Is it possible to withdraw savings deposits at transaction offices other than where issued such passbook in Vietnam? Is currency upon savings deposit taking foreign currency in Vietnam? What are procedures for making saving deposits in Vietnam?
I have a plan to open a savings account to deposit savings, I want to know that when I make a savings deposit at a bank's transaction location in province A but want to withdraw my savings deposit in province B, can I? Hoping for an advice soon.
Article 8 of Circular 48/2018/TT-NHNN stipulates transaction offices offering savings deposits taking and payout as follows:
1. The credit institution shall take and pay out savings deposits at legal transaction offices under its operation network (hereinafter referred to as transaction office), except for taking and paying out online savings deposits.
2. As for a passbook, the credit institution may take and pay out saving deposit at the transaction office which issued such passbook or any of other transactions offices. If a credit institution takes and pays out saving deposits in multiple transaction offices, it must ensure that saving deposits are taken and paid out accurately and safely as to the depositors and the credit institution’s operation.
Thus, according to the above provisions in Vietnam, the credit institution receiving your savings deposit is responsible for paying your savings at the transaction location where issued such passbook or any of other transactions offices. Therefore, you can withdraw your savings at other transaction offices than where issued such passbook in Vietnam.
In Article 10 of Circular 48/2018/TT-NHNN, currencies upon savings deposit taking and payout are as follows:
1. The currency upon savings deposit taking is Vietnamese dong or foreign currency. The credit institution may determine the type of foreign currency/ies which it takes saving deposits.
2. The currency upon savings deposit payout is the one that the depositor previously made. The saving deposit payout as to foreign currency small change shall be accordant with regulations of the credit institution.
3. Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a resident, the depositor and the credit institution may reach an agreement as to payout of principal and interest into a checking account in Vietnamese dong of such depositor.
4. Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a non-resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in Vietnamese dong of such depositor.
5. Regarding a savings deposit in foreign currency of a Vietnamese citizen who is a resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in foreign currency of such depositor.
According to this Article, credit institutions are allowed to accept savings deposits in foreign currencies. Payments for foreign currencies shall be made according to the instructions of the credit institutions in Vietnam.
Article 12 of Circular 48/2018/TT-NHNN stipulates procedures for making saving deposits at transaction offices of credit institutions as follows:
1. A depositor must come to a transaction office of a credit institution in person and present his/her identify proof; in case of a joint savings deposit, all depositors must present their identify proof in person. If the savings deposit is going to made by the legal representative, such legal representative must present his/her representative status proof and identity proof and identity proof of depositor.
2. The depositor has to register his/her sample signature in a case where he/she wishes to change his/her old sample signature or he/she has not had such a sample signature registered at the credit institution. If the depositor is unable to write, read or see: he/she will follow the guidelines of the credit institution.
3. The credit institution shall compare and update information of depositors as per the law on anti-money laundering.
4. The depositor will follow other procedures as guided by the credit institution.
5. Upon completion of procedures prescribed in Clauses 1, 2, 3 and 4 of this Article, the credit institution shall take the savings deposit and give the passbook to the depositor.
6. Adding credit to a savings account of an issued passbook:
a) Adding credit in cash: The depositor shall comply with Clauses 1, 2, 3, and 4 of this Article and present the issued passbook. The credit institution shall take the credit to the savings account, record the credit to the issued passbook and give the passbook to the depositor;
b) Adding credit from a checking account of the depositor: the depositor will follow procedures as guided by the credit institution.
According to this Article, the procedures for making saving deposits will be carried out according to the procedures specified above in Vietnam.
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