VietlawOnline

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-NHNNstatus1 dated May 23rd, 2023.
Ms Phuong Thao (VietlawOnline.com)
Please tag VietlawOnline.com for reposting this article

Information

Effective Date 3-Apr-2023
ExpiredDate 25-May-2023
Published Vietlaw's Newsletter No. 605
ReplaceDocument

follow 951/QĐ-NHNN status1 - From May 25th, 2023: The maximum interest rate applicable to deposits shall be reduced to 5% per annum

Files attachment

Penalty document

Unknown

Timeline