Bank deposit - a means of raising funds for the conduct of their activities by banks. In exchange, investors receive a certain income in accordance with the terms of the agreement. Its application revealed many nuances, and we will deal with some of them.
Normative regulation
The basic array of norms is contained in the Civil Code, some points are regulated by the norms of the legislation on banking, deposit insurance. Bank deposits are subject to anti-money laundering regulations.
The law “On Protection of Consumer Rights”, protection against unfair competition, personal data, etc., applies to relations with citizens.
Thus, a bank client who believes that his rights are violated has the right to contact the FAS, Rospotrebnadzor and the Central Bank. Complaints are considered in accordance with the regulations on these organizations and relevant regulatory acts.
All banks on their Internet resources upload sample contracts for each deposit program or provide them for review upon arrival at a bank branch. It is also allowed to familiarize oneself with the rules of the bank: lists of conditions on which deposits are accepted and accruals are made.
General information
The contract will not start from the moment of signing the documents, but from the moment the money is transferred to the account at a bank or credit organization. As a rule, only the recipient has the obligations, the client acts only as the beneficiary.
Bank deposit agreement refers to accession agreements. It remains for the client to agree with the proposed conditions, making changes to them on his part is not provided.
Deposits are considered public contracts - the bank has no right to refuse to accept money. Despite additional measures to protect the rights of citizens - consumers of services, the difference in conditions in comparison with legal entities is hardly foreseen. The proposal of different conditions is assessed as a violation of antitrust laws due to discrimination.
Deposit insurance
The service applies only to bank deposits of individuals, and organizations or public entities (municipalities, governments of entities) do not have appropriate protection.
The bank, when accepting money, is obliged to inform about the conditions of the deposit, provide information on what rights the client has. If the depositor is a legal entity, provisions on collateral are included in the contract.
Failure by the bank to meet the conditions of collateral or their deterioration gives the right to terminate the contract and recover damages in court.
Types of Deposits
GK offers two types of bank deposits:
- money is returned at the first request of the depositor or his representative;
- funds are returned within the period specified by agreement.
The law does not prohibit the use of other forms of contribution provided that they comply with the norms of the current legislation.
For example, it offers various terms of the agreement, minimum amounts, interest rates, terms of extension or termination of the agreement.
A bank deposit may be opened in the name of a third party or access to it is provided in connection with a certain event (coming of age, joining a bark, giving birth to a child, etc.).
Deposits are offered with the simultaneous use of several currencies with different interest rates.
Transaction Form
The following options are practiced:
- execution of a full contract;
- filling out an application or questionnaire, after which a certificate or other document is issued confirming the fact of making a deposit;
- one document is issued, which confirms the fact of conclusion of the contract and contains a sufficient amount of information.
Supporting documents must meet the legislative requirements or regulations of banks, if such securities are not provided for by legislative acts.
Non-compliance with the written form gives reason to consider the contribution invalid. The parties are returning to their original position, payment of interest on the deposit is not provided. True, the client has the right to demand payment for the use of other people's funds.
Parties
A financial institution that attracts deposits is prohibited from acting without permission from the state in the form of a license.
Another condition for attracting deposits is participation in the insurance fund.
Any organization or citizen can act as a contributor. The state or subjects of the federation (or municipalities) formally have the right to open deposits in banks, but do not use it. In order to store capital increase, other methods are used.
Citizens have the right to make deposits from the moment they turn 14 years old. Permission from parents or guardians is not required.
Instead of the deceased citizen, heirs act on his side, in the case of the termination of the existence of the organization - the successor or the liquidation commission.
Duration of the contract
A variety of conditions are offered, of course, bank managers try to attract as many funds as possible for longer periods of time.
The most popular are bank deposits for the year. Today, confidence in the financial system is low, and the proposal to invest money for a longer time is unpopular.
More often, the contracts contain a clause on the extension of the contract if the depositor did not show up for the money on time. A delay of at least one day is sufficient to automatically renew the agreement for another period, if this is provided for in the document. Otherwise, the contribution is transferred to demand status.
Termination of contract
The Civil Code has been amended to give a citizen the right to demand the amount of the deposit and the interest accrued on it or part of the amount. The exception is deposits for which savings certificates are issued with a ban on taking money before the deadline.
The waiver of the right to early repayment of the deposit is prohibited and is considered void, with the exception of agreements with a savings certificate.
By terminating the contract ahead of schedule and at the initiative of the client, the bank is obliged to pay accruals at the rates that are offered on demand deposits.
The procedure for issuing money is provided directly by the contract. A passport and a power of attorney are presented if someone has appeared in the bank instead of the owner.
Bearer savings certificates are cashed out to any person who claims to issue money.
Bank deposit rates
The amount of interest that customers receive as a profit should not deviate by two calculation points from the amount established by the Central Bank. If the bank goes beyond the allotted limits, fines are imposed on it. For this reason, there is no significant difference in the amount of accrued amounts.
At the time of writing, the national average was 7.25%.
The accrued interest on foreign currency deposits is lower, but their profitability in terms of translation into rubles is the same.
Bid Change
The rate is determined by the terms of the agreement. In its absence, the calculations are based on the key rate of the Central Bank.
The Bank has the right to change the interest on deposits on demand, unless otherwise specified in the agreement with customers.
The Bank does not have the right to change the interest rate on deposits made for a specified period. Exceptions are provided by federal laws.
In the case of legal entities, a change in the rate on such deposits is permitted in accordance with the provisions and the law.
The law does not allow changes in the interest rate in deposit agreements and savings certificates.
Interest calculation rules
Interest on bank deposits is calculated from the day after the deposit of money into the account. The day of return or write-off of funds is also included in the period of time for which accruals are made.
Charges are paid quarterly. If they have not been paid, then they are attached to the deposit, and accruals are also being made on them. The amount for which accruals are made increases quarterly.
Deposit account
An account is opened on which the deposited funds are stored. In this regard, the bank and the client have a number of rights and obligations.
Firstly, the account holder has the right to give instructions on the movement of funds (for example, transfer a payment to a third party).
The bank is obliged to keep the deposit secret and conduct operations in accordance with the provisions of the law and its own rules. Delays with transfers are paid at the expense of the bank by calculating interest according to the scheme of using other people's funds.
The rules for servicing a bank account and bank deposit must not contradict the provisions on the deposit. For example, a bank does not receive payment for services provided as a result of opening and using an account. The client is limited in the use of funds and withdrawing them from the account, based on the conditions of the deposit.