Certificate of Deposit

 

Deposit certificate is the banking deposit and represents the banks liability to pay the amount stipulated by the cerificate terms and conditions to the certificate holder on the day stipulated by the cerificate terms and conditions.

 

In case of opening the deposit you will receive the following at no cost:

  • Visa/Mastercard Gold cards, if the total amount of time deposits is at least GEL 10,000 or its equivalent in the relevant currency at the rate of the National Bank.
  • Visa Platinum card, if the total amount of time deposits is at least 100,000 GEL or its equivalent in the relevant currency at the rate of the National Bank.

Note: If the depositor wishes, an overdraft secured by a deposit can be opened on the account under standard conditions.

 

Key Terms and Conditions of Deposit Certificate:

  • Deposit Certificate maturity: minimum - 3 months; maximum - 24 months

  • Deposit certificate currency – GEL/USD/EURO

  • Deposit certificate can be received by resident, as well as non-resident individuals and legal entities

  • Nominal value of deposit certificate

    • Minimum - GEL/USD/EUR 1,000*

    • Maximum - Unlimited

  • Bank is not liable to redeem the certificate before the due date  

  • Certificate shall not be partly sold

  • Terms and conditions of the sold certificate shall not be changed

  • During the validity period of the agreement, certificate holder is entitled to sell the certificate to any individual, through the bank’s involvement (to the bank), however, without the bank’s approval, in compliance with the terms and conditions stipulated by the certificate; Commission for sale of certificate to a third person amounts to  0.1% of the certificate’s nominal value.

*Effective interest Rate is calculated on 5,000 unit.

You may use two types of deposit certificates – interest and discount:

 

Interest-Bearing Certificate of Deposit

In the case of purchasing an interest deposit certificate, you will receive interest on a monthly basis and the amount of the deposit certificate at the expiration of its term.

 

In the case of the redemption of the certificate in a period of less than one month, the customer will be charged a penalty of 0.25% (from the amount paid in the certificate).
One month after the redemption of the certificate, the accrual condition is canceled and the customer will be able to receive the initial amount of the certificate minus the monthly interest already received.

Discounting Certificate of Deposit

In the case of purchasing a discount deposit certificate, you will receive a high interest rate in the form of an extra price at the end of the term; that is, the initial amount of the certificate and the interest accrued on it.
In the case of the redemption of the certificate in a period of less than one month, the customer will be charged a penalty of 0.25% (from the amount paid in the certificate).
One month after the redemption of the certificate, the accrual condition is canceled and the customer will only be able to receive the initial amount of the certificate.
 

 

Deposit Certificate Interest Rates for Retail Clients

 

GEL

USD

Euro

Term (months)

Discount

Interest

Discount

Interest

Discount

Interest

3-5

11.35%

11.25%

3.10%

3.00%

1.80%

1.70%

6-8

12.10%

11.60%

3.20%

3.10%

1.95%

1.90%

9-11

12.30%

11.65%

3.45%

3.40%

2.20%

1.95%

12-14

12.55%

11.70%

3.70%

3.65%

2.80%

2.70%

15-17

12.60%

11.75%

3.80%

3.70%

2.80%

2.70%

18-20

12.65%

11.80%

4.00%

3.95%

3.00%

2.90%

21-23

12.75%

11.85%

4.05%

4.00%

3.00%

2.90%

24

12.85%

11.90%

4.30%

4.20%

3.20%

3.10%

 

Effective Interest Rates for Retail Clients *

 

GEL 

USD

Euro 

Term (months)

Discount

Interest

Discount

Interest

Discount

Interest

3-5

11.84%

11.85%

3.14%

3.04%

1.81%

1.71%

6-8

12.46%

12.24%

3.23%

3.14%

1.96%

1,92%

9-11

12.48%

12.29%

3.46%

3.45%

2.21%

1.97%

12-14

12.55%

12.35%

3.70%

3.71%

2.80%

2.73%

15-17

12.41%

12.40%

3.78%

3.76%

2.79%

2.73%

18-20

12.28%

12.46%

3.96%

4.02%

2.98%

2.94%

21-23

12.20%

12.52%

3.99%

4.07%

2.97%

2.94%

24

12.11%

12.57%

4.21%

4.28%

3.15%

3.14%

*Effective interest Rate is calculated on 5,000 unit.

 

General Agreement on Deposit Certificate Service Terms and Conditions is valid from 09.02.2017

 


 

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