Decision No. 47/2006/QD-NHNN on amending and supplementing certain provisions of the savings deposit regulation issued together with Decision No. 1160/2004/QD-NHNN dated September 13, 2004 of the Governor of the State Bank of Vietnam.

Pursuant to …;

Regarding the amendment and supplementation of certain provisions of the savings deposit regulation issued together with Decision No. 1160/2004/QĐ-NHNN dated September 13, 2004 of the Governor of the State Bank of Vietnam.

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GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam 1997 and the Law Amending and Supplementing Certain Provisions of the Law on the State Bank of Vietnam 2003;

Pursuant to the Law on Credit Institutions 1997 and the Law Amending and Supplementing Certain Provisions of the Law on Credit Institutions 2004;

Pursuant to Decree No. 52/2003/ND-CP dated May 19, 2003, issued by the Government, detailing the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Monetary Policy Department.

Pursuant to …;

Article 1: Amend and supplement certain provisions of the Savings Deposit Regulation issued together with Decision No. 1160/2004/QĐ-NHNN dated September 13, 2004 of the Governor of the State Bank of Vietnam as follows:

1. Clause 9 of Article 6 shall be amended and supplemented as follows:

"9. A term savings deposit is a savings deposit where the depositor agrees with the savings deposit receiving organization on a specific deposit period."

2. Point a of Clause 1 of Article 8 shall be amended and supplemented as follows:

"a. The depositor must directly perform the deposit transaction at the savings deposit receiving organization and present the following documents:

- For Vietnamese individuals, they must present a valid identity card or passport. For foreign individuals, they must present a valid passport with a visa; if the depositor enters the country without a visa according to the law on entry, they must present a valid passport.

- For guardians or legal representatives, in addition to presenting a valid identity card or passport, they must also present documents proving their status as guardian or legal representative for minors, persons without civil capacity, or persons with limited civil capacity.

- For individuals aged fifteen years or older but under eighteen years old who have their own assets, in addition to presenting a valid identity card or passport, they must also present documents proving that the amount deposited in the bank is their own property such as inheritance papers, gift papers, or other documents proving that the amount deposited in the bank is their own property."

3. Point c of Clause 1 of Article 15 shall be amended and supplemented as follows:

"c. For Vietnamese individuals, they must present a valid identity card or passport. For foreign individuals, they must present a valid passport with a visa; if the depositor enters the country without a visa according to the law on entry, they must present a valid passport."

4. Clause 2 and Clause 3 of Article 16 shall be amended and supplemented as follows:

"2. In case the depositor requests to withdraw a savings deposit before maturity and meets the requirements stipulated in Clause 1 of Article 16, the depositor will receive interest according to the regulations of the savings deposit receiving organization.

3. In case the depositor requests to withdraw a savings deposit before maturity but does not meet the requirements stipulated in Clause 1 of Article 16, the savings deposit receiving organization may allow the depositor to withdraw the funds early. In this case, the depositor will receive interest according to Clause 2 of Article 16; the savings deposit receiving organization has the right to set a fee for early withdrawal of the savings deposit."

5. Clause 2 of Article 21 shall be amended and supplemented as follows:

"2. When using a savings deposit card as collateral, the owner of the savings deposit or co-owner of the savings deposit must agree that in case the debt cannot be repaid upon maturity, the credit institution lending money has the right to request the savings deposit receiving organization to transfer the savings deposit of the borrower to the credit institution lending money to recover the debt."

6. Clause 1 of Article 22 shall be amended and supplemented as follows:

"1. The savings deposit receiving organization may set a fee for accepting or paying out savings deposits."

Article 2This Decision shall take effect fifteen days from the date of publication in the Official Gazette.

Article 3For savings deposits made before the effective date of this Decision but have not yet reached maturity, the savings deposit receiving organization and the depositor shall continue to implement the agreements already committed until the maturity date of the savings deposit or both parties may agree to implement the provisions of this Decision.

Article 4The Chief of the Office, Heads of units under the State Bank of Vietnam; Governors of provincial and centrally-run city branches of the State Bank of Vietnam; Chairmen of the Board of Directors, General Managers (Directors) of savings deposit receiving organizations and depositors are responsible for implementing this Decision.