CIRCULAR

PROVIDING FOR THE APPLICATION OF INTEREST RATES UPON ORGANIZATIONS' OR INDIVIDUALS' PREMATURE WITHDRAWAL OF DEPOSITS FROM CREDIT INSTITUTIONS

Pursuant to June 16. 2010 Law No. 46/2010/ QH12 on the Slate Bank of Vietnam:
Pursuant to June 16, 2010 Law No. 47/20/0/ OH 12 on Credit Institutions;
Pursuant to the Government's Decree No. 96/ 2008/ND-CP of August 26. 2008. defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
Pursuant to the Government's Resolution No. 11/NQ-CP of February 24. 2011, on major solutions for curbing inflation, stabilizing the marco-economy and ensuring social welfare:
The Slate Bank of Vietnam provides for the application of interest rates upon organizations' or individuals premature withdrawal of deposits from credit institutions or foreign bank branches (below collectively referred to as credit institutions) as follows:

Article 1. In case organizations or individuals withdraw deposits before their due dale, credit institutions shall apply a maximum interest rate equal to their lowest interest rate applicable to demand deposits in the relevant currency at the lime of premature withdrawal. Such deposits include time saving deposits, lime deposits, certificates of deposit, promissory notes. treasury bills, bonds and other forms of deposits of organizations (excluding credit institutions) and individuals specified in Clause 13. Article 14 of the Law on Credit Institutions.

Article 2. Credit institutions shall publicize interest rates applied in case organizations or individuals withdraw deposits before their due dale at their capital mobilization places (head offices, transaction bureaus, branches, transaction offices and saving funds). Parties which have reached agreements on deposit interest rates before the effective date of this Circular may continue implementing their commitments until the due date or reach new agreements to apply this Circular.

Article 3. Organization of implementation

1. This Circular takes effect on the date of its signing

2. The provisions on interest rates in Clause 4. Article 1 of the State Bank Governor's Decision No. 47/2006/QD-NHNN of September 25, 2006, amending and supplementing a number of articles of the Regulation on saving deposits issued together with Decision No. 1160/ 2004/QD-NHNN of September 13, 2004. and other regulations contrary to this Circular cease to be effective.

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FOR THE GOVERNOR OF THE STATE BANK
DEPUTY GOVERNOR




Nguyen Dong Tien