Account > Individual

PERSONAL ACCOUNT

Attention

-         At present, many customers are having accounts with Vietcombank thanks to its good name.

-         Information regarding to customers’ deposit will be treated strict confidential. Deposit insurance is bought by Vietcombank at the deposit insurance company.

-         Simple and free-of-charge opening procedures, free-of-charge account statements. Customers having transaction(s) are provided account statements upon request.

-         Account transfer payment within Vietcombank network is proceeded through computer network with fast, highly accurate and free-of-charge service.

-         Through personal accounts, customers can easily use non-cash payment instruments such as checks, payment orders, collateral for using international payment cards and other methods.

-         Easy transmission to different depositing options.

Introduction

1.    Account holder

a.    VND deposit account: All the individuals (Vietnamese citizen and foreign people who are eligible before the law of their home countries) have the rights to open account and deposit money into Vietnames edeposit account.

b.    Foreign currency account: resident and non-resident individuals in accordance with current regulations on foreign exchange management.

2.    Account type

a.    demand deposit account

b.    fixed deposit account

c.     cash-cover account

3.    Currency type

a.    VND or foreign currencies (applicable for: USD, GBP,  EUR...)

4.    Deposit and withdrawal

a.    VND account: the account holder is entitled to deposit or withdraw cash and time bank notes, to apply non-cash payment such as payment orders, encashment orders, cashiers’ checks, transfer checks, cards,…

b.    Foreign currency account: Cash, travelers checks, transfer...

c.     Foreign currencies transferred via banks or cross-border entrance having border custom certification, and other legal foreign currency sources in Vietnam.

d.    Deposit amount: Min. balance 50,000 VND or foreign currency equivalent to 15 USD. No minimum requirement for the next deposit.

e.    Interest:

   i.      Demand deposit or cash-cover accounts: interest is added to principal or transferred to pre-regulated account monthly or on the balance withdrawal date.

   ii.      Fixed deposit account: Normally interest paid once at maturity. If customer does not withdraw, the interest will be added to principal and, automatically a new term with the same period of time will be applied with the same interest rate announced in the first day of the new term.

Authorisation
According to the current regulations (Circular 08-TT/NH2 dated 02Jun1994 of the State Bank) the account holder(s) is authorised another person(s) sign any payment documents transacted with banks. The authorised person is entitled as the account holder within the authorisation scope and is not allowed to authorise another person.

Instruction

a.    Account opening:

The opening of foreign currency account is conducted following the State’s current regulations on foreign currency management, such as:

-         Decree 63/1998/ND-CP dated August 17, 1998

-         The Government’s Decision 173/1998/QD-TTg dated September 12, 1998.

-         Circular 08/1998/TT-NHNN7 dated September 30, 1998.

-         Circular 01/1998/TT-NHNN7 dated April 16, 1999.

Customer(s) opening account(s) at our Bank is/are provided with free of charge standardised printed form (see enclosed). You will have your account in the fastest way with your own CIF number (customer information file). Having this CIF number you may require Vietcombank to immediately provide necessary information or you can open new account(s) in condition that the account holder is not changed...

If you want to change information in the account, please use the form for information supplement (i.e. telephone number, address...)

b.    Application for Account (The 1^st time)

How to fill the form:

-         Please fill in blank space in the form

Note: This form is only used for the customer having no account with Vietcombank.

-         Normal information is filled as usual. For new information, please fill as follows:

o       Customer Information File (CIF): Please write your CIF number given by the Bank in the Application for Account (The 1^st time)

o       Other ID number: other ID number different to that given above.

o       Currency type: Please mark in the box next to the currency name. If the currency type you want to open the account for is not USD, please mark in the box “others”

o       Information retention: If you want to keep information in our system even after closing all your accounts, please mark in the next box the number of years (from 1 to 8) you want the information to be kept.

o       Hold Mail (Y/N): If you want to receive documents at bank, please mark “Y” in the next box. If you want the documents to be sent to your address, please mark “N”.

o       Adress for sending statements (alternative address if different from above): Please write the address you wish to receive your documents and statements if this address is different to the address given in the Application for Account or in your CIF.

o       Customer Information Code: Please mark in the box next to the card type you want to use.

* For Vietnamese individual:

-         3 Applications for Account (provided upon request)

-         Identity Card, Military ID, Police ID.

-         Minimum balance is required.

* For foreign individual:

-         3 Applications for Account (provided upon request)

-         Passport and Vietnamese visa with duration of over 6 months.

-         In case you want to use checks, a Letter of Recommendation by the Management Body is required.

-         Minimum balance is required.

c.    How to use foreign currency account

1.      Credits: Residents having foreign currency current account is entitiled to receive foreign currencies into account from following sources:

   I.      Foreign currencies transferred from outside Vietnam and for contracts on exporting commodities and services, or grants, aids allowed by the Law.

   II.     Cash received from overseas source (certification of border custom is required)

   III.    Foreign currencies in forms of present, gifts, inherit in compliance with regulations of the Law.

   IV.    Foreign currencies transferred or deposited domestically for salary, bonus or allowances in foreign currencies (for the foreigner only).

   V.     Other payments of foreign currencies allowed by the Governor of the State Bank.

2.      Debits: Resident individual having foreign currency account at Vietcombank is entitled to pay out foreign currency for the following purposes:

   I.      To pay to foreign organisations and individuals for import commodities and services.

   II.     To pay for import commodities and services to domestic organisations and individuals, who are allowed to receive foreign currency in accordance with regulations.

   III.    Foreign resident is allowed to transfer the balance of his foreign currency account to outside Vietnam.

   IV.    To sell to credit institutions who are allowed to conduct forex activities. If you sell to Vietcombank, you are offered attractive exchange rates.

   V.     To withdraw cash for purposes of storage, saving and other purposes allowed by Law.

   VI.    To invest into commercial papers in foreign currencies.

   VII.   To change into other foreign currencies payment instruments such as Checks, Payment Card and other instruments, or to exchange to other foreign currencies in accordance with the allowed Bank’s regulations.

   VIII.  To present, inherit and gift as regulated by the Law.

   IX.    To remit to outside Vietnam (by account transfer or in cash) for personal purposes in accordance with regulation.

Fees schedule and interest rate

1.    Fees: Follow the current fee schedule of Vietcombank.

2.    Interest rate:

a.    VND account: follow Vietcombank’s current interest rate table.

b.    Foreign currency account: follow Vietcombank’s current interest rate table.

Contacts:

For more details, please contact:

1. Forex Department– Vietcombank Operations Center
Address: 198 Tran Quang Khai Str., Hoan Kiem Dist., Hanoi
Tel: (84-4) 8268-045, 9343-137 (ext: 0251-0243-0237-0238)
 

2.     Vietcombank branches.