In Vietnam, can US dollars be covered by deposit insurance when depositing them in the bank?
In Vietnam, can deposit insurance cover US dollars when depositing them in the bank? What types of deposit cannot be covered by insurance? Hello Lawnet, my overseas relative sent me some US dollars. Can deposit insurance cover US dollars when I deposit them in the bank? Looking forward to your consultancy. Thank you!
<subquestion>In Vietnam, can deposit insurance cover US dollars when depositing them in the bank?</subquestion>
Pursuant to Article 18 of the Law on Deposit Insurance in 2012 stipulating on insured deposit as follows:
Deposit insured is the deposit in Vietnam Dong of individuals deposited at the deposit insurance participating organization in the form of term deposit, non-term deposit, saving deposit, certificates of deposit, promissory notes, bills and other forms of deposit under the provisions of the Law on credit organizations, other than the deposits regulated in Article 19 of this Law.
As regulation above, US dollars cannot be covered by insurance when depositing them in the bank.
<subquestion>What types of deposit cannot be covered by insurance?</subquestion>
Pursuant to Article 19 of the Law on Deposit Insurance in 2012 stipulating onuninsured deposit as follows:
1. Money deposited at the credit organization of the individual who owns more than 5% of the charter capital of that credit organization.
2. Money deposited at the credit organization of the individual who is a member of the member Board, member of Board of Directors, member of control Board, General Director (Director), Deputy General Director (Deputy Director) of that credit; Money deposited at the foreign banking branch of the individual who is the General Director (Director), Deputy General Director (Deputy Director) of that foreign banking branch.
3. Money used to buy unknown valuable papers issued by the deposit insurance participating organization.
As regulations above, those are types of deposit that cannot be covered by insurance when depositing them in the bank.
