From June 19, maximum interest rates on deposits in Vietnamese Dong continue to decrease.

On June 16, the State Bank issued Decision 1124/QD-NHNN on maximum interest rates for deposits in Vietnamese Dong of organizations and individuals at credit institutions and foreign bank branches.

Từ ngày 19/6, lãi suất tối đa với tiền gửi bằng đồng Việt Nam tiếp tục giảm

Maximum interest rates for deposits in Vietnamese Dong continue to decrease. (Source: Gutina)

Maximum interest rates on deposits in Vietnamese Dong continue to decrease from June 19

Accordingly, the maximum interest rate for deposits in Vietnamese Dong of organizations (except credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches as prescribed in Circular 07/2014/TT-NHNN is as follows:

- The maximum interest rate applied to demand deposits and term deposits of less than 1 month is 0.5%/year.

- The maximum interest rate applied to deposits with terms from 1 month to less than 6 months is 4.75%/year;

(0.25% reduction compared to the interest rate prescribed in Decision 951/QD-NHNN dated May 23, 2023)

For People's Credit Funds and Microfinance Institutions, the maximum interest rate applied to deposits with terms from 1 month to less than 6 months is 5.5%/year.

(0.25% reduction compared to the interest rate prescribed in Decision 951/QD-NHNN dated May 23, 2023)

Note: For interest rates on term deposits in Vietnamese Dong of organizations and individuals at credit institutions and foreign bank branches arising before June 19, 2023, they shall be applied until the end of the term;

In case the agreed term expires and the organization or individual does not come to receive the deposit, the credit institution or foreign bank branch shall apply the interest rate on the deposit according to the level prescribed in Decision 1124/QD-NHNN.

Note: The maximum interest rate for deposits stipulated in Circular 07/2014/TT-NHNN includes promotional expenses in all forms, applicable to the end-of-term interest payment method and other interest payment methods converted according to the end-of-term interest payment method.

Decision 1124/QD-NHNN takes effect from June 19, 2023, replacing Decision 951/QD-NHNN dated May 23, 2023.

Source