VTB 24 is the largest bank in Russia, actively working with the population, as well as with small and medium businesses. It was established in 2004 with the active participation of the Bank of Russia. The brand was registered in the fall of 2014. Today, the bank is part of the VTB international group, which is represented by two dozen financial and credit associations in almost 20 countries of the world. VTB 24 covers the entire necessary range of banking services.
Reliability guaranteed by the state
Offering foreign currency deposits to the population, VTB 24 has developed three programs, each of which is available not only at the bank’s offices, but also remotely, that is, registration is carried out using modern online services.
In 2004, the state in a legislative form strengthened the marginal security of cash deposits of the population, which led to an increase in deposits in foreign currency.
In VTB, the share of foreign currency investments from individuals is steadily growing. Today it is already more than 50%.
Insurance
According to updated standards, the insured deposit will be fully reimbursed if its amount is lower or equal to 1.4 million rubles. The deposit will be recalculated at the exchange rate on the day the banking organization deprived of its license or bankruptcy.
Open an account
Walking towards its customers, the bank offers two options for opening a deposit. The first, more familiar - to personally come to any VTB 24 branch and draw up a VTB 24 currency deposit for individuals.
The second option is to open a deposit online. To do this, you must first visit the bank and presenting your passport, enter the data in the proposed application. After registering the client in the database, he is given a login and a temporary password. The latter, if desired, can be changed by going into the online service on the bank’s official website independently.
This option involves the automatic opening of three accounts at once: in dollars, euros and rubles. The functionality of these deposits is no different from personally opened at the bank. There are even some advantages. For example, the conversion of a foreign currency deposit will take place at a more attractive rate than for clients in the branch.
Opening foreign currency deposits in the online system, VTB 24 gives the client access to their personal account. And this, in turn, gives the right:
- place currency funds on deposit;
- receive monthly interest, including on hand and on another account;
- replenish the deposit (if there is such an agreed option in the contract);
- withdraw money, if agreed upon by the terms of the deposit;
- issue a statement of monthly accrued interest;
- close foreign currency deposits of VTB 24.
To use the bank’s online service, there are special applications that can be used on mobile devices, laptops and desktop computers. In this case, the client needs a mobile phone number to which codes come to confirm operations.
Package of documents
To open a foreign currency deposit, you must have a passport of a citizen of the Russian Federation, the original and a copy of the TIN.
Currency deposits
Today, VTB 24 foreign currency deposits for individuals are represented by three proposals. The basic conditions of deposits are practically the same. The difference is only in the final goal. One of the deposits allows replenishing the deposit and withdrawing funds from it without consequences. With the second, it is profitable to accumulate (for a major acquisition or by date), and the third will provide maximum profitability. Now about each in more detail.
Option one
Ideal for those who want continuous access to invested funds. The program is called "Comfort." The minimum for its opening is 500 dollars or euros at any VTB 24 branch. A currency deposit in dollars can last from 181 days to five years. To replenish the account is allowed by the deposit rules. The contribution may be at least one thousand dollars or euros. 500 dollars or euros limited withdrawal.
Both withdrawal of foreign currency funds and additions are permissible in a variety of ways. The basic conditions of the deposit are as follows:
- monthly accrual and payment of interest;
- the term is selected up to a day;
- prolongation is automatic, but you can use it only twice;
- interest can be withdrawn through a separate account or capitalized;
- privileges are provided for the early withdrawal of foreign currency.
On these conditions, in the interests of third parties (it may be relatives or children), it is also possible to open 24 currency deposits at VTB. The interest will depend on the amount of investments and the period during which the bank will use the invested money. Typically, the annual interest rate on a deposit made at a bank branch ranges from 0.25 to 2.1. Deposits in foreign currency drawn through online applications have rates ranging from 0.35 to 2.1 percent per year.
Second option
Allows you to accumulate a serious amount. The program is called - the contribution “Cumulative”. The term is standard - from three months to five years. The client is entitled to indicate the exact period within this framework. The minimum amount for opening a deposit is 500 euros or dollars.
To achieve the best result under this program, it is very beneficial to replenish an account in the amount of a thousand euros or dollars. This is what affects the gradual increase in the annual interest rate. By the way, it varies from 0.20 to 2.50%. The benefits for deposits opened through the online service are more noticeable. Interest in this case will range from 0.3 to 2.60 percent per year. VTB 24 foreign currency deposits with interest capitalization have an increased interest rate. Open at the bank branch - up to 2.53, through Internet applications - up to 2.63.
It is impossible to withdraw any part of the funds under the terms of this deposit. Interest accrued on a monthly basis can be capitalized, transferred to another account, or received on hand at any branch of VTB 24.
Third option
Promises a maximum income and is called "Profitable." This program of the bank promises to significantly increase the deposit and allows you to open a deposit in favor of third parties. And also under the terms of the program, automatic prolongation, preferential withdrawal of foreign currency funds and the right to choose a convenient period for the placement of foreign currency funds are possible. But the circumstances of the contract do not give the right to partial withdrawal of funds or to add them.
The minimum amount for opening the “Profitable” deposit is 500 euros or US dollars. You can place funds for a period of three months to five years. The duration of the deposit is determined by the client to the nearest day.
If the deposit is closed after three months, interest will be calculated on the basis of a reduced rate, that is, taking into account the conditions agreed upon at the opening of the foreign currency deposit.
Currency rates on VTB 24 deposits under this program are the highest. For a deposit issued at a bank branch - 2.90, and through an online service - 3.00 percent per annum. The capitalization of the interest amount is negligible, but still increases the annual rate. The minimum deposit “Profitable” is 0.30 and 0.40 (branch and online service, respectively).
Interest rate on VTB 24 foreign currency deposits: features of choice
The Bank, taking care of its customers, offers several options for obtaining interest on placed funds. It could be:
- Monthly payment to a separate open or existing account. That is, interest is credited to the client’s card or other account, which he has the right to dispose of.
- Capitalization, that is, interest is monthly added to the amount of the deposit. In this case, the client does not have the right to dispose of the interest received until the expiration of the period prescribed in the contract. For a constant increase in the deposit amount, the bank gives the client a monthly increasing effective rate (the so-called received income).
The “Savings” currency deposit has an interest rate that grows with an increase in cash on deposit.
Deposits opened through Internet applications always attract an increased annual rate, unlike deposits made at bank branches.
Interest on dollar deposits is consistently higher than deposits in euros.
Customer note
The current legislation of the Russian Federation taxes all currency deposits with income tax. It concerns deposits with an interest rate of more than nine percent per annum.
Income tax for residents of the Russian Federation is 35%, non-residents - 30%. It will be calculated from profits in excess of the nine percent annual rate.
A tax is charged at the time of payment of the calculated interest on the deposit. Any bank of the Russian Federation is a tax agent and is obliged to transfer taxes on profits from foreign currency deposits, therefore, the interest earned on the placed currency funds will be received by the client, net of taxes paid.