From November 20, new regulations on maximum interest rates for USD deposits will be applied.

Circular 46 applies to the following subjects: Commercial banks, cooperative banks, general finance companies, specialized finance companies, foreign bank branches (credit institutions) operating in Vietnam under the provisions of the Law on Credit Institutions; organizations (excluding credit institutions), individuals depositing money at credit institutions (customers).

According to the Circular, credit institutions apply interest rates on USD deposits not exceeding the maximum interest rate decided by the Governor of the State Bank of Vietnam in each period for: deposits of organizations; deposits of individuals.

The maximum interest rate for USD deposits prescribed in this Circular includes promotional expenses in all forms, applicable to the end-of-term interest payment method and other interest payment methods converted according to the end-of-term interest payment method.

Credit institutions shall publicly post interest rates on USD deposits at legal transaction locations within the credit institution's network of operations and post them on the credit institution's website (if any). When receiving deposits, credit institutions shall not conduct promotions in any form (in cash, interest rates and other forms) that are not in accordance with the provisions of law.

For USD deposit interest rate agreements before the effective date of this Circular, credit institutions and customers shall continue to implement the agreement until the end of the term. In case the agreed term expires and the customer does not come to receive the deposit, the credit institution shall apply the deposit interest rate according to the provisions of this Circular.

Circular 46 was issued to replace Circular No. 06/2014/TT-NHNN dated March 17, 2014 of the Governor of the State Bank regulating maximum interest rates on USD deposits of organizations and individuals at credit institutions.