OREANDA-NEWS. Beginning December 15, 2008, Sviaz-Bank alters its deposit terms and raises interest rates on time deposits for individuals, reported the press-centre of Sviaz-Bank.   

“We made the decision to alter our deposit terms and raise interest rates on deposits we accept from individuals after an exhaustive analysis of current market trends and the impact of competition. The interest rates payable on both short- and long-term deposits have been hiked by an average 1.5% to 2.5%. We have also lowered the qualification threshold on several deposit types, placing them within a broader reach of different client classes,” said Sviaz-Bank’s Senior Vice President Arkady Komiaginsky.

Deposit funds are accepted into Sberegatelny (Savings) accounts in rubles, U.S. dollars, and euro for terms of 3 months to 3 years. The minimum qualifying deposit amount is 5,000 rubles or 300 U.S. dollars/euro. Interest rates vary from 11.00% to 14.75% per annum in rubles, 7.25% to 10.60% p.a. in U.S. dollars, and from 6.75% to 10.35% p.a. in euro.

Nakopitelny (Accumulation) deposit accounts featuring quarterly interest capitalization and allowing additions to be made can be opened in rubles, U.S. dollars or euro for terms of 181, 367 or 720 days. The qualifying minimum of funds accepted on deposit has been lowered to 5,000 rubles or 200 U.S. dollars/euro. Depending on the deposit amount and time, interest rates vary from 12.25% to 14.50% p.a. in rubles, 8.25% to 10.50% p.a. in U.S. dollars, and 8.00% to 10.25% p.a. in euro.

Deposits are accepted into Prestizhny (Prestige) accounts in rubles, U.S. dollars or euro for terms of 181, 367 or 720 days at an interest rate of 10.00% to 14.75% p.a. in rubles, 7.45% to 10.75% p.a. in U.S. dollars, and 6.95% to 10.25% p.a. in euro. The minimum deposit amount accepted has been lowered to 30,000 rubles or 1,000 U.S. dollars/euro. The Prestige account allows the depositors to add new funds to their accounts or withdraw them at any time without effect on interest accrual. Interest accrual on the deposit is calculated and capitalized every month.

Pensionny Plyus (Pension Plus) accounts can be opened in rubles for a term of 367 days, at a minimum qualifying amount of 500 rubles, and they pay 5.25% p.a. in interest. Under the terms of Pension Plus accounts, holders can add funds to, or withdraw them from, their accounts without the risk of affecting interest accrual. Interest payable on the deposit accrues and is capitalized every quarter.

Seasonal Snezhny (Snowy) accounts can be opened in rubles, U.S. dollars, or euro for a term of 181 or 367 days. The minimum deposit accepted is 10,000 rubles or 400 U.S. dollars/euro. Interest rates vary from 13.25% to 14.50% p.a. in rubles, 9.25% to 10.75% p.a. in U.S. dollars, and 8.75% to 10.50% p.a. in euro. This kind of deposit is accepted until February 15. 2009.