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SBV sets maximum VND mobilizing rate
The State bank of Vietnam issued Circular No. 19/2012/TT-NHNN on June 8 to revise Circular No. 30/2011/TT-NHNN dated September 28, 2011 on setting the maximum VND mobilizing rate applied to credit institutions and foreign bank branches (herein called as credit institutions).
Accordingly, the maximum mobilizing rate for demand and below 1 month terms is 2% p.a; the maximum mobilizing rate for 1 month to below 12 months terms is 9% p.a. The Local People’s Credit Funds apply the maximum mobilizing rate of 9.5% p.a. for 1 month to below 12 months terms. The maximum mobilizing rate for 12 month to over 12 months terms is set by the Local People’s Credit Funds on the basis of the capital supply and demand in the market.
Deposits include various forms of demand deposits, term deposits, savings deposits, certificates of deposits, notes, bills, bonds and other forms of deposits of institutions (except credit institutions and foreign bank branches) and individuals comply with Item 13 of Article 4 of the Law on Credit Institutions.
The Circular takes effect on June 11, 2012 and replaces Circular No. 17/2012/TT-NHNNdated May 25, 2012 on revising Circular No. 30/2011/TT-NHNN dated September 28, 2011 on the maximum VND interest rates for institutions and individuals’ deposits at credit institutions and foreign bank branches …
The mobilizing rates in VND for time deposits implemented before the effective date of the Circular No. 19 continue to be maintained until the due date. In case that time deposits are not withdrawn by institutions and individuals at due date, credit institutions and foreign bank branches will apply the mobilizing rate for these deposits in line with this Circular.
Moreover, the SBV Governor has assigned the Financial Supervision Agency and the SBV municipal and provincial branches to monitor the implementation of the regulations on the maximum VND mobilizing rates and deal with violations of Circular 19.
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