OREANDA-NEWS  On 17 February was announced, that Ipoteka Bank issued savings certificates payable to bearer for individuals with a circulation period of up to 180 days. The return rate on this financial instrument varies depending on the circulation period, and is the maximum of 18% pa.

In addition to this, the bank has issued registered deposit certificates for legal entities with the circulation period of up to 360 days and the turn of up to 8% pa.

Pursuant to the Article 770 of the Civil Code of the Republic of Uzbekistan, a savings (deposit) certificate is a security attesting the sum of the deposit in the bank and the rights of the depositor (holder of the certificate) to receive a sum of money deposited and the interests specified on the certificate of the bank issuing the certificates or any other branch of the bank at the end of the established deposit period.

The article states that if the deposit certificate is presented for repayment before the end of the established deposit term, the bank pays out the sum and the interest paid on demand deposits, unless otherwise stated on the certificate.

It is worth pointing out that starting 4 October 2008 a Regulation on the order of issuance and circulation of deposit (savings) certificates by the banks came into action. The regulation was approved by the Resolution of the Board of the Central Bank (Registered with the Ministry of Justice as of 24 September 2008 No. 1859)in accordance with the Laws of Uzbekistan "On Central Bank of the Republic of Uzbekistan", "On banks and banking activity" and "On securities market".