(ĐN)- On March 10, the State Bank of Vietnam issued Circular 04/2011/TT-NHNN on interest rate applicable to deposit withdrawal of institutions and individuals before the due date.
(ĐN)- On March 10, the State Bank of Vietnam issued Circular 04/2011/TT-NHNN on interest rate applicable to deposit withdrawal of institutions and individuals before the due date.
Under the Circular, credit institutions are allowed to apply the maximum interest rate equal to the lowest interest rate for demand term deposits of each currency in case that institutions and individuals withdraw their deposits before the due date.
The deposits include term savings and deposits, certificates of deposit, notes, bills, bonds and other forms of deposits of institutions (excluding credit institutions) and individuals.
Credit institutions must publicly quote the interest rates applicable to the case that institutions and individuals withdraw their deposits before the due date at their head quarters, transaction centers, branches, transaction offices and savings funds.
This Circular aims at contributing to stabilizing the money market and banking operations in line with the Government’s instructions.
Reported by K.N
