Interest rates applicable to Vietnam-dong deposits at credit institutions and foreign bank branches

Accordingly, Article 3 of Circular No. 48/2024/TT-NHNN prescribes the application of interest rates applicable to Vietnam-dong deposits of organizations and individuals at credit institutions and foreign bank branches as follows:

Credit institutions shall apply their interest rates applicable to VND deposits of organizations and individuals which must not be higher than the maximum interest rate applicable to demand deposits, deposits with a term of less than one month, and deposits with a term of one month to less than six month as announced by the Governor of the State Bank from time to time and to specific type of credit institution.

Credit institutions shall apply their interest rates applicable to VND deposits with a term of six months and more of organizations and individuals on the market capital demand and supply.

The maximum interest rate applicable to VND deposits provided in Circular No. 48/2024/TT-NHNN shall include payments for sale promotion in any form and be applied for term-end interest payment and other means of interest payment that are converted according to term-end interest payment.

Credit institutions shall publicly list interest rates applicable to VND deposits at a legal transaction location under their operational networks, and post such interest rates on their websites (if any).

Credit institutions are not allowed to offer sale promotion when receiving deposits in any form (in cash, interest rate and other forms) in contravention of laws.