OREANDA-NEWS. April 30, 2010. The 25 Best Retirement Scheme Proposals By Ukrainian Banks survey carried out by Expert Rating agency named VAB Bank among five national leaders in this area, the press-centre of Ukreximbank reported.

“The survey ran in two phases.  First we screened out the banks whose financial position was hard to evaluate based on publicly available information, which gave us a short list of actual participants,” said Mr Vladimir Doukhnenko, Expert Rating’s director.  “Further assessment took into account several key criteria.  Inter alia, we considered whether a charge was applied to the opening of a retirement account, what interest rates were offered, if a bank had special offerings for pensioners who made fixed term deposits and how competitive the bank was in this market.  Criteria assessment results outlined the today’s leaders.  The proposals developed for retired people by VAB Bank were among the most attractive ones.”

Interest rate offered by VAB Bank for its retirement schemes is 14%.  Both opening an account and cash withdrawal from it are absolutely free.

Furthermore, the Bank launched a special term deposit programme for pensioners this year: the Pension Deposit with minimum placement amount of UAH 100 (US\\\$/EUR 10) was added to the Bank’s product line on January 25.  Deposit terms vary from 1 month to 2 years.
Interest rates for the Pension Deposit are set within the range of 19.75% to 21.75%, depending on the amount and placement terms.  Deposit income is disbursed either monthly or at the deposit maturity.  Interest may be capitalised at the maturity, and the deposit may be automatically renewed.  In the latter event 0.5%/0.25% is added to the original interest rate (for hrivnia or foreign currency deposits, respectively).

Where the Pension Deposit is opened by a client who already has an account with VAB Bank and receives pension and other social or governmental allowances through the Bank an extra 0.25% pa is added to their interest rate at the time of agreement closure for UAH deposits and extra 0.15% for US dollar/Euro deposits.

“By offering this product VAB Bank provided retired people an attractive deposit opportunity.  We plan to continue unfolding loyalty programmes for pensioners.  Now we may assure that all our proposals in the future will be most friendly towards this depositor category,” Mr Tsvetan Petrining, deputy chairman and head of retail business and distribution of VAB Bank, assured.