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SBV sets new maximum VND mobilizing interest rates
The State Bank of Vietnam (SBV) issued Circular No. 08/2012/TT-NHNN on April 10, 2012 to revise Circular No.30/2011/TT-NHNN dated September 28, 2011 to set the maximum VND mobilizing interest rates for entities and individuals with credit institutions and foreign bank branches. In particular:
(1) The maximum mobilizing interest rate for demand and time deposits (below 1 month) is 4% p.a.
(2) The maximum mobilizing interest rate for time deposits (over 1 month) is 12% p.a; and the local People's Credit Funds are exceptionally permitted to apply the maximum VND mobilizing rate of 12.5% p.a.
This Circular takes effect on April 11, 2012 and replaces Circular No. 05/2012/TT-NHNN dated March 12, 2012 revising Circular No.30/2011/TT-NHNN dated September 28, 2011 on fixing the maximum VND mobilizing interest rates for entities and individuals with credit institutions and foreign bank branches.
For the VND time deposits mobilized before the effective date of this Circular, credit institutions and their clients are allowed to implement their agreements until their due dates. If clients do not withdraw their deposits on the due date, credit institutions should automatically apply the new interest rates for these deposits in line with this Circular.
The SBV Financial Supervision Agency and the SBV provincial and municipal branches are responsible for supervising the implementation of the maximum VND mobilizing interest rates and taking all measures under their jurisdiction to deal with any violations of this Circular.
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