OREANDA-NEWS. April 10, 2013. Sviaz-Bank launched a new line of time deposits, the Select Deposit Collection, for its VIP customers that comprises Classic Collection, Elite Collection, and Deluxe Collection deposits.

Deposits are accepted in rubles, U.S. dollars, and euros, with a minimum of 3,000,000 rubles, or USD100,000 or euros required for a deposit account to be opened.

A Classic Collection deposit account can be opened for a term of one month to five years. Interest payable of deposits held for one month, three months, six months, one year, and five years depends on the amount and term of deposit and varies between 6.7% to 10.7% per annum in rubles and from 2.7% to 5% per annum in U.S. dollars and euros. Interest is payable at the end of each period, or upon expiry of the deposit term.

An Elite Collection deposit, with interest paid every month, is accepted for a term of six months to five years. Depending on the amount and term of deposit, the interest rate varies from 8.7% to 10.5% per annum in rubles and from 4.2% to 4.8% per annum in U.S. dollars and euros.

A Deluxe Collection deposit can be increased and interest capitalized, and the funds withdrawn, down to a fixed balance chosen by the depositor at the account opening time. The deposit is accepted for at least six months to a maximum of five years. Interest payable on deposits held for six months, one year, and the first period depends on the size of the fixed balance threshold and ranges from 8% to 9.25% per annum in rubles and from 4% to 4.5% per annum in U.S. dollars and euros. Interest payable on the deposit is added every month.

The interest payable for the first period is fixed on all the new five-year time deposits. In the second and successive deposit periods, the interest rate payable on ruble-denominated accounts depends on the current discount rate of the Bank of Russia, and is equal to the effective rate in the preceding period in the other currencies less 0.3 percentage points.

“Special terms apply to VIP customers opening deposit accounts. We offer them high yields on their deposits. An advantage they can seize upon is a wide variety of deposit term combinations geared to all categories of VIP customers,” said Alexei Bakhayev, Director of Sviaz-Bank’s Retail Banking Products Department.