Interest rate discrepancy: Each branch has its own way of doing things
As Lao Dong newspaper has reported, many banks apply different interest rates to different customers, even to different branches within the same system. Many banks also implement interest rate-plus programs but do not publicly list them, only directly notify eligible customers.
Mr. Pham Chi Quang - Director of the Monetary Policy Department (SBV) - said that the situation where some banks apply inconsistent deposit interest rates stems from the agreement mechanism between banks and customers for terms of 6 months or more.
However, Mr. Quang emphasized that banks must still strictly comply with current regulations, especially Circular 47/2024/TT-NHNN and Circular 48/2024/TT-NHNN, effective from November 20, 2024.
Transparency and Compliance: Regulations That Cannot Be Ignored
According to Circular 48, the maximum interest rate for deposits in Vietnamese Dong includes promotional expenses in any form. This means that banks are not allowed to implement any form of interest rate promotion that exceeds the ceiling or is not publicly listed.
Clause 3 and Clause 4, Article 3 of Circular 48 clearly stipulate:
Credit institutions must publicly post interest rates at all transaction locations and on their websites.
It is not allowed to carry out interest rate promotions that are not in accordance with the law, including additional amounts or non-transparent interest rate incentives.
Not publicizing preferential interest rate programs not only affects customer confidence but also poses a risk of unfair competition in the banking system. A customer depositing money at an HDBank branch in Hanoi said: “The same bank but the interest rates added at different branches make me confused and do not know which is the official policy.”
Faced with this situation, the State Bank of Vietnam has pledged to strengthen supervision and inspection. If banks are found to be violating regulations on deposit interest rates or implementing internal policies that are not in accordance with the law, the State Bank of Vietnam will request the banks to explain and handle them strictly.
The Director of the Monetary Policy Department (SBV) affirmed: “All banks must issue strict internal procedures, including specific regulations on interest rates. The SBV will conduct a review, and if any bank is found to be in violation, it will request clarification and handle it according to regulations.”
