Decision 458/QD-NHNN in 2011 correcting Article 1 of Circular 04/2011/TT-NHNN stipulating the application of interest rates in case organizations and individuals withdraw their deposits before maturity at credit institutions approved by the Governor of the Bank. State-issued goods

DECISION

CORRECTING A DOCUMENT

THE GOVERNOR OF THE STATE BANK

Pursuant to June 16, 2010 Law No. 46/2010/ QH12 on the Stale Bank of Vietnam;
Pursuant to June 16, 2010 Law No. 47/2010/ QH12 on Credit Institutions;
Pursuant to the Government's Decree No. 96/ 2008/ND-CP of August 26. 2008. defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
Pursuant to the State Bank Governor's Decision No. 22/2007/QD-NHNN of May 28, 2007, promulgating the Regulation on archives work;
Pursuant to the State Bank Governor's Circular No. 04/201l/TT-NHNN of March 10, 2011, providing for the application of interest rates upon organizations' or individuals' premature withdrawal of deposits from credit institutions:
At the proposal of the director of the Monetary Policy Department,

DECIDES:

Article 1. To correct Article 1 of the State Bank Governor's Circular No. 04/2011/TT-NHNN of March 10. 2011. providing for the application of interest rates upon organizations' or individuals" premature withdrawal of deposits from credit institutions as follows:

"In case organizations or individuals withdraw deposits before their due date, credit institutions shall apply a maximum interest rate equal to their lowest interest rate applicable to demand deposits in the relevant currency at the time of premature withdrawal. Such deposits include time saving deposits, time deposits, certificates of deposit, promissory notes, treasury bills, bonds and other forms of deposits of organizations (excluding credit institutions) and individuals specified in Clause 13. Article 4 of the Law on Credit Institutions."

Article 2. Organization of implementation

1. This Decision lakes effect on the date of its signing.

3. The Chief of the Office, the director of the Monetary Policy Department, heads of units under the State Bank of Vietnam; directors of provincial-level State Bank's branches: chairpersons of the Boards of Directors and directors general (directors) of credit institutions and concerned organizations and individuals shall implement this Circular.-

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