FROM OCTOBER 01, DEPOSIT INTEREST RATE APPLICABLE DEPOSITS WITH TERM OF 1 TO LESS THAN 6 MONTHS IS 4.0%/YEAR
On September 30, 2020, the State Bank of Vietnam issues the Decision No. 1729/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 shall be 0.2% per annum.
At the same time the maximum interest rate applicable to deposits with term of one month to less than six months shall be reduced from 4.25% per annum to 4.0 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 reduced to 4.5% per annum in comparison to 4.75% per annum as in previous regulations.
This Decision takes effect on October 01, 2020.
