Retention Period of Assets and Locker Rental in Credit Institutions

19:25, 10/07/2024

The State Bank of Vietnam issued Circular No. 02/2016/TT-NHNN on February 26, 2016, specifying the regulations on the retention period of assets and the rental of safe deposit boxes within credit institutions.

Circular 02 stipulates that credit institutions shall agree with customers and clearly state in the contract: The term of asset preservation, the duration of safe deposit box rental; early termination of the contract; cases where customers have not yet retrieved their assets upon the expiration of the asset preservation contract or the safe deposit box rental contract; the notice period regarding the return/retrieval of preserved assets and termination of the safe deposit box rental contract in cases where the asset preservation contract or the safe deposit box rental contract is indefinite.

For indefinite asset preservation contracts and safe deposit box rental contracts:

- The customer may request the credit institution to return the preserved assets and terminate the safe deposit box rental contract at any time, but must provide the credit institution with reasonable prior notice as agreed in the asset preservation contract or the safe deposit box rental contract;- The credit institution may request the customer to retrieve the preserved assets and terminate the safe deposit box rental contract at any time, but must provide the customer with reasonable prior notice as agreed in the asset preservation contract or the safe deposit box rental contract.

See details in Circular 02/2016/TT-NHNN, effective from April 09, 2016.

- Thao Uyen -

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