OREANDA-NEWS. September 03, 2014. Sviaz-Bank has been offering its customers a new Kollektsiya "Prestizh” (Prestige Collection) time deposit account paying 4.47% per annum in U.S. dollars or euros. A new five-year Prestige Collection deposit account can be opened in the period between August 25 and October 25, 2014 at Bank offices or through the Megapay Internet Banking System.

The interest rate depends on the deposit amount and is fixed for the full period of money deposits. Interest is paid at a rate of 3.4% on deposits ranging from 100,000 to 300,000 U.S. dollars or euros, 3.6% on deposits between 300,000 and 500,000 U.S. dollars or euros, 3.8% on deposits within the range of 500,000 to 10,000,000 U.S. dollars or euros, and 4.07% on deposits over 10,000,000 U.S.dollars or euros.

Another 0.4 percentage points are added to the standard interest rate when a deposit account is opened in the Internet Bank, bringing the maximum interest rate payable on the new deposit account to 4.47% per annum.

The new deposit can be held by the Bank for five years, with interest payable every month. If a customer so wishes, interest can be credited to his/her demand or current account, or to his/her card account, or capitalized. No portion of the funds can be withdrawn from the account, and the account is not renewable.

“The new deposit account we have developed for our customers offers a selection of options that may meet their needs for profitable placement of large amounts of money in bank deposits. This means that a customer may deposit an amount of uncommitted funds in our new deposit account facility, add any amounts to it without limitations during the first year, and then withdraw his money at any time he wants without forfeiting interest. If, though, a depositor wants his money to remain on deposit for a long term, a high interest rate will be fixed for all the five years the deposit agreement is in force,” said Olga Oleinik, Vice Chair of Sviaz-Bank’s Management Board. “This is an option for depositors who have trust in us and have been our customers for years on end. We also invite new customers to avail themselves of this option.”

By August 1, 2014, the total amount of time deposits accepted by Sviaz-Bank had topped 28 billion rubles, having increased by over 5 billion rubles in time deposit accounts since year beginning. Deposits in the Select line (Izbrannoye) have taken up a half of the increase in the Bank’s deposit portfolio in2014.