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stop-check The maximum interest rate applicable to deposits in Vietnamese dong shall be reduced to 5.5% per annum

Decision No. 575/QD-NHNNstatus1 dated March 31st, 2023 of the Governor of the State Bank of Vietnam on maximum interest rates applicable to deposits in Vietnamese dong of organizations, individuals at credit institutions, branches of foreign banks in accordance with the provisions in Circular No. 07/2014/TT-NHNN dated March 17, 2014
Posted: 3/4/2023 7:16:56 AM | Latest updated: 24/5/2023 9:04:20 AM (GMT+7) | LuatVietnam: 5670 | Vietlaw: 605
VietlawOnline

From April 3rd, 2023, maximum interest rates applicable to deposits at banks shall be reduced by 0.5%. In which, the maximum interest rate applicable to demand deposits and deposits with term of less than one month shall be reduced from 1% to 0.5% per annum.

The maximum interest rate applicable to time deposits of between 1 month and less than 6 months shall be reduced from 6% per annum to 5.5% per annum. Particularly, with regard to people's credit Funds and microfinance institutions, the maximum interest rate shall be reduced from 6.5% per annum to 6.0% per annum.

This Decision comes into force from April 3rd, 2023 and replaces Decision No. 1812/QD-NHNNstatus1 dated October 24th, 2022.

Effective notes
This Decision shall be expired from May 25th, 2023, replaced by Decision No. 951/QD-NHNN dated May 23rd, 2023.
Ms Phuong Thao (VietlawOnline.com)
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Information
Effective date 3-Apr-2023
Expired date 25-May-2023
Published Vietlaw's Newsletter No. 605
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follow 951/QĐ-NHNN - From May 25th, 2023: The maximum interest rate applicable to deposits shall be reduced to 5% per annum

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Timeline

Interest rate

blue-check From May 25th, 2023: The maximum interest rate applicable to deposits shall be reduced to 5% per annum
blue-check Refinancing interest rate shall be reduced to 5% per annum
blue-check Interest rates applicable to deposits in Vietnamese dong of financial companies shall be reduced to 0.5% per annum
blue-check Reduction in interest rates of deposits made by the State Treasury and Deposit Insurance of Vietnam
blue-check The maximum interest rate applicable to short - term loans denominated in Vietnamese dong shall be reduced to 4.5% per annum
blue-check Interest rate on late payment of social insurance contributions in 2022: 4.19%/year
blue-check In 2023: The interest rate applicable to concessional housing loans shall be increased to 5%/year
blue-check New regulations on application of interest rates on premature withdrawal of deposits
blue-check Interest rates of deposits made by the State Treasury and Deposit Insurance of Vietnam at the SBV shall be reduced
blue-check Loan interest rate of the Small and Medium Enterprise Development Fund: 4.16% per annum
blue-check Methods for calculation of interest incurred from depositing and credit extension, applicable from 2018
blue-check From July 10th, 2017: Re-financing interest rate is reduced to 6.25% per annum
blue-check The SBV requests for tightening of adherence to the regulations on deposit interest rate
blue-check From December 18th, 2015: interest rate on USD deposits made by individuals is reduced to 0%/year
blue-check Interest rates of investment credit loans and export credit loans are further reduced from May 19th, 2015
blue-check The interest rate applicable to short - term loans in VND is reduced to 7%/year
blue-check The maximum interest rate of deposits in USD of individuals is reduced to 0.75%/year
red-check Guidelines for provision of interest rate support and subsidy on interest rate difference for implementation of supportive policies on reduction of agricultural losses
blue-check Floating interest rates of VND deposits with term from 6 months or more
blue-check The Bank will be suspended capital mobilization if violated interest rate ceiling