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Savings deposit is the amount of money that the depositor deposits at a credit institution under the principle of full repayment of principal and interest according to the agreement with the credit institution.
In which, depositors include:
- Vietnamese citizens from 18 years of age and above have full civil act capacity according to the provisions of law.
- Vietnamese citizens from 15 years old to under 18 years old who are not limited in civil capacity or have not lost civil capacity according to the provisions of law.
- Vietnamese citizens with limited civil act capacity or lost civil act capacity according to the provisions of law or under 15 years old conduct savings deposit transactions through legal representatives; Vietnamese citizens with difficulty in cognition and behavior control according to the provisions of law conduct savings deposit transactions through guardians.
Regulations on savings deposits and savings interest rates are specifically guided in Circular 48/2018/TT-NHNN with the following notable contents:
Form of savings deposit
Savings deposits are classified according to:
- Deposit terms include non-term savings deposits and term savings deposits. The specific deposit term is determined by the credit institution;
- Other criteria determined by the credit institution.
Credit institutions shall specify each form of savings deposit in accordance with the provisions of this Circular and relevant legal provisions, ensuring the safety of assets for depositors and the safety of operations for credit institutions. Regulations on the form of savings deposits must include at least the following contents: method of interest payment, method of interest calculation, extension of deposit term, early withdrawal of savings deposits, and cases in which depositors must notify in advance of early withdrawal of savings deposits.
Regulations on savings cards or savings books
A savings card or savings book (hereinafter referred to as a Savings Card) is a certificate confirming the depositor's ownership of savings deposits at a credit institution, applicable to cases of receiving savings deposits at legal transaction locations within the credit institution's network of operations.
Savings card must have at least the following contents:
(i) Name of credit institution, seal; Full name and signature of the transaction officer and legal representative of the credit institution;
(ii) Full name, number and date of issue of the document verifying the information of the depositor or all depositors (for joint savings deposits) and information of the legal representative of the depositor in case of depositing savings deposits through a legal representative;
(iii) Savings card number; amount; currency; deposit date; maturity date (for term savings deposits); deposit term; interest rate; interest payment method;
(iv) Measures for depositors to look up savings deposits;
(v) Handling of cases of crumpled, torn, or lost Savings Cards;
In addition to the above contents, the Savings Card may have other contents according to the regulations of the credit institution.
Regulations on savings interest rates
- Savings interest rates will be determined by credit institutions in accordance with the State Bank of Vietnam's regulations on interest rates in each period.
- The method of calculating interest on savings deposits is implemented according to the regulations of the State Bank of Vietnam.
- The method of paying interest on savings deposits is implemented according to the agreement between the credit institution and the depositor.
Currency to receive and pay savings deposits
- Currency for receiving savings deposits is Vietnamese Dong or foreign currency. The type of foreign currency for receiving savings deposits will be decided by the credit institution.
- The currency used to pay savings deposits is the currency in which the depositor deposited. Payments for odd foreign currencies are made according to the instructions of the credit institution.
- For savings deposits in Vietnamese Dong of Vietnamese citizens who are residents, the depositor and the credit institution may agree on the payment of principal and interest into the depositor's own Vietnamese Dong payment account.
- For savings deposits in Vietnamese Dong of non-resident Vietnamese citizens deposited from the depositor's payment account, the depositor and the credit institution shall agree to pay the principal in the amount deposited and the corresponding interest into the depositor's own payment account in Vietnamese Dong.
- For foreign currency savings deposits of Vietnamese citizens who are residents deposited from the depositor's payment account, the depositor and the credit institution shall agree to pay the principal in the amount deposited and the corresponding interest into the depositor's own foreign currency payment account.
Early withdrawal of savings deposits
- Early withdrawal of savings deposits is made according to the agreement between the credit institution and the depositor when making the deposit.
- The interest rate applied to savings deposits withdrawn before maturity is in accordance with the regulations of the State Bank of Vietnam on interest rates applied to cases of early withdrawal at the time of early withdrawal of savings deposits.
Regulations on extending the term of savings deposits
On the maturity date of the savings deposit, if the depositor does not come to withdraw the money and there is no other request or agreement, the credit institution shall extend a new term according to the credit institution's regulations on that form of savings deposit.
Procedures for paying savings deposits at credit institution transaction locations
- Credit institutions recommend that depositors carry out the following procedures:
+ Present Savings Card;
+ Present documents verifying the information of the depositor and all depositors (for joint savings deposits). In case of paying savings deposits through a legal representative, the legal representative must present documents proving the representative status of the legal representative, documents verifying the information of the legal representative and documents verifying the information of the depositor;
+ Submit a savings withdrawal form with a signature that matches the sample signature registered at the credit institution. For depositors who cannot write, read, or see: the depositor must follow the instructions of the credit institution.
- The credit institution compares the depositor's information, the depositor's legal representative's information in case of paying savings deposits through the legal representative, the information on the Savings Card, the signature on the withdrawal form to ensure accuracy with the information stored at the credit institution.
- After the credit institution and the depositor complete the above procedures, the credit institution shall make full payment of principal and interest on savings deposits to the depositor.
- Credit institutions shall guide payment procedures for the following payment cases in accordance with the provisions of this Circular and relevant legal provisions, ensuring accurate payment of savings deposits, safety of assets for depositors and safety of operations for credit institutions:
+ Payment of savings deposits according to inheritance;
+ Pay savings deposits as authorized by the depositor.
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