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MEKONG COUNSEL

Circular regulating the maximum interest rates on deposits in Vietnam Dong of organizations and individuals in credit institutions and branches of foreign banks

On March 25, 2013, the State Bank of Vietnam (“SBV”) issued Circular No. 08/2013/TT-NHNN regulating the maximum interest rates on deposits in Vietnam Dong of organizations and individuals in credit institutions and branches of foreign banks.

 

Accordingly, the maximum interest rates shall be as follows:

 

+ Demand deposits and term deposits shorter than 1 month: 2% per year;

 

+ Term deposits from 1 month to shorter than 12 months be: 7.5% per year (8% at People's Credit Funds and Microfinance Institutions);

 

+ The maximum interest rates of term deposits from 12 months and above shall be imposed by credit institutions and branches of foreign banks basing on the capital demand and supply applicable to the interest paid at maturity and other methods of interest payment in the form of interest at maturity.

 

This Circular shall be effective from March 26, 2013 and supersede Circular No. 32/2012/TT-NHNN dated December 21, 2012 of the Governor of the SBV.