Payment deposits are managed separately by the State Bank by means of payment deposit regulations. This Regulation guides the opening and use of payment accounts at banks and credit institutions. The balance on the current account is entitled to interest at the demand deposit rate.

Savings accounts at the state bank or any other credit institution are regulated by the State by legal documents, including payment deposit products.

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For businesses, payment deposits become an important tool for carrying out day-to-day transactions. However, not everyone fully understands the type of payment deposit as well as the regulations of the payment deposit. Regulations on payment deposits shall be based on state-owned banks and joint stock commercial banks and applied at banks where they deposit payment, but must not be contrary to the provisions of law.

To help readers understand and understand about payment deposits as well as savings deposit regulations at banks, customers can refer to the article below.

What is a payment deposit

?Payment deposit is a type of demand deposit, used for the purpose of performing transactions such as collection, payment, money transfer… with the ability to Respond quickly to business needs.

A payment deposit account will help businesses make transactions immediately through payment means such as: Internet Banking, cash checks, payment orders, collection orders, electronic money transfers…

The money in the account is used to conduct non-cash monetary transactions. These transactions include: Payment of purchase bills, invoices for using services, transfer, in case of necessity you can still withdraw cash directly…

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In addition, for customers who are organizations, they can use overdraft service on current deposit accounts.

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Regulations on payment deposit

Regulations on payment deposit

Regulations on payment deposits are specified in Decision No. 1284/2002/QD-NHNN dated December 21, 2002 promulgating “Regulations on opening and using accounts deposited at state banks and financial institutions”. Credit”

and Circular No. 23/2014/TT-NHNN dated August 19, 2014 on “Guiding the opening and use of payment accounts at payment service providers” as follows:

Allowing all citizens and legal organizations in Vietnam to open transaction payment accounts. The amount deposited in a checking account is usually indefinite because the sender cannot predict the time he will use this money. The account holder is allowed to request the opening/closing of a current deposit account if permitted by law, is required to use payment services at the bank, is authorized and is entitled to pay interest on the account at the rate of interest. rate set by the bank. Depending on the characteristics of the account, the account balance and in accordance with the interest rate management mechanism issued by the State bank from time to time. The duty of credit institutions is to accept to open/close current accounts and perform transactions on payment accounts at the request of customers, not to lease or lend accounts, and to pay interest. prescribed payment deposit. Payment deposits at commercial banks are allowed to be used for short-term lending purposes such as: day loans, overnight loans and of course, to pay interest to owners of payment deposits. Those who often transact in cash with large volumes should contact a reputable, safe and convenient bank to open an account.

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Payment deposit for individual customers

How to register to use payment deposit

To use a personal checking account, customers need to prepare the following legal documents:

Valid ID card/Citizen identification card/Passport Application form for opening a personal account

Customers can register at branches/transaction offices of all banks nationwide or can register online on the websites of some applicable banks.

Payment deposit is an extremely important type of money, it affects the cash flow of the business. For businesses, in order to effectively manage and control their finances, they should master the regulations, characteristics and details of payment deposits. Hope the above article will bring beneficial information to customers.

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