Press release on the issuance of Circular No.49/2018/TT-NHNN
On December 31st, 2018, the Governor of the State Bank of Vietnam (SBV) issued Circular No.49/2018/TT-NHNN on term deposits to provide guidance on the activity of receiving term deposits as prescribed in the Law on Credit Institutions, and meeting the practical requirements in banking operations of the credit institutions.
Circular No.49/2018/TT-NHNN is composed of 18 Articles with the following main substances:
- Scope of regulation and subjects of application; Credit institutions receiving term deposits; Depositors of term deposits; Explanation of Terms; Principles for conducting term deposit transactions.
- The Circular stipulates specifically on: Term deposits agreements; Interest rates; Measures for the depositors to check their term deposits and measures by the credit institutions to notify the depositors when there are changes with their term deposits; Extension of the deposit duration; Early withdrawal of a term deposit; The use of term deposits as collaterals; Transferring ownership of the term deposits; Receiving and paying term deposits by electronic means; Handling of risk cases; Internal regulations; Public notification; Amending and supplementing a number of articles of Circular No. 16/2014/TT-NHNN dated August 1st, 2014 of the Governor of the SBV providing guidance on the use of foreign currency accounts, Vietnamese dong accounts of residents and non-residents at the licensed banks.
This Circular takes effect from July 5th, 2019.
Translated by VA