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In accordance with Decision 1812, the State Bank of Vietnam decides to adjust the interest rate of VND deposit from October 25, 2022, as follows:
- Increase the maximum interest rate applicable to demand deposits and deposits with a term of less than one month shall be from 0.5% per annum to 1.0% per annum.
- Increase the maximum interest rate applicable to deposits with a term of one month to less than six months shall be from 5.0% per annum to 0.6% per annum;
- Increase the maximum interest rate applicable to deposits for People’s credit funds, micro-financial institutions shall be from 5.5% per annum to 6.5% per annum.
The interest rates applicable to term VND deposits of organizations and individuals at credit institutions and foreign bank branches arising before October 25, 2022, shall be implemented until their expiry.
In case the agreed time limit expires and the organizations or individuals do not come to withdraw their deposits, the credit institutions or foreign bank branches shall fix the interest rate applicable to those deposits as prescribed in Decision No. 1812/QD-NHNN.
Besides, on October 24, 2022, the State Bank of Vietnam issues Decision No. 1089/QD-NHNN and Decision No. 1813/QD-NHNN to adjust other interest rates:
- Decision No. 1809/QD-NHNN increases the refinancing interest rate from 5.0% per annum to 6.0% per annum; the re-discount interest rate from 3.5% per annum to 4.5% per; 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 other banks from 6.0% per annum to 7.0% per annum.
- Decision No. 1813/QD-NHNN increases the maximum short-term loan interest rate in VND of the credit institutions for borrowers to meet the capital demand in service of a number of economic sectors and industries from 4.5% per annum to 5.5% per annum; the People’s credit funds and micro-financial institutions shall apply the maximum short-term loan interest rate in VND which is increased from 5.5% per annum to 6.5% per annum.
The above interest rates are applicable from October 25, 2022.
