Decision No. 498/QD-NHNN dated March 17, 2014, on the maximum interest rate applicable to VND deposits of entities, individuals at credit institutions, foreign bank branches under Circular No. 07/2014/TT-NHNN

DECISION

ON THE MAXIMUM INTEREST RATE APPLICABLE TO VND DEPOSITS OF ENTITIES, INDIVIDUALS AT CREDIT INSTITUTIONS, FOREIGN BANK BRANCHES UNDER THE CIRCULAR NO. 07/2014/TT-NHNN DATED 17 MARCH 2014

THE GOVERNOR OF THE STATE BANK

- Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated 16 June 2010;

- Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated 16 June 2010;

- Pursuant to the Decree No. 156/2013/ND-CP dated 11 November 2013 of the Government, providing for functions, duties, authorities and organizational structure of the State Bank of Vietnam;

- Pursuant to the Circular No. 07/2014/TT-NHNN dated 17 March 2014 of the Governor of the State Bank providing for the interest rate applicable to VND deposits of entities, individuals at credit institutions;

- Upon proposal of the Director of the Monetary Policy Department;

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Article1.Maximum interestrateapplicabletoVNDdepositsofentities(otherthancredit institutions, foreign bank branches) and individuals at credit institutions, foreign bank branches as prescribed in the Circular No.07/2014/TT-NHNNdated17 March 2014 shall be as follows:

1. Maximuminterestrateapplicabletodemanddepositsanddepositswithtermoflessthan one month to be of 1%/annum.

2. Maximuminterestrateapplicabletodepositswithtermofonemonthtolessthan six monthstobeof6%/annum;forPeople’screditfundsandmicro-financialinstitutionsalone, themaximuminterestrateapplicabletodepositswithtermofonemonthtoless thansix months shall be 6.5%/annum.

Article 2.

1. This Decision shall come into effect from18 March 2014.

2. For interest rates applicable to term VND deposits of entities, individuals at credit institutions arising priorto the effective dateofthis Decisionshall be implemented until their expiry;intheeventwhereattheendingoftheagreedperiod,theentities,individualsdonot come to withdraw their deposits, then the credit institutions shall fix the interest rate applicable to those deposits in linewith provisions of this Decision.

Article 3. Director of the State Bank’s Office, Director of Monetary Policy Department, HeadsofunitsoftheStateBankofVietnam, GeneralManagersofStateBank'sbranchesin provinces, cities under the Central Government’s management; Chairman of Board of Directors,BoardofMembersandGeneralDirectors (Directors)of creditinstitutionsshallbe responsible for the implementation of this Decision.

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