Decision No. 575/QD-NHNN 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

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-NHNN dated October 24th, 2022.