MAXIMUM INTEREST RATE APPLICABLE TO DEPOSITS IN VIETNAM DONG
Reduce the maximum interest rate applicable to deposits with a term of one month to less than six months to 5.0% per annum. On May 23, 2023, the State Bank...
Reduce the maximum interest rate applicable to deposits with a term of one month to less than six months to 5.0% per annum.
On May 23, 2023, the State Bank of Vietnam issues the Decision No. 951/QD-NHNN on the maximum interest rate applicable to deposits in Vietnamese Dong of organizations and individuals at credit institutions and foreign bank branches as prescribed in Circular No. 07/2014/TT-NHNN dated March 17, 2014. To be specific:
- Reduce the maximum interest rate applicable to deposits with term of one month to less than six months from 5.5% per annum to 5.0% per annum;
- Reduce the maximum interest rate applicable to deposits with term of one month to less than six months particularly applicable to People’s credit funds and micro-financial institutions from 6.0% per annum to 5.5% per annum;
- Remain unchanged the maximum interest rate applicable to demand deposits and deposits with term of less than one month at 0.5% per annum.