From 14 April 2014, RCB Bank Ltd is expanding its range of fixed term deposits for individual and corporate clients with the addition of two new schemes: the "Progressive" and the "Gradual Rate" deposits. The Bank will also be reintroducing the "Top Up", "Interest Up Front", "Flexibility", "Investor" and "Rentier" schemes.
The key feature of a "Progressive" deposit is that you can place funds for three months and then renew the deposit up to 4 times for the same term with a progressively increasing interest rate.
A "Gradual Rate" fixed term deposit is available for one year term and enables early termination of the deposit before its maturity. In the case where the deposit is terminated in three, six or nine months from the deposit start date, a client will earn 15%, 45% or 70% respectively of the current annual interest rate of the deposit.
The advantages of RCB’s fixed-term deposits include flexible deposit terms, attractive rates and convenient ways of depositing funds. Deposits are available in a range of currencies - Euros, US Dollars, Great Britain Pounds and Russian Roubles - which means the Bank’s clients can diversify their portfolios and react promptly to changes in the market.
All deposits placed with the Bank are insured in accordance with the Republic of Cyprus legislation. The Deposit Protection and Resolution of Credit and Other Institutions Scheme covers deposits denominated in all currencies. The maximum level of compensation, per depositor and per bank, is 100,000 Euros or equivalent. This limit applies to the aggregate of a depositor’s deposits with the same bank. For the purposes of calculating the compensation payable to each depositor, the amounts of each depositor’s existing deposits will be set off against any loans or other credit facilities granted by the bank to the depositor, as well as any other counterclaim of the Bank in respect of which a right to set off exists.
To learn more about the full range of the Bank’s fixed-term deposits, please follow this link.
For further details or to answer any queries you may have, please visit one of the Bank’s branches, or call +357 25 355722 (for calls from abroad), 800 00 722 (toll-free in Cyprus) or 8 800 100 722 (toll-free in Russia).
RCB Bank Ltd