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02.03.09
‘Faithful Percent’
Absolut Bank has enhanced its line of anti-crisis bank deposits by introducing a new deposit called ‘Faithful Percent’. The key advantage of the new bank deposit is its high interest rate which is not lost in case of complete funds withdrawal from the deposit prior to the maturity date (early withdrawal).
This is a non-typical saving program of the Russian financial market, because in case of early complete funds withdrawal from a bank deposit, interest is normally calculated and paid according to the basic interest rate established for ‘On-Demand Deposit’ (0.5% p.a.). This is not the case with complete early withdrawal of funds from the ‘Faithful Percent’ bank deposit, in which case an interest rate is calculated and paid for the period, during which the funds were kept in the deposit, according to the basic interest rate established for this deposit. This offer is especially useful in a period of financial and economical instability, when cash may be needed at any moment.
The ‘Faithful Percent’ bank deposit can be replenished, which makes it an optimal tool for building up a cash provision during a period of financial crisis. The deposit can be opened in RUB or foreign currency for a period of 1 month up to 2 years. The interest rate is currently one of the most attractive offers in the Russian market – up to 18% p.a. in RUB and up to 8% p.a. in foreign currency. Minimum amount of funds to be deposited is RUB 15,000 or EUR/USD 50,000. The deposit can be replenished with an amount not less than RUB 3,000 or EUR/USD 200.
“This program was developed in order to attain the two key objectives as follows. Under the current circumstances, the depositor should be offered an opportunity of enjoying the maximum possible freedom to dispose of his/her funds, while at the same time the deposit should be profitable. The terms and conditions of the ‘Faithful Percent’ bank deposit allows both objectives to be achieved. The fact that the ‘Faithful Percent’ bank deposit can be withdrawn at any time without interest loss, replenished and offer an excellent interest rate makes it an exclusive offer in the Russian banking market”, says Deputy Chairman of the Management Board Oleg Skvortsov.
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