Press release on the issuance of Circular No.48/2018/TT-NHNN
On December 31st, 2018, the Governor of the State Bank of Vietnam (SBV) issued Circular No.48/2018/TT-NHNN stipulating the savings deposits, which replaces Decision No. 1160/2004/QD-NHNN dated September 13th, 2004 issuing the Regulations on savings deposits, and Decision No. 47/2006/QD-NHNN dated September 25th, 2006 amending, supplementing a number of articles of the Regulations on savings deposits issued as attachment to Decision No. 1160/2004/QD-NHNN.
Circular No.48/2018/TT-NHNN includes the following main substances:
- Scope of regulation and subjects of application; Credit institutions receiving savings deposits; Depositors; Scope of receiving and sending savings deposits; Explanation of Terms.
- The Circular stipulates specifically on: Forms of savings deposits; Savings deposit cards; Locations for receiving and paying savings deposits; Interest rates; The currency to receive, pay the principals and interests of the savings deposits; Measures for the depositors to check their savings deposits and measures of the credit institutions to notify the depositors when there are changes occurring with the savings deposits; Procedures for depositing savings at the credit institutions' transaction offices; The use of the savings deposits as collaterals; Transferring ownership of the savings deposits; Extension of the deposit duration; Handling of risk cases; Early withdrawal of a savings deposit; Procedures for payment of the principals and interests of the savings deposits at the credit institutions’ transaction offices; Receiving and paying savings deposits by electronic means; Internal regulations; Public notification.
This Circular takes effect from July 5th, 2019.
Translated by VA