Fixed Period Deposit is one of the most popular types of savings. If Client deposits his savings at a time deposit, it gives him right, when depositing time expires, to get the amount of the deposit and calculated interests on his bank account in Tallinn Business Bank.
To make time deposit, you have to open bank account in Tallinn Business Bank and conclude Contract for Time Deposit in the form accepted by the bank.
You can deposit both Euro and foreign currency. You cannot make additional instalments to the time deposit.
Customers are provided with the possibility of monthly payout of interests accrued for a time deposit.
Minimum investment and annual interest rate are fixed by Bank. Minimum length of investment is 1 month, maximum length is 2 years (24 months).
According to the agreement with the bank special, higher than standard, interest rates may be available for deposits over 64 000 EUR or its equivalent in foreign currency.
Interests are accrued starting with the first day of deposit. Instalment can be made in cash or by bank transfer.
Calculation of interests is based on type of currency, deposited amount and time of deposit. Calculation of interests is based on the year of 365 calendar days.
On terminating Contract for Time Deposit prior to the fixed term, customer shall notify the Bank about it in writing at least 30 calendar days in advance.
When terms of the deposit are violated due to the Clients fault, Bank has right not to pay interests for the deposit. Interests already paid out to the Client are withheld from the deposit amount on returning it to the Client.
Bank gives an opportunity to roll over expired deposit into a new time deposit. In this case the deposited amount with accrued interests are prolonged for the same time according to interest rates and terms, which are valid at the moment.
Contract for Time Deposit can be concluded in all branches of Tallinn Business Bank and in the Internetbank.
Client cannot use the deposited amount before expiring of Contract for Time Deposit.