Savings

Attention

- Applicable for all individuals with very simple, convenient, quick  and attractive procedures of ample maturity dates.

- Information regarding to customers' deposits will be kept secret and insurance of the deposits will be bought by VCB at the deposit insurance agency.

- The currency deposited will be that withdrawn (both principal and interest). If customers having foreign currency deposit wish to receive in Vietnamese or other foreign currencies (transacted by VCB), they are offered favourable exchange rates.

- When customers urgently need money and their passbooks are not yet at the maturity date, they can use their passbooks as collaterals, mortgages or withdraw money before maturity date (according to the CEO of VCB provisions in each period).

Introduction

Objective:

- For the passbooks in Vietnamese dong: all the person having a ID/Passport.
- For the passbooks in foreign currency: the residents are individuals included
- Vietnamese residents living in Vietnam;
- Vietnamese residents living overseas under 12 months of duration
- Foreign residents staying in Vietnam for more than 12 months (enough maturity to be the citizen)
- Vietnamese nationals travelling, studying, receiving medical treatment or visiting family's members abroad (unlimited durations)
- Vietnamese citizens working for Vietnam Rep Offices abroad and their accompaniers
 

Type of currencies

For Vietnamese and foreign currencies (mainly US Dollar, Sterling Pound, Euro, AU Dollar), customers are not obliged to present the original of currencies.

Type of savings

Cash, travelling checks, transfer

Time of deposit

Time deposit and demand deposit are upon customers' wishes

Level of deposit

Minimum amount for the first deposit is 50,000 VND or foreign currency equivalent to 10 USD. No regulations on the minimum or maximum amounts deposited to be applied for the succeeding depositing.

Interest counting mechanism

- For demand deposits: interest will be incorporated into the principal on quarter basis or on the date when the principal is withdrawn. 

- For time deposits: interest is usually paid off at the maturity date

- For time deposits: if the maturity date falls on a holiday of VCB, the payment will be made on the preceding working day. On the maturity date of the deposit, if customers do not come to get repaid or do not have any requirements, interest will be automatically incorporated into the principal and starting a new prolonged period as the initial phase or a shorter one (if VCB does not mobilize funds of that period) with interest rate counted on the starting point of prolonged period.

- if customers withdraw money before the maturity date, they will enjoy interest rates as regulated by VCB in each phase. At present, if withdrawing from such deposits is made prior to the maturity date, customers will enjoy the interest rate applicable to demand deposit as of the drawing date, on the actual number of days deposited.

If passbook owners are unable to withdraw the savings by themselves, they can authorise other persons to withdraw the deposits on their behalf. Authorized persons are required to present the following documents:

        - Passbook issued by VCB bearing the owner's name (people who authorise)

        - Authorised letter with signature of the owner, of the authorized person, identity card or passport of authorized person with certification of local authorities where the authorised people resides or relevant state organizations. Signature of the owner's deposits on the authorized letter must be the signature registered at VCB.

       - Pre-authorise at VCB (authorisation right after depositing the money): the authorizer and the authorised person sign the certificate of authorisation before the VCB’s witness.

Instructions

Depositing: customer is required to present identity card or passport and fill in the deposit slip issued by VCB, register sample signature and depositing money. After that, depositor is given a passbook with all necessary information.

Withdrawal: Customer presents the passbook, identity card or passport and fill necessary information in the printed withdrawal slip. Signature on the withdrawal slip must coincide with one of two sample signatures registered at VCB. 

If passbook is lost, the depositor must inform immediately to the bank's transaction bureau where the savings is deposited all necessary information such as name of depositor, amount of principal, depositing date, maturity date, registered number of the lost passbook... Letter to the bank declaring the loss of passbook must bear certification of local authority or relevant organization and this letter must be delivered to the bank's transaction bureau for following up purposes. After at least 20 days since the letter is received, the bank will make payments to the depositor if no disputes occur.

When risks occur to depositor (death, missing or losing behaviours), VCB will pay off interest and principal to legal heir as said in the testament.

Interest rate

* Interest rate  

- VND saving (applied the current registered rate)

- Foreign currency saving (applied the current registered rate)

Contact address

For further information, please contact to

- Saving bureaus - operation center

198 Tran Quang Khai Str., Hoan Kiem District., Hanoi

Tel: 8248 921 - 934 3137 (0123 - 0126)

        - Accounting department of VCB branches

        - Transaction bureaus of VCB network