Circular No. 04/2022/TT-NHNN issued by the Governor of the Bank on June 16, 2022, includes some remarkable contents as follows:
i) Premature withdrawal deposit forms include:
- Term savings deposit.
- Term deposit.
- Certificates of deposit, promissory notes, bills, and bonds issued by credit institutions.
- Other forms of receipt of term deposits as prescribed in the Law on Credit Institutions.
ii) Interest rate for early withdrawal of deposit:
- In case a customer withdraws all deposits before maturity: the credit institution (CI) applies the maximum interest rate equal to that CI’s lowest non-term deposit rate by the customer and/or by the type of currency deposited at the time of deposit withdrawal.
- In case the customer withdraws part of the deposit before maturity:
+ For forward withdrawal deposits, the CI applies the maximum interest rate equal to that CI’s lowest non-term deposit rate by the customer and/or by the type of currency deposited at the time the customer withdraws before the deposit deadline;
+ For the remainder of the deposit, the CI applies the interest rate currently applied to the deposit that the customer withdraws before the maturity date in part.
(Currently, there is no division of interest rates for early withdrawal of the whole deposit and early withdrawal of a part of the deposit).
This Circular takes effect from August 1, 2022, and replaces Circular No. 04/2011/TT-NHNN dated March 10, 2011, of the Governor of the State Bank of Vietnam.
For further information:
