Thông tư 15/2013/TT-NHNN

CIRCULAR

PROVIDING FOR THE MAXIMUM INTEREST RATES OF VND DEPOSIT OF ORGANIZATIONS AND INDIVIDUALS AT CREDIT INSTITUTIONS AND BRANCHES OF FOREIGN BANKS

Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Government’s Decree No.96/2008/ND-CP dated August 26, 2008 regulating functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Monetary policy department;

The Governor of the State bank of Vietnam promulgates the Circular providing for maximum interest rate of VND deposit of organizations and individuals at the credit institutions, foreign banks’ branches,

Article 1. Credit institutions and foreign banks’ branches may define interest rates of VND deposit for organizations (except for credit institutions and  foreign banks’ branches) and individuals including promotion payments under all forms as follows:

1. The maximum interest rate of demand deposit and deposit with term of less than one month is 1.2% per annum.

2. The maximum interest rate of deposit with term of between 1 month and less than 6 months is 7.0% per year; people's credit funds and microfinance organizations may fix the maximum interest rate applicable to deposits with term of between 1 month and less than 6 months to be of 7.5 % per annum.

3. Credit institutions and foreign banks’ branches shall fix the interest rates of the deposit with terms of 6 months or more on the basis of market capital demand and supply.

4. Deposits include forms of demand deposits, term deposits, saving deposits, deposit certificates, promissory notes, treasury bills, bills and other forms of deposit receipt of organizations (except for credit institutions and foreign banks’ branches), individuals as prescribed in clause 13 Article 4 of Law on credit institutions.

Article 2. Maximum interest rates of deposit specified in Article 1 of this apply to the mode of interest payment on maturity and other modes of interest payment that are converted into the mode of interest payment on maturity.

Article 3. Credit institutions and foreign banks’ branches shall publically post interest rates applicable to VND deposit at locations of deposit receipt in accordance with provisions of the State Bank of Vietnam.  It is strictly prohibited for credit institutions and foreign banks’ branches to carry out the promotion in all forms (in cash, interest rate and other forms) inconsistently with provisions of applicable laws and the provisions in this Circular.

Article 4. Organization for implementation

1. This Circular takes effect on June 28, 2013 and replaces the Circular No. 08/2013/TT-NHNN dated March 25, 2013 of the Governor of the State bank of Vietnam providing for maximum interest rate of VND deposit of organizations and individuals at the credit institutions and foreign banks’ branches.

2. For interest rates applicable to term VND deposit mobilized from organizations, individuals at credit institutions and foreign banks’ branches arising prior to the effective date of this Circular shall be carried out untill the term is expired; in case where the aggreed term is expired, organizations and individuals fail to come for receipt of deposit, credit institutions and foreign banks’ branches shall define interest rates of deposit as prescribed in this Circular.

3. Banking Inspection and Supervision agencies and State Bank’s branches in central-affiliated cities and provinces shall carry out the inspection, supervision over the implementation of provisions on the interest rates applicable to VND deposit; apply the measures within their authorities to deal with credit institutions and foreign banks’ branches which violate this Circular.

4. The Director of the Administrative Department, Director of the Monetary Policy Department and Heads of units of the State Bank of Vietnam, Directors of the State Bank’s branches in provinces and cities under the central Government’s management; Chairmans of Board of Directors and Members' Councils and General Directors (Directors) of credit institutions, foreign banks’ branches and related organizations, individuals shall be responsible for the implementation of this Circular.