• Tiếng Việt

What is time deposit procedure for foreign depositors?

Foreign customers are allowed to have term deposits through Deposit Contract:

  • Foreigners reside in Vietnam for 6 months or more.
  • Depositors' information: Passport/Visa or other documents (if any)
  • Customer opens a payment account and performs deposit procedures by Kienlongbank's regulations.

When a term savings deposit is due, how will Kienlongbank handle if owner does not come to counter?

  • On due date, if depositor does not come to withdraw money and there is no other request or agreement, Kienlongbank will extend (re-deposit) another new deposit term. If at maturity date, Kienlongbank does not have such term, Kienlongbank will switch to adjacent available shorter term. The new applicable interest rate is announced by Kienlongbank at time of re-deposit.

Can customers with term savings deposit withdraw before maturity?

  • Yes, customers can withdraw whole deposit amount (not a part), interest rate they can enjoy is the lowest demand interest rate at withdrawal time.

What are basis for calculating interest on savings deposits and method of paying interest?

1. Standard time to convert interest rates at %/year: 365 days/year; 30 days/month.

2. Interest calculation method:

  • Based on deposit amount, term and interest rate, interest is calculated as follows:
  • Interest amount = Deposit amount x Actual days of deposit x Interest rate of deposit term (%/year)/365
  • The actual number of deposit days is calculated starting from the deposit day until end of the day preceding due date (deposit date included, withdrawal date excluded).

3. Interest payment method:

a. For demand deposit: 

  • Monthly interest payment date is determined by Kienlongbank from time to time.
  • Interest is added to principal monthly and on termination of deposit.
  • Interest can be paid in cash or transferred to account by agreement between Kienlongbank and customer.

b. For term deposit:

  • Interest paid at term-beginning: Interest is paid when customers deposit money.
  • Periodical interest payment: Interest is paid to customers periodically 1 month/ 3 months / 6 months / 1 year.
  • Interest paid at term-end: Interest is paid on due date (interest is added to principal).
  • Interest can be paid in cash or transferred to account by agreement between Kienlongbank and customer.

Who can have savings deposit at Kienlongbank?

  • Vietnamese citizens aged full 18 years or over with full civil act capacity as prescribed by law.
  • Vietnamese citizens, from full 15 years old to less than 18 years old, are not restricted in their civil act capacity or lost their civil act capacity by provisions of law.
  • Vietnamese citizens with limited capacity for civil acts or loss of capacity for civil acts by provisions of law or under 15 years old can conduct transactions through their legal representatives; Vietnamese citizens have difficulty in understanding and behavior control by provisions of law can conduct transactions through their guardians.

What procedure should customers with savings deposit follow?

a. Customers come to Branches, Transaction Offices of Kienlongbank to make deposit and present following documents:

(i) For clients with full 18 year age or over with full civil act capacity as prescribed by law, clients aged from full 15 years to under 18 years old are not restricted in civil act capacity or does not lose civil act capacity as provided for by law, but has private property:

Presenting ID card/Passport.

(ii) For customers who are legal representatives or guardians of depositors:

In addition to ID card/passport, documents proving representative status of depositor's legal representative.

b. Customers register information and specimen signature.

c. In case customer cannot write, read, or see, customers ask someone to accompany them to write for, read on their behalf and the customer will have fingerprints of two hands’ index fingers in replacement for specimen signature. The companion is responsible for reading fully and accurately the contents of transaction documents for depositor to hear and sign for confirmation on all transaction documents that the depositor has fingerprinted.

 

What is procedure for opening a savings book by co-owners?

Co-owners come to the bank counters together to open a savings book by following procedure:

  • Present ID card/Passport
  • Make a written agreement on co-owning of savings deposit (Kienlongbank’s form)
  • Register specimen  signatures of co-owners

What is procedure for lost savings book and can owner withdraw money?

  • Customers must contact branch and transaction office of Kienlongbank to notify of the loss. If customers notify by phone, they must go directly to Kienlongbank to make a loss declaration within 24 hours from notification.
  • Customers can withdraw money after 07 (seven) working days from Kienlongbank’s receipt of customer's savings book loss notice.

How to transfer ownership of savings deposit?

Transfer of ownership is done at all Kienlongbank transaction offices.

  • The transferee and owner provide ID cards/passports and make application for transfer of ownership in form of Kienlongbank, or provide a notarized ownership transfer contract by notary office or by People's Committees of districts or higher.
  • The transferee shall register depositor's information according to Kienlongbank's regulations.
  • The owner shall have no right on the savings book after completing the above procedures.
  • To withdraw money, the transferee will present: original savings book or other equivalent documents (if any) by Kienlongbank's regulations; ID card/passport.

What are regulations on handling risks for civil act incapable depositors?

Depositors with incapacitated civil acts cannot directly do transaction with Kienlongbank, the representative must present: 

  • Identity card / Passport.
  • Savings book (original).
  • The court’s decision declaring loss of civil act capacity of the depositor. 
  • Documents proving legal representative.

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