OREANDA-NEWS. On October 15, 2008 Effective beginning of October, VAB Bank introduced a new deposit scheme for non-resident individuals who own private businesses, the Mobile Deposit. Olga Matveeva, head of the private business department, says the new Mobile Deposit allows accumulating and using cash freely while earning a decent income, reported the press-centre of VAB Bank.

Easy access to deposited cash is the principal advantage of this product.

Mobile Deposit can be opened in US dollars or euros for two years with automatic extension for the same period, the number of such extensions being unlimited.  This deposit scheme assumes monthly capitalisation of interest, allows opportunity to make up the deposit account during the first 17 months and withdraw cash any time throughout the agreement term.  Maximum yield on this deposit is 7.75% yearly for US dollars and 5.25% yearly for euros.  Minimum deposit/makeup amount is 10 thousand dollars or euros.