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New policy: Cash can be withdrawn freely via payment accounts

16:22 | 04/05/2020

The Governor of the State Bank of Viet Nam (SBV) issued Circular No. 27/2019/TT-NHNN stipulating the fees for withdrawing cash via payment accounts at the SBV.

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new policy cash can be withdrawn freely via payment accounts
(Photo: VGP News)

The Governor of the State Bank of Viet Nam (SBV) issued Circular No. 27/2019/TT-NHNN amending and supplementing a number of articles of Circular No.35/2014/TT-NHNN dated November 20, 2014 stipulating the fees for withdrawing cash via payment accounts at the SBV.

Specifically, the fee for cash withdrawal at the State Bank in accordance with the current provisions of Circular 35/2014/TT-NHNN is as follows: “When withdrawing cash via payment accounts at the State Bank, credit organizations, foreign bank branches bear the cash withdrawal fee of 0.005% of the withdrawal amount".

According to the new circular No. 27/2019/TT-NHNN, the credit institution is free of cash withdrawal in the month when the value of cash withdrawn via payment accounts is less than or equal to the value of cash not qualified for circulation submitted to the State Bank where accounts are opened.

new policy cash can be withdrawn freely via payment accounts
(Photo: Internet)

Credit institutions shall be subject to a fee of 0.005% of the positive difference in the month between the value of cash withdrawn via payment accounts minus the value of cash not qualified for circulation and remitted to the State Bank where accounts are opened, according to Vietnam Law.

The issuance of the new Circular is aimed at helping to ensure the quality of money in circulation, promoting non-cash payments, enhancing the application of IT in the reporting within the SBV, and stipulating the methods of collecting fees for withdrawing cash via payment accounts at the SBV, according to VGP News.

Simultaneously, Circular 27 also added the content "Method of collecting cash withdrawal fees". Accordingly, monthly, after calculating and collecting the cash withdrawal fee of credit institutions, foreign bank branches, and transaction centers, the State Bank branches in provinces and cities under the central Government, based on the Table of charge, make accounting cash withdrawal charges according to the accounting system promulgated in Circular No. 19/2015a/TT-NHNN of October 22, 2015.

This Circular takes effect from May 1, 2020.

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