State Bank issues new regulations on deposit interest rates

Accordingly, the State Bank revised the legal basis for issuance and did not change deposit interest rates.

The State Bank issues new regulations on deposit interest rates. (Illustration photo: VINBUSINESS)

Specifically, Decision No. 2410/QD-NHNN dated November 1, 2024 on the maximum interest rate for USD deposits of organizations and individuals at credit institutions and foreign bank branches as prescribed in Circular No. 46/2024/TT-NHNN dated September 30, 2024. Accordingly, the interest rate applied to organizational deposits is 0%/year; the interest rate applied to individual deposits is 0%/year.

Decision No. 2411/QD-NHNN dated November 1, 2024 on maximum interest rates for deposits in Vietnamese Dong of organizations and individuals at credit institutions and foreign bank branches as prescribed in Circular No. 48/2024/TT-NHNN dated September 30, 2024.

Accordingly, the maximum interest rate applied to non-term deposits and deposits with terms of less than 1 month is 0.5%/year; the maximum interest rate applied to deposits with terms from 1 month to less than 6 months is 4.75%/year. In particular, the maximum interest rate for deposits in Vietnamese Dong at People's Credit Funds and Microfinance Institutions is 5.25%/year; the interest rate for deposits with terms of 6 months or more is determined by credit institutions and foreign bank branches based on the supply and demand of capital in the market.

These decisions take effect from November 20, 2024.

Minh Duc

Source: https://vtcnews.vn/ngan-hang-nha-nuoc-ban-hanh-quy-dinh-moi-ve-lai-suat-tien-gui-ar907202.html