In order to ensure consistency in legal basis with circulars regulating deposit interest rates, on November 1, 2024, the State Bank issued Decisions 2410 and 2411 regulating deposit interest rates, in which the legal basis for issuance was revised and deposit interest rates remained unchanged.

Specifically, on September 30, 2024, the State Bank issued circulars regulating deposit interest rates, effective from November 20, including:

Circular No. 46 stipulates the application of interest rates on US dollar deposits of organizations and individuals at credit institutions and foreign bank branches.

Circular No. 48 stipulates the application of interest rates to deposits in Vietnamese Dong of organizations and individuals at credit institutions and foreign bank branches.

To ensure consistency in legal basis during implementation, the State Bank of Vietnam issues decisions regulating deposit interest rates, in which the legal basis for issuance is revised and deposit interest rates are not changed, including:

Decision No. 2410 on maximum interest rates for deposits in US dollars of organizations and individuals at credit institutions and foreign bank branches as prescribed in Circular No. 46. Accordingly, the interest rate applied to deposits of organizations and individuals is 0%/year.

Decision No. 2411 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.

Accordingly, the maximum interest rate applied to demand 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, and the maximum interest rate applied to deposits in Vietnamese Dong at people's credit funds and microfinance institutions is 5.25%/year.

In addition, interest rates on deposits with terms of 6 months or more are determined by credit institutions and foreign bank branches based on market supply and demand of capital.

These decisions take effect from November 20, 2024.