On December 21, 2012, The State Bank of Viet Nam (SBV) issued Circular No. 32/2012/TT-NHNN regulating the maximum rates of interest (MRI) on the deposits in VND by organizations and individuals in credit institutions and branches of foreign banks.

The salient features of this Circular is as follows:

  • The MRI on demand deposits and term deposits for a period less than 1 month is 2% per year;
  • The MRI on term deposits for a period more than 1 month but less than 12 months is 8% per year. Whereas the People’s credit funds and micro-finance institutions may apply the maximum interest rate of 8.5% of on the term deposits of similar period.
  • Credit institutions and branches of foreign banks shall decide the rates of interest on the term deposits over 12 months based on the capital demand and supply.

This circular will come into effect from December 24, 2012 and will replace the Circular No. 30/2011/TT-NHNN on September 28, 2011 regulating the maximum rates of interest on the deposits in VND by organizations and individuals in credit institutions and branches of foreign banks and Circular No. 19/2012/TT-NHNN on June 08, 2012 on amending and supplementing some regulations of Circular No. 30/2011/TT-NHNN.

In comparison with the previous MRI on deposits under Circular No. 19/2012/TT-NHNN, this Circular has reduced the MRI on deposits of term deposits for a period more than 1 month but less than 12 months by 1%. The new MRI is good news for economic organizations and individuals since the financial expenditure will also decrease especially in the difficult background of economy.

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