In the article, we will consider what a demand account is. After all, any contribution of money to the bank is not only a way to safely store finances, but also an opportunity to receive passive income. It should be noted right away that the profit on deposits is quite small and is expressed as a percentage that is accrued on the balance of money in the account. But income will be stably accrued only until the time the contract for placing funds on the deposit is in force or until the depositor closes the deposit on his own.
Deposits offered by Sberbank to its customers (individuals) have various conditions for the placement of savings, storage periods, and interest rates. Thus, the investor has the opportunity to choose the most convenient way to store finances.
The demand account is one of the products of Sberbank, which is consistently popular with customers.
Key Points
A deposit is inherently a perpetual deposit; its effect starts from the moment of opening and remains for an unlimited time.
In addition, under the terms of the contract, the depositor has the opportunity to receive savings on demand.
Among the characteristic features of the current demand account, 4 main points should be highlighted:
- A minimum percentage is charged on the available balance.
- You can store funds in such an account in almost any currency.
- You can replenish the deposit, as well as withdraw money from it, without restrictions.
- In the service contract, the term of the deposit is initially assumed to be unlimited.
It should be noted that Sberbank does not limit its depositors in terms of managing savings. This means that a person can at any time and for any amount to replenish the deposit, cancel the account, withdraw money.
Who can open a demand account at Sberbank?
The target audience
This savings program is designed for customers who are interested in storing their own money, and not in additional income. If the main goal when opening a deposit is to obtain additional profit, then the “Demand” deposit will be unprofitable. It is recommended to pay attention to other products of the bank for which higher interest is accrued.
Opening an account on demand makes it possible to ensure safe storage of savings and free access to them. The client is free to manage money, perform any financial transactions without receiving fines or paying commissions.
Such deposits allow citizens to accumulate the amount needed to make expensive purchases: real estate, automobiles, household appliances. An undeniable advantage is the ability to unlimitedly manage funds on the account.
For example, the client will not need to wait for the deposit account to expire so as not to lose accrued interest if the money is needed urgently.
It is worth noting that citizens over 14 years old can conclude an agreement on opening such a savings account. This feature of the deposit account allows students and high school students who do not have regular income to accumulate the necessary funds without being tempted to spend them.
Mandatory conditions
A feature of the demand account is its multifunctionality. This means that customers can store their savings in the currency that is most convenient for them.
In addition to rubles, customers can keep their funds in Swiss francs, yen, Swedish, Norwegian, Danish kroner, pounds sterling, Australian, Singaporean, Canadian, American dollars, euros.
This contribution is also characterized by the presence of a minimum balance, which should always be on the account. If storage is carried out in rubles, then the minimum balance is 10 rubles, in the case of storage of foreign currencies - 5 units.
The interest rate on the demand deposit account is 0.01%. The indicated rate is fixed, remains relevant for ruble deposits and deposits in foreign currencies. Under the terms of the contract, capitalization of the deposit is also provided. Interest is accrued every quarter. They are added to the amount kept in the account. Thus, the client gets the opportunity to get more profit.
How to open a demand account
You can conclude an agreement on the opening and subsequent servicing of a deposit by personally visiting a nearby branch of Sberbank working with individuals.
You cannot remotely open such a deposit using the Sberbank-Online payment service - the system does not support the specified functionality.
For the sake of fairness, it is worth noting that the Internet banking service allows you to perform expense and income transactions if the account is already active.
To open a deposit account, you need to perform three simple steps:
- Come to Sberbank.
- Sign a contract.
- Deposit any amount of money in excess of the minimum balance into the current account.
What documents are needed?
When opening an account, the client will need to have a passport or other document with him that can confirm his identity.
It should be noted that the possibility of opening a deposit in a certain foreign currency should be clarified in advance by contacting Sberbank by phone.
Disadvantages and advantages
Any banking product has its own disadvantages and advantages. In this regard, it is recommended that the potential client, before signing the contract, take into account the pros and cons of the “Demand” deposit.
The main advantages of using this product for saving are:
- Security. Money is much more reliable and efficient to store in a bank than at home.
- The minimum amount required to open a deposit is only 10 rubles (or 5 units in case of storage of foreign currency).
- Multifunctionality. You can store funds in one of 11 foreign currencies on the deposit.
- The effectiveness of financial management. It is possible to carry out financial transactions without restrictions, at any time convenient for the client, without paying additional commissions and fines.
- Simplicity of design. The procedure for registration of the deposit is simplified, this will require a minimum number of documents. Usually it takes a maximum of half an hour to open an account.
There are only 2 drawbacks of such a contribution, however, they are quite significant. To begin with, it should be noted that a small interest rate of 0.01% applies to the deposit.
To date, this tariff is the lowest of all offered. In accordance with the current conditions, the interest rate will be increased by the bank if more than 2 million rubles are kept on deposit.
The next negative aspect of the demand account is the inability of this deposit to protect finances from inflation.
In addition, special insurance of a banking institution does not apply to the specified deposit. This means that if a sharp ruble collapse occurs, no one will return the lost funds to the investor.
Conditions for retirees
Sberbank has developed special conditions for demand deposits for older customers. They will be able to place their funds on favorable terms and at an increased interest rate.
In accordance with current conditions, pensioners can open a deposit by placing only 1 ruble on it. Placement of funds in other currencies is not provided. The interest rate will be 3.66%.
It is worth noting that if the client decides to withdraw all funds ahead of schedule and close the deposit, interest will not be recalculated downwards.
How to close a savings account on demand?
Closing
To close an account, it is not necessary to draw up an application or additional notice from Sberbank. All you need to do to cancel the deposit is to withdraw all funds from it, including the minimum balance.
After that, the account will close automatically. If necessary, documentary evidence of the closure of the deposit should be contacted by Sberbank for relevant information.