From April 03, 2023: Reduce the maximum interest rate applicable to deposits

On March 31, 2023, the State Bank of Vietnam issues series of Decisions on adjusting the interest rate applicable to deposits from April 03, 2023.

1. Reduce the maximum interest rate applicable to deposits in Vietnam dong

In accordance with the Decision No. 575/QD-NHNN of the State Bank of Vietnam, the maximum interest rate applicable to demand deposits and deposits with term of less than one month shall be from 1.0% per annum to 0.5% per annum.

The maximum interest rate applicable to deposits with a term of one month to less than six months shall be reduced from 6.0% per annum to 5.5%/per annum for People’s credit funds and micro-financial institutions, the maximum interest rate applicable to deposits with a term of one month to less than six months shall be reduced from 6.5% per annum to.

The maximum interest rate applicable to deposits with a term of over six months is based on market supplies and demands.
 

Reduce the maximum interest rate applicable to deposits
From April 03, 2023: Reduce the maximum interest rate applicable to deposits (Illustration)

2. Reduce the short-term loan in Vietnam dong

In accordance with Decision No. 576/QD-NHNN, the State Bank of Vietnam reduces the short-term loan interest in Vietnam dong for the credit institution to satisfy the capital demands in the economic sectors and industries from 5.0%/per annum to 4.5%/ per annum.

People’s credit funds and micro-financial institutions shall apply the maximum short-term loan interest rate in VND which is 5.5 % per annum instead of 6.0% per annum.

3. Reduce the refinancing interest rate

In accordance with Decision No. 574/QD-NHNN on the refinancing interest rate, re-discount interest rate, interest rate of overnight lending in inter-bank electronic payment and lending to offset the capital shortage in the clearing of the State Bank of Vietnam for credit institutions, foreign bank branches

- The refinancing interest rate is 5.5% per annum instead of 6% per annum;

- The refinancing interest rate is 3.5% per annum;

- The overnight lending interest rate in inter-bank electronic payment and lending to offset the capital shortage in the clearing of the State Bank of Vietnam for credit institutions, and foreign bank branches is 6.0% per annum as before.

This Decision takes effect on April 03, 2023.
1900 6192 để được giải đáp qua tổng đài
090 222 9061 để sử dụng dịch vụ Luật sư tư vấn (CÓ PHÍ)
Đánh giá bài viết:
Bài viết đã giải quyết được vấn đề của bạn chưa?
Rồi Chưa

Tin cùng chuyên mục

Vietnam Law Day promotes respect for legislation and culture of legal compliance

Vietnam Law Day promotes respect for legislation and culture of legal compliance

Vietnam Law Day promotes respect for legislation and culture of legal compliance

Observed annually on November 9, Vietnam Law Day seeks to promote respect for the constitution and the law, raise public awareness of legal compliance and encourage people to make respect for regulations an integral part of everyday life. This year’s activities place greater emphasis on practical, people-centred legal education and digital transformation.

Proposed programme strives for at least 50 per cent drug-free communes and wards nationwide by 2030

Proposed programme strives for at least 50 per cent drug-free communes and wards nationwide by 2030

Proposed programme strives for at least 50 per cent drug-free communes and wards nationwide by 2030

The Government has recently proposed a national target programme on drug and crime prevention and control for the 2026-35 period, that aims for at least 50 per cent of communes and wards nationwide to be drug-free by 2030, binding the responsibilities of grassroots Party Committees and local authorities.

Vietnam well-positioned to attract high-quality European investment: insiders

Vietnam well-positioned to attract high-quality European investment: insiders

Vietnam well-positioned to attract high-quality European investment: insiders

Vietnam has established a considerable manufacturing and export base, giving it an advantage in attracting investment from European corporations. However, amid the restructuring of global supply chains, the key objective is not merely to attract more investment, but also to enhance the quality of investment and the value it generates.