THE CREDIT INSTITUTIONS MAY BE EXEMPTED FROM MONTHLY CASH WITHDRAWAL FEE
On December 25, 2019, the State Bank of Vietnam promulgates the Circular No. 27/2019/TT-NHNN on amending and supplementing a number of Articles of the Circular No. 35/2014/TT-NHNN dated November 20, 2014 of the State Bank Governor of Vietnam on service fees for cash withdrawal transactions via payment accounts at the State Bank of Vietnam.
Accordingly, credit institutions, branch of a foreign bank shall be exempted from monthly service fee in case the cash value withdrawn via payment accounts is smaller or equal to the value of cash not qualified for circulation remitted to the State Bank where the account opened. If the above amount is exceeded, the above organizations will be charged 0.005% of the positive difference in the month.
Besides, this Circular also supplement regulation on method of collecting method of collecting cash withdrawn fee. To be specific: after calculated and received the fee of credit institution, foreign bank branch, the Operation Center, municipal and provincial State Bank branches shall base on fee collecting record to note in Accounting Account System. Otherwise, the regulation on summarizing data of cash withdrawn in the Operation Center and provincial, municipal State Bank branches also be repealed.
This Circular takes effect on May 01, 2020.
