Vietnamese Bank Offers Gold Time Deposits

Redmond Weissenberger, the director of the Ludwig von Mises Institute of Canada, emails:

I just got this from an ex-pat living in Vietnam – the Asia Commercial Bank in Vietnam is offering Time Deposits denominated in Physical Gold. If it can be done in “Communist” Vietnam, why not here!?

 From the bank:


TIME DEPOSIT IN GOLD

Benefits:

• On or prior to maturity, you can switch to a new term.
• You may transfer ownership right if deposit term has not due in order to maintain interest.
• Can be used as collateral for loans, opening credit card or as guarantee for third party’s borrowing at ACB.
• Verification of customer’s finance situation for purposes of traveling, studying abroad, etc.
• Easy to check account information via Internet Banking
• Basis of approval of overdraft limit.

Product Features:

• Deposit term: publication of specific term (from 1 to 36 months)
• Deposit currencies: Gold SJC 99.99, ACB Gold
• Minimum initial deposit: 2/10 gold taels
• Method of interest payment: quarterly, term-end
• Transaction documents: deposit slip, withdrawal slip, transfer slip.
• Using account:
• Deposit: customers can deposit in cash or can transfer from current or savings account and no further deposit can be made until maturity.
• Withdrawal: customers can only withdraw when savings account is on due date.
• Transfer: customers can remit money for time deposit in VND or Gold.

Fees and interest rate:

• Interest rate
• Service fee

Required Documents: ACB’s Information registration form:

• Vietnamese: ID card or passport (original or notarized copy)
• Foreigners: residential card or provisional stay card, passport, visa in validity (original copy)Other documents required by ACB.

Procedure:

If there is no customers’ information at ACB: Customers have to bring along documents as regulated and come to any branch or sub-branch and ask customer service bank-staff for opening account. Then, customers come to counter for deposits.

If there is customers’ information at ACB: Customers come to any branch or sub-branch and ask customer service bank-staff for opening account. Then, customers come to counter for deposits.