Banks will be required to disclose information about deposits in a simple and understandable form

Russian credit institutions, according to the law, which will come into force on July 3 this year, will have to disclose to customers the terms of deposits in a simple and visual tabular form at the beginning of contracts, as well as on websites and in offices, the press service of the Central Bank reported.

The regulator published the corresponding draft instruction on its website. The table, which should be placed at the very beginning of the contract, should contain 10 points. It is necessary to indicate:

– type of deposit;

– amount and currency;

– information about the possibility of replenishment;

– term and date of return of the deposit;

– annual interest rate;

– the procedure for paying interest on the deposit;

– the interest rate or the procedure for determining it in case of early repayment of the term deposit amount or part thereof;

– information on the possibility of early repayment of a part of the term deposit without changing the conditions on the amount of interest and the frequency of their payment, its conditions, the size of the minimum balance of the deposit amount;

– data on the availability of the possibility of extending the term of the term deposit and the procedure for this procedure;

– a way to exchange information between the bank and the depositor.

It is noted that with several interest rates, it is necessary to indicate the conditions and period of each. For demand deposits, the rate is indicated on the date of conclusion of the agreement.

It also follows from the draft guidance that the text of the table should be well readable. The size of the letters should be the largest in the contract.

Earlier, VTB predicted that in 2022 the volume of time deposits of citizens in rubles will grow by a record 1.4 trillion rubles in five years. This will be facilitated by an increase in the key rate of the Central Bank, which now stands at 8.5% per annum.


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