Decision No. 1938/QD-NHNN on maximum deposit interest rates in USD dollars applied to organizations and individuals at credit in

THE STATE BANK OF VIETNAM

Decision No. 1938/QD-NHNN dated September 25, 2015 of the State Bank of Vietnam dated September 25, 2015, on maximum deposit interest rates in USD dollars applied to organizations and individuals at credit institutions and foreign bank branches prescribed in Circular No. 06/2014/TT-NHNN dated March 17, 2014.

Pursuant to the Law on the 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. 156/2013/ND-CP dated November 11, 2013 defining the functions, tasks, entitlements and organizational structure of the State bank of Vietnam;

Pursuant to Circular No. 06/2014/TT-NHNN dated March 17, 2014 of the Governor of the State bank of Vietnam on maximum deposit interest rates in USD dollars applied to organizations and individuals at credit institutions;

At the request of the Director of Financial Policy Department,

DECIDES:

Article 1. The maximum deposit interest rates in USD dollars applicable to organizations or individuals according to provisions set out in Circular No. 06/2014/TT-NHNN dated March 17, 2014 as follows:

1.  Maximum rate of interest on deposits made by organizations (excluding credit institutions and branches of foreign banks) is 0% per year.

2.  Maximum rate of interest on deposits made by individuals is 0.25% per year.

Article 2.  

1. This Decision takes effect on September 28, 2015 and replaces Decision No. 2172/QD-NHNN dated October 28, 2014 of the Governor of the State bank of Vietnam on maximum deposit interest rates in USD dollars applied to organizations or individuals at credit institutions and foreign bank branches prescribed in Circular No. 06/2014/TT-NHNN dated March 17, 2014.

2. Rates of interest on deposits in US dollars made by organizations, individuals at credit institutions, branches of foreign banks before the effective date of this Decision shall remain unchanged until their maturity dates. In case the depositors do not withdraw the deposit after their maturity dates, the credit institutions and branches of foreign banks shall apply deposit interest rates prescribed in this Decision.

Article 3. The Chief Officers, the Director of the Financial Policy Department and heads of organizations affiliated to the State Bank of Vietnam, directors of the State Bank of central-affiliated provinces and cities; President of the Board of Directors, President of Member Council and General Director of credit institutions, branches of foreign banks shall implement this Decision./. 

For the Governor

The Deputy Governor

Nguyen Thi Hong