OREANDA-NEWS. November 18, 2010. Sviaz-Bank has developed a new time bank deposit account, Popolnyaemy (Add-On), for legal entities that now can keep their uncommitted funds in Russian rubles in savings accounts for six months to one year, adding funds or withdrawing some of them over the deposit term, reported the press-centre of Sviaz-Bank.

The minimum amount of the deposit is 10 million rubles. The interest rate is fixed by the Bank on the new deposit once a month and depends on the index of the domestic financial market (MosPrime1М) on the first calendar day of each interest paying period (calendar month), remaining in effect over the entire interest paying period.

Interest is computed and paid on the deposit every month at a rate equivalent to the amount of average daily balance in the account during the interest paying period. The amount of the interest computed is in direct proportion to the balance in the account, that is, the larger the balance in the account the larger the interest computed is.

The Add-On deposit, therefore, has a floating market interest rate. It can be increased, and some of the funds can be withdrawn from the account, allowing an organization’s cash flows to be controlled.