Thông tư 14/2011/TT-NHNN

CIRCULAR

STIPULATING MAXIMUM INTEREST RATE OF CAPITAL MOBILIZATION IN U.S. DOLLAR OF ORGANIZATIONS AND INDIVIDUALS AT THE CREDIT INSTITUTIONS

Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 June 16, 2010;
Pursuant to the Law on Credit Institutions No. 47/2010/QH12 June 16, 2010;
Pursuant to the Ordinance on Foreign Exchange No.28/2005/PL-UBTVQH11 dated December 13, 2005;
Pursuant to the Decree No.160/2006/ND-CP dated December 28, 2006 of the Government detailing the implementation of the Ordinance on Foreign Exchange;
Pursuant to the Decree No.96/2008/ND-CP August 26, 2008 of the Government regulating functions, tasks, powers and organizational structure of the State Bank of Vietnam;
Pursuant to the Decree No.11/NQ-CP dated February 24, 2011 of the Government on major solutions for controlling inflation, stabilizing the macro-economy and ensuring social security;
The State Bank of Vietnam stipulates maximum interest rate of capital mobilization in U.S. Dollar of organizations and individuals at the credit institutions and branches of foreign banks (hereinafter referred to as credit institutions) as follows:

Article 1. Credit institutions define maximum interest rate of capital mobilization in U.S. Dollar of organizations and individuals to be residents and organizations and individuals not to be residents under the form of sight deposits, term deposit, savings deposits, issuing certificates of deposit, promissory notes, bills, bonds and other forms of deposit as stipulated in clause 13, Article 4 of the Law on Credit Institutions:

1. Maximum interest rate of capital mobilization in U.S. Dollar applied to organizations to be residents, organizations not to be residents (except for the credit institutions) is 0,5%/year.

2. Maximum interest rate of capital mobilization in U.S. Dollar applied to individuals to be residents, individuals not to be residents (except for the credit institutions) is 2,0%/year.

3. Maximum interest rate of capital mobilization specified in this Article includes promotional spending under all forms and applied to the mode of paying interest at maturity; for other modes of paying interest, they must be converted into the mode of paying interest at maturity corresponding to the maximum interest rate of mobilization.

Article 2. Credit institutions publicize interest rate of capital mobilization in U.S. Dollar at the capital mobilization sites (Head Office, transaction agencies, branches and transaction offices, savings funds) under the provisions of the State Bank of Vietnam. To prohibit credit organizations to implement promotion in capital mobilization in cash, interest and other forms not in accordance with the provisions of the law and of this Circular.

Article 3. Implementation organization

1. This Circular takes effect on June 02, 2011. The Circular No.09/2011/TT-NHNN dated April 09, 2011 the Governor of the State Bank stipulating maximum interest rate of capital mobilization in U.S. Dollars of the organizations or individuals at the credit institutions is invalid.

2. Interest rate of capital mobilization with term in U.S. Dollars of the organizations or individuals at the credit institutions arising before the effective date of this Circular, shall be continued to implement until termination of agreed term between the credit institutions and organizations or individuals.

3. Inspection agency, supervisors of banks and State Bank of branches in provinces and cities directly under the Central Government shall examine, inspect and supervise the implementation of regulations on interest rates of capital mobilization in U.S. Dollars; to apply measures under its competence to handle credit institutions violating the provisions of this Circular.

4. Chief Office, Deputy Minister of the Department of Monetary Policy and the heads of units under the State Bank of Vietnam, Directors of State Bank - branches in provinces and cities directly under the Central Government; presidents of the Boards of Management and General Directors (directors) of credit institutions and relative organizations and individuals are responsible for the implementation of this Circular.