The State Bank of Vietnam (SBV) has issued decisions on maximum interest rates for US dollar deposits of organizations and individuals at credit institutions and foreign bank branches. Accordingly, the interest rate applied to organizational deposits is 0%/year; the interest rate applied to individual deposits is 0%/year.
The maximum interest rate applied to demand deposits and deposits with terms 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; the maximum interest rate applied to deposits in Vietnamese Dong at People's Credit Funds and microfinance institutions is 5.25%/year; the interest rate for deposits with terms of 6 months or more is determined by credit institutions and foreign bank branches based on market capital supply and demand.
These decisions take effect from November 20.
Reported by Truc Huynh - Translated by Ngoc Huynh
