OREANDA-NEWS. August 07, 2012. Sviaz-Bank has developed a new special-purpose time deposit for individuals. Called Multireserve (Multirezerv), the deposit account is opened in six currencies – Russian rubles, U.S. dollars, euro, Chinese yuan, Swiss francs, and pounds sterling – simultaneously, reported the press-centre of Sviaz-Bank.

The deposit account is opened for a term of five years that is divided into five periods each one year long, in five separate accounts, respectively. Interest due on the deposit is capitalized at the end of each period.

The minimum initial installment is 250,000 rubles, or an equivalent in other currencies at the exchange rate of the Central Bank of Russia. The money accepted on deposit may be placed in different accounts in different currencies at the customer’s discretion, but in any case, the total funds deposited are not to be below the minimum initial installment.

The deposit amount can be increased and its term extended, and interest can be paid on the deposit before its expiry date.

A customer can make an unlimited number of cashless conversions between the accounts within the framework of the Multireserve deposit at the Bank’s current exchange rate.

The Bank has developed a complex interest rate payable on the new multicurrency deposit. In the first year of the deposit term, interest rates payable on accounts in rubles range from 8.8% to 9%, depending on the deposit amount; 4.8% to 5% in U.S. dollars, 4.55% to 4.75% in euro,2.8% to 3% in Swiss francs, 3.8% to 4% in pounds sterling, and 2.3% to 2.5% in Chinese yuan.

On the second and successive years, the interest rate payable on accounts in rubles is pegged to the current refinancing interest rate of the Central Bank of Russia, and interest payable on accounts in the other currencies is equal to the rate effective in the preceding period, reduced by 0.3 percentage points.

“We have offered our individual customers a unique multicurrency product consisting of six most popular currencies among our customers, and most in demand. At the moment, this is the sole deposit option on the deposit market for individuals, with a representative currency basket and high interest rates,” said Maria Zenina, Director of Sviaz-Bank’s Retail Banking Products Department.

In the view of Kirill Zverzhansky, Head of Sviaz-Bank’s Treasury Service, the bulk of savings is preferably to be deposited in rubles, and the remainder, in other currencies, with an opportunity of money to be converted quickly from one currency to another, depending on the market situation, for maximum earnings to be gained. All these advantages are rolled up in the new Multireserve deposit. Kirill Zverzhansky puts his greatest hope in the Chinese currency.