New regulations on issuance of deposit certificates

Certificates of deposit issued by financial companies are only sold to organizations. Illustration photo

According to the circular, commercial banks, cooperative banks, finance companies and foreign bank branches are allowed to issue deposit certificates under the Establishment and Operation License granted by the State Bank.

Subjects purchasing deposit certificates issued by commercial banks, cooperative banks, and foreign bank branches include organizations (including credit institutions and foreign bank branches), Vietnamese individuals, and foreign organizations and individuals.

Meanwhile, deposit certificates issued by financial companies are only sold to Vietnamese and foreign organizations.

Certificates of deposit are issued and paid in Vietnamese Dong, with interest rates decided by credit institutions, but must comply with regulations of the State Bank.

The term, date of issue and due date of payment are also determined by the issuing organization. In case the buyer is a credit institution or other foreign bank branch, the term of the deposit certificate must not exceed 12 months.

The minimum denomination is 100,000 VND or multiples of 100,000 VND, which can be decided by the credit institution or agreed upon with the buyer.

Credit institutions can issue deposit certificates directly at legal transaction points within the domestic network or via electronic means. If issued electronically, the buyer will be granted an electronic certificate of ownership.

In case of direct issuance, the bank must print the certificate in a physical form with high anti-counterfeiting ability.

For organizations, non-resident individuals and foreign individuals residing in Vietnam, the purchase of deposit certificates can only be done at the transaction point, and the electronic issuance method is not applicable.

The Circular takes effect from June 16.

Source: https://hanoimoi.vn/quy-dinh-moi-ve-phat-hanh-chung-chi-tien-gui-701521.html