From October 29, Interest Rate Applicable To Usd Deposits

On October 28, 2014, the Governor of State Bank issued the Decision No. 2172/QD-NHNN dated October 28, 2014 of the State Bank of Vietnam providing for the maximum interest rate applicable to USD deposits of organizations, individuals at credit institutions in accordance with the Circular No. 06/2014/TT-NHNN dated March 17, 2014.

Accordingly, the maximum interest rate applicable to the deposits of organization (excluding credit institutions, foreign bank branches) is 0.25% per annum from 1% per annum to 0.75% per annum. The maximum interest rate applicable to the deposits of individual: 0.75% per annum.

For interest rates applicable to term USD deposits of entities, individuals at credit institutions arising prior to the effective date of this Decision shall be implemented until the expiry of the term; in the event where at the end of the agreed term, if the entities, individuals do not come for withdrawal, then the credit institutions shall apply interest rates for deposits in accordance with provisions of this Decision.

This Decision takes effect on October 29, 2014 and replaces the Decision No. 497/QD-NHNN dated 17 March 2014.

Vietnam law Firm