DECREASE THE MAXIMUM INTEREST RATE OF CAPITAL MOBILIZATION IN USD TO 1,25% PER ANNUM
On June 27, 2013, the State Bank of Vietnam issued the Circular No. No. 14/2013/TT-NHNN promulgating the maximum interest rates for USD deposits of the organizations and individuals at credit institution and foreign bank’s branches.
Accordingly, the State Bank of Vietnam Maximum interest rate of deposit applied to organizations being residents, organizations being non-residents (except for the credit institutions and foreign banks’ branches) is 0.25% per annum. Maximum interest rate of deposit applied to individuals being residents, individuals being non-residents is 1.25% per annum.
Deposits include forms of demand deposits, term deposits, saving deposits, deposit certificates, promissory notes, treasury bills, bills and other forms of deposit receipt of organizations individuals. Maximum interest rates specified in Article 1 of this apply to the method of interest payment on maturity and other methods of interest payment that are converted into the method of interest payment on maturity.
This Circular takes effect on June 28, 2013 and replaces the Circular No. 14/2011/TT-NHNN dated June 01, 2011.
