TO REDUCE THE MAXIMUM INTEREST RATE FOR TERM FROM 1-6 MONTHS TO 4.75%/YEAR
On March 16, 2020, the State Bank of Vietnam issues the Decisions No. 419/QD-NHNN on the maximum interest rate applicable to VND deposits of organizations and individuals at credit institutions and
foreign bank branches as prescribed in the Circular No. 07/2014/TT-NHNN dated March 17, 2014.
Accordingly, the maximum interest rate applicable to VND deposits of entities (other than credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches as prescribed in the Circular No. 07/2014/TT-NHNN dated March 17, 2014 shall be as follows:
Firstly, the maximum interest rate applicable to call deposits and deposits with term of less than one month is 0.5% per annum (in the previous regulations is 0.8% per annum).
Next, the maximum interest rate applicable to deposits with term of one month to less than six months is 4.75% per annum (in the previous regulations is 5% per annum); for People’s credit funds and micro-financial institutions, the maximum interest rate applicable to deposits with term of one month to less than six months is 5.25% per annum (in the previous regulation is 5.5% per annum).
This Decision takes effect on March 17, 2020.
