TO REDUCE 0.5% OF THE MAXIMUM INTEREST RATE APPLICABLE TO DEPOSITS WITH TERM OF 1-6 MONTHS
On May 12, 2020, the State Bank of Vietnam issues the Decision No. 919/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 call deposits and deposits with term of less than one month to be of 0.2% per annum, reduced 0.3% in comparison with the previous provision (0.5% per annum).
In addition, the maximum interest rate applicable to deposits with term of one month to less than six months is reduced 0.5% to 4.25% 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 shall be 4.75% per annum.
This Decision takes effect on May 13, 2020.
