article 4. Implementation provisions
Article 4. This Circular takes effect from November 20, 2024.
This Circular replaces Circular No. 06/2014/TT-NHNN dated March 17, 2014 of the Governor of the State Bank of Vietnam stipulating the maximum interest rate for dollar deposits of organizations and individuals at credit institutions.
For interest rate agreements for dollar deposits made before the effective date of this Circular, credit institutions and customers shall continue to implement such agreements until their expiration. In cases where the agreed term has expired and the customer does not withdraw the deposit, the credit institution shall apply the interest rate for deposits as prescribed in this Circular.
State-owned enterprises that have been assigned by the Ministry of Agriculture and Rural Development to conduct offshore wind power project surveys before the effective date of this Circular shall continue to implement according to the assigned documents; any new matters arising after the effective date of this Circular shall be implemented in accordance with the provisions of this Circular.
The Director of the Office, Heads of Departments under the Monetary Policy Department, Heads of units under the State Bank of Vietnam, credit institutions, and foreign bank branches are responsible for implementing this Circular./.
DEPUTY DIRECTOR
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