New saving solutions by RCB Bank

23 April, 2019

RCB Bank is extending its range of fixed term deposit solutions in the context of its new five - year strategy for organic growth in the domestic market, in a bid to offer reliable and convenient ways of saving and cover the needs of its depositors and introduces two new fixed term deposit schemes.

“Floating rate”
Remaining truthful to its tradition of offering pioneering products with flexible terms, RCB is launching a unique for Cyprus “Floating Rate” fixed term deposit scheme with floating interest rate. “Floating Rate” is a fixed deposit scheme available both to individuals and corporate/institutional clients, with maturities of two and three years. The interest earned is the total of the 3m Euribor rate plus a fixed margin with zero minimal floor rate for 3m Euribor. Thus depositors can benefit from the increasing Euribor rate, while enjoying the minimal fixed rate during the term of the fixed term deposit.

“Escalator” is a two-year fixed term deposit scheme for individuals, offering a competitive yield, but at the same time providing flexibility for depositors to terminate the deposit at the end of each quarter, when a personal need arises. If the deposit is not terminated, the next quarter the interest earned increases, locking in an increased yield quarter after quarter.

Kyriacos Michaelides, Head of Branch Network said that “at RCB we constantly assess the needs of all clients. Low interest rates on deposits have diminished in the last couple of years the interest of providers in creating new deposit solutions. We choose to differ and have decided to enrich our deposit product offering for better servicing the needs of our clients.”