THE STATE BANK OF VIETNAM
Circular No. 48/2018/TT-NHNN dated December 31, 2018 of the State Bank of Vietnam on savings deposits
Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law on amendments to the Law on Credit Institutions dated November 20, 2017;
Pursuant to the Ordinance on Foreign Exchange dated December 13, 2005 and the Ordinance on the Ordinance on Foreign Exchange dated March 18, 2013;
Pursuant to the Decree No. 70/2014/ND-CP dated July 17, 2014 on detailing a number of articles of the Ordinance on foreign exchange and the Ordinance amending, supplementing a number of Articles of the Ordinance on foreign exchange;
Pursuant to the Decree No. 16/2017/ND-CP dated February 17, 2017 defining the functions, tasks, entitlements and organizational structure of the State Bank of Vietnam;
At the request of the Director of Financial Policy Department and the Director of Department of Foreign Exchange Management;
The Governor of the State Bank of Vietnam promulgates a Circular on savings deposits.
Article 1. Scope of adjustment and subjects of application
This Circular sets forth savings deposits between credit institutions, branches of foreign banks (hereinafter referred to as credit institutions) and depositors.
Article 2. Savings deposit-taking credit institutions
A savings deposit-taking credit institution prescribed in this Circular refers to a credit institution incorporated and operating under the Law on Credit Institutions, including:
1. Commercial banks.
2. Cooperative banks.
3. Microfinance institutions.
4. People's credit funds.
5. Branches of foreign banks.
Article 3. Depositors
1. Vietnamese citizens who are 18 years of age or older and have full civil capacity as per the law.
2. Vietnamese citizens who are 15 years of age to under 18 years of age and have not had limited legal capacity or lack of legal capacity as per the law.
3. Vietnamese citizens who have limited legal capacity or lack of legal capacity as per the law or are under 15 years and have their savings deposit transactions conducted by their legal representatives; Vietnamese citizens with limited cognition or behavior control by law who have their savings deposit transaction conducted by their guardians.
Article 4. Scope of taking and making of savings deposits
1. The credit institutions may take savings deposits in accordance with their scope of operations as per the law and establishment licenses of credit institutions.
2. Vietnamese citizens may make savings deposits in Vietnamese dong; Vietnamese residents may make savings deposits in foreign currencies.
Article 5. Interpretation of terms
For the purposes of this Circular, these terms below shall be construed as follows:
1. “Savings deposit” means an amount of money that a depositor deposits at a credit institution following the principle that principal and interest will be paid in full under an agreement with the credit institution.
2. “Joint savings deposit” means a savings deposit jointly made by at least 2 people.
3. “Savings deposit transactions” includes taking and making of savings deposits; payout and withdrawal of savings deposits; pledging savings deposits as collateral and transferring of ownership of savings deposit.
4. “Identity proof of depositor” refers to an identification card, a citizen identification card or a passport which remains valid or a birth certificate of a person aged under 14 years.
5. “Identity proof of legal representative or guardian” (hereinafter referred to as legal representative):
a) In case of legal representative being an individual: An identification card, a citizen identification card or a passport which remains valid;
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