OREANDA-NEWS  On 08 September was announced, that clients of the Baltic Investment Group Bank (BIG) will be able to enter into contracts for the fixed-term deposits offered by the bank over the Internet.

All you need to do to enter into a deposit contract is log on to BIG’s Internet bank using your ID card or Hansabank, Sampo or BIG passwords. You do not have to be an existing BIG client or open a settlement account with the bank – the offer is open to everyone.

The term of deposits with BIG ranges from six months to five years. The minimum amount for kroon deposits is 5000 Estonian kroons, while the minimum amount for euro deposits is 10,000 euros. The rate of return depends on the length of the deposit period, the amount you deposit, the currency and how your interest is paid out. The best possible annual return, 8%, is offered on 12 to 23-month fixed term deposits in Estonian kroons.

Kaido Saar, a member of the management board of BIG, says that the aim of offering deposits online is to arouse interest among potential new clients in the savings products the bank provides. “People who use bank services these days don’t want to go into a branch unless they absolutely have to, and they’re used to doing everything online,” he said.

Interest earned on fixed-term deposits is exempt from income tax and the amounts you deposit are secured in accordance with the Guarantee Fund Act. The terms and conditions of BIG deposits are set out in more detail on the bank’s website.

The Baltic Investment Group Bank is one of the largest banks in the Baltic States specialising in lending to private clients and is the leader in the small loans sector of the Estonian market. BIG has set itself the goal of offering the most productive fixed-term deposits on the Estonian market. The minimum deposit term is six months while the maximum is five years.

At the end of June 2008 BIG employed a total of 492 people in 43 branches throughout the Baltic States. BIG’s debt securities are listed on the Stockholm Stock Exchange.