OREANDA-NEWS. Sviaz-Bank (Vnesheconombank Group) has totaled up the intermediate results of its campaign to attract funds into its Champion seasonal time deposits - between November 1, 2013 and now, the Bank’s noncorporate customers across Russia have placed over 5 billion rubles into Champion deposits.

According to Alexei Bakhayev, Director of Sviaz-Bank’s Retail Business Development Department, the Bank accepts up to 80 million rubles into Champion deposits every day, a sign that the product is very popular because of its competitive advantages.

Under the deposit acceptance terms, funds can be placed for a period of one or five years, at a maximum effective interest rate of up to 11.47% per annum in rubles, and interest is capitalized. Besides, a deposit can be increased without a limit during its first year at the Bank, and the deposit can be withdrawn on easy terms before expiry, without forfeiting interest, at any time 100 days after a deposit account is opened.

“We have observed that Sviaz-Bank’s seasonal deposits are extremely popular with our customers because the deposit terms give them an opportunity to deposit their uncommitted funds at a higher interest rate. Earning an extra income is by far not the most significant criterion that guides our customers’ choice of our Bank. Reliability is a mandatory and perhaps chief requirement for a bank. On our part, we are trying to keep an optimum balance between reliability and profit,” said Olga Oleinik, Vice Chair of Sviaz-Bank’s Management Board.