Which organizations can I deposit my savings in to enjoy deposit insurance? - Lang Son Newspaper: Latest, accurate, and reputable news

If you are worried about losing your deposits if your bank fails, deposit insurance is a safeguard.

What is deposit insurance?

Think of deposit insurance as an umbrella that protects your money in a bank. If there is a storm, the umbrella will keep you dry. Likewise, if the bank goes bust, deposit insurance will help you get some or all of your money back.

Why deposit insurance?

Just like you buy insurance for your house, deposit insurance helps you protect your life savings. With deposit insurance, people will feel secure depositing money in banks, helping the banking system operate more stably.

Which institutions are insured for deposit?

Most credit institutions in Vietnam have deposit insurance such as banks: Agribank , BIDV, Vietcombank, Vietinbank...

Cooperative bank: serves mainly the members of cooperatives.

People's credit funds: operate at the local level.

Microfinance institutions: provide financial services to the poor.

Note: Some organizations do not have deposit insurance such as: financial companies; or illegal credit organizations.

Which deposits are insured?

Normally, deposits in Vietnamese Dong are insured. However, some foreign currency deposits may also be insured depending on the regulations of each bank.

Deposit insurance rates are regulated by the State and may change over time. You should consult the latest information from the State Bank or the deposit insurance organization to know the exact current insurance rates.

When making a deposit, you should choose a bank with a long-standing brand and stable operations. Carefully read and understand the terms of the deposit contract to protect your rights. Always update information on interest rates, promotions and new regulations.

Source: https://baolangson.vn/gui-tien-tiet-kiem-o-to-chuc-nao-thi-duoc-huong-bao-hiem-tien-gui-5024866.html