On November 1, 2024, in order to ensure the consistency in the legal basis with the Circulars on the deposit interest rates, the State Bank of Vietnam (SBV) issued Decisions No. 2410/QD-NHNN and 2411/QD-NHNN stipulating the deposit interest rates, which amend the legal basis without changing the deposit interest rates.
Specifically, on September 30, 2024, the SBV issued the Circulars on the deposit interest rates, which shall take effect from November 20, 2024, namely: (1) Circular No. 46/2024/TT-NHNN dated September 30, 2024 stipulating the application of the USD deposit interest rates for institutions and individuals at the credit institutions and the foreign bank branches; and (2) Circular No. 48/2024/TT-NHNN dated September 30, 2024 stipulating the application of the VND deposit interest rates for institutions and individuals at the credit institutions and the foreign bank branches.
In order to ensure the consistency in the legal basis for the implementation, the SBV has issued Decisions on the deposit interest rates, which amend the legal basis without changing the deposit interest rates, specifically as follows:
Decision No. 2410/QD-NHNN dated November 1, 2024 on the maximum USD deposit interest rates applied to institutions’ and individuals’ deposits at the credit institutions and the foreign bank branches in accordance with the regulations at Circular No. 46/2024/TT-NHNN dated September 30, 2024. Accordingly, the deposit interest rate applied to institutions’ deposits is 0% p.a.; the deposit interest rate applied to individuals’ deposits is 0% p.a.
Decision No. 2411/QD-NHNN dated November 1, 2024 on the maximum VND deposit interest rates applied to institutions’ and individuals’ deposits at the credit institutions and the foreign bank branches in accordance with the regulations at Circular No. No. 48/2024/TT-NHNN dated September 30, 2024. Accordingly, the maximum VND deposit interest rate for demand and below 1-month terms is 0.5% p.a.; the maximum VND deposit interest rate for time deposits of 1-month to below 6-month terms is 4.75% p.a.; the maximum VND deposit interest rate applied to deposits in VND at the People’s Credit Funds and the Micro Finance Institutions is 5.25% p.a.; the interest rates for time deposits of 6-month plus terms can be determined by the credit institutions and the foreign bank branches on the basis of the market capital supply and demand.
These Decisions take effect from November 20, 2025.
Le Hang