A Deposit account is a Deposit of money under interest rate and for a certain time. The investor enters into a contract with the Bank that will pick up your contribution not previously identified in the contract. Throughout the Deposit term, the Bank administers the funds of a depositor in its sole discretion. The longer the maturity, the usually higher interest rate on it.
There are two kinds of Deposit accounts: time and demand. Term Deposit account is opened for long term storage in the Bank. The account owner specifies in the contract the term of placement of the account and cannot withdraw their funds early. In the event of early termination of the contract to the investor is not paid interest. Demand deposits provide for partial or full withdrawals. Such deposits, the Bank takes a smaller percentage as the depositor may withdraw his Deposit at any time.
By placing money on Deposit account, the customer may not dispose of these funds, e.g., Bank plastic cards.
The interest rate
The Bank set interest rate, which can be read before signing the contract. The interest rate will be paid under the contract only upon expiration of the term, provided, however, that customer will not violate the conditions of the Deposit. Many banks establish the size of percent depends on the attachment, the greater the amount and Deposit term, the higher the interest rate. Sometimes banks have short-term shares, taking deposits for a short time at high interest rates. Usually this is because the Bank urgently needed funds for the Commission of any favorable financial operations. In this case, the Bank is ready to increase the standard rate of contributions, to quickly attract the required amount.
How to open a Deposit account
In order to open an account, you should familiarize yourself with various banks and choose the best options. As a rule, high interest rates offer a small or little-known banks.
It is not recommended to make long-term contributions to questionable organizations or in newly opened banks, even if the interest rate is the highest among all proposals. Such organizations can be financially unstable and at any moment declare bankruptcy. In this case, the state is obligated to return to investors the money invested, but not more than 700,000 rubles. To process the Deposit you must pay a visit to the Bank. You must carry your money, passport and INN.