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MEKONG COUNSEL

Circular on maximum interest rates of deposits in Vietnam Dong of credit institutions, branches of foreign banks to organizations, individuals

On December 21, 2012, the State Bank of Vietnam issued Circular No. 32/2012/TT-NHNN on maximum interest rates of deposits in Vietnam Dong of credit institutions, branches of foreign banks to organizations, individuals. Accordingly, the maximum interest rates shall be as follows:

 

- The maximum interest rate of demand deposits and deposits with term shorter than 1 month shall 2% per year;

 

- The maximum interest rate on deposits with term from 1 month to under 12 months shall be 8% per year; people's credit funds and microfinance institutions may apply the maximum interest rate of 8.5% on deposits with term from 1 month to under 12 months.

 

- Credit institutions and branches of foreign banks shall decide on the interest rates of deposits with term over 12 months based on the capital demand and supply.

 

This Circular shall be effective from December 24, 2012, replace Circular No. 30/2011/TT-NHNN dated September 28, 2011 and Circular No. 19/2012/TT-NHNN dated June 08, 2012 of the Governor of the State Bank of Vietnam.