MAXIMUM INTEREST OF CALL RATE APPLICABLE TO VND DEPOSITS OF PEOPLES CREDIT FUND IS 6,5% PER ANNUM
On March 16, 2020, the State Bank of Vietnam issues the Decision No. 420/QD-NHNN on maximum interest of call rate applicable to VND deposits at credit institutions, foreign bank branches for borrowers to meet the capital demand in service of a number of economic sectors and industries as prescribed in the Decree 39/2016/TT-NHNN dated December 12, 2016.
Accordingly, credit institutions, foreign bank branches (except for people’s credit fund and micro financial institution) shall apply the maximum interest of call rate applicable to VND deposits of 5.5 % per annum. Peoples credit fund and micro financial institution shall apply the maximum interest of call rate applicable to VND deposits of 6,5% per annum.
The interest rate applied to credit contracts, loan agreement documents March 17, 2020 shall continue to be implemented under the signed credit contracts and loan agreements in accordance with the law at the time of contract signing.
This Circular takes effect on March 17, 2020.
