Cap set on non-term deposit interest rates

Non-term deposit interest rates offered by commercial banks and other credit institutions will be capped at 6 per cent per year, effective October 1, pursuant to Circular No 30/2011/TT-NHNN issued by the State Bank of Viet Nam on Wednesday.

The cap on deposit interest rates for term deposits of one month or more remains unchanged at 14 per cent, 14.5 per cent at credit unions.

The new circular replaces Circular No 02 issued back on March 3. However, according to the State Bank, a number of commercial banks had flouted that regulation by offering higher interest or bonus interest to entice depositors. Some banks had also given depositors overnight interest of 14 per cent.

These practices cont-inued to introduce a high element of risk into the nation's banking system, the State Bank said.

(Source: VNS)

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