Single Term Deposits

Features:

Time deposits are a source of capital for the medium to long term funding of the Bank. These accounts are based on agreements between the bank and the depositor for the deposit of a specific amount for a certain period and a certain interest rate. Their duration can be a single day or even, in some cases, surpass a year. At the end of the fixed period, the customer receives the amount deposited plus due interest. Time deposits are also offered in foreign currency.

Early Withdrawal:

An early partial or total withdrawal may be arranged only upon the assent and approval of the Bank. In no event shall the payment of discounts result in a reduction of the capital of the initial deposit. The discounts, in cases of early withdrawal, are calculated as follows: 

The Euribor rate (based on the date of Valeur) corresponding to a period equal to the period from the discount to the normal expiry of the term deposit is considered. If the duration differs from the official Euribor periods, then the closest to the above remaining period is considered. Thus if 2.5 months remain until its expiry, the quarterly rate is considered.

The interest rate is based on the current Euribor rate as shown on the electronic screen "EURIBOR01", or any page that may replace this in the REUTERS information system.

0.5 percentage points, which is equivalent to the Bank’s operating expenses, are added to this rate.               

The nominal interest rate of the discounted term deposit is subtracted from the sum of (A) and (B).

Interest charge:

Interest income is subject to tax (currently 10%).

Renewal:

Upon its expiry, the time deposit may be renewed in accordance with the instructions of the client. It may be renewed with capitalization of interest or not.

Interest Rate:

The rate is negotiable and applies to the entire amount of the deposit.. It is defined daily according to the Current Interbank rates Market.