(vasep.com.vn) In May 25th 2012, The State Bank of Vietnam (SBV) issued Circular No.17/2012/TT-NHNN to amend and supplement the article 1 of the Circular No.30/2011/TT-NHNN dated September 28th 2011 setting the maximum VND mobilizing interest rates for entities and individuals with credit institutions and foreign bank branches. In particular:
1. The provision 1 at the article 1 of the Circular is revised as follows:
“1. The maximum mobilizing interest rate for demand and time deposits (below 1 month) is 3 percent per annum”.
2. The provision 2 at the article 1 of the Circular is revised as follows:
“2. The maximum mobilizing interest rate for time deposits (over 1 month) is 11 percent per annum; and the local People’s Credit Funds are exceptionally permitted to apply the maximum VND mobilizing rate of 11.5 percent per annum.
This Circular takes effect from May 28th 2012 and replaces Circular No. 08/2012/TT-NHNN dated April 10th 2012 of SBV revising some articles in Circular No.30/2011/TT-NHNN dated September 28th 2011 on fixing the maximum VND mobilizing interest rates for entities and individuals with credit institutions and foreign bank branches.
KT