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Full-age Deposit

Full-age Deposit

  • The deposit can be freely topped up by any amount any time
  • Top up conveniently using Internetbank or by forming a Regular payment
  • Children is going to receive the deposit after reaching 18 years of age

Full-age Deposit is a term deposit opened by the parents in the name of their child. It is a great gift for your children's birthday or other family celebration. Deposit offers a favourable interest rate and anyone can make money instalments in it – including family friends and acquaintances. The deposit will be paid out after your children reaches 18 years of age and it will serve as a good start in beginning ones independent life.

Term of deposit

The minimum term of the deposit is 3 years.

Interest rate

The interest base rate is fixed during the whole deposit term. If the deposit term is longer than 5 years, you will receive additional interest rate. Quarterly gained interest is added to the deposited amount and the interest for the next period is calculated from the deposited amount and in the previous period gained interest.

Money instalments

The deposit can be easily topped up at any time by making a transfer through SEB Internetbank or at any SEB bank's branch. Money instalments can be made by anyone – including family friends and acquaintances. You can top the deposit up by any amount. If you plan to make regular fixed amount money instalments, we recommend forming a Regular payment! Read more about Regular payment.

Receiving the deposit

The deposit – the deposited amount and the gained interest – will be paid out to the Account's owner after reaching 18 years of age.

Currency of the deposit

The deposit can be made in EUR.

The minimum amount of the deposit

EUR 70.

 

According to the Law "on Personal Income tax", from 1 January 2010, the income of private persons gained from capital is subject of the taxation, including gains from deposit in Full-age Deposit. Therefore we would like to explain our current and potential clients how this tax is collected.

As stipulated in the law "On Personal Income Tax" the state charges tax in the amount of 10% from the gained interest profit from the Full-age Deposit. This means that the tax is not collected from the whole deposit amount but only from the gained profit.

As stipulated in the law, from 1 January 2011, tax on deposit interest shall be paid on the day when the income is received, respectively at the moment when interest income is disbursed. The responsible body for collecting the tax is the one paying out the income, in this situation – the bank. This means that SEB bank will automatically withhold tax (make the tax payment instead of you) at the time when interest is paid, which according to the contract takes place quarterly.

Read more about the Capital Tax

Deposit Guarantee Law of Republic of Latvia provides guaranteed compensation in amount of deposit, but not more than 100 000 EUR in case of unavailability of deposits per depositor. Maximal amount of additional compensation is 200 000 EUR for private person deposits within three month period, starting from the day first deposite was made, if it consists of:

  1. income from  deals with real estate, owned by the person;
  2. social benefits and other social compensation paid to the person according to regulations;
  3. compensation for criminal damage to a person or a false conviction of according to regulations.

If depositor have several guaranteed deposits, they are summed and considered as one guaranteed deposit.

The guaranteed compensation is paid only to those depositors whose claims are admitted by liquidator or administrator. Unavailability of deposit occurs on the date of credit institution's insolvency and bankruptcy proceedings. The guaranteed compensation is not paid for some statutory customer deposits, such as financial institutions, credit institution related persons etc.

Basic information about state guaranteed deposit protection
Deposit Guarantee Law

Contract conditions for Full-age Deposit (LAT)

Interest rates per year on Full - age deposit

Minimum balance to receive interest 70 EUR

  EUR
Base interest rate per year 0,40 %
Additional interest rate per year 0,1 %, if deposit term is more than 5 years
0,2 %, if deposit term is more than 10 years
0,3 %, if deposit term is more than 15 years
Actual profitability from 0,40 % to 0,75 %

Effective as of 26.03.2013 

Services Fees

Funds transfer from Current Account to Deposit Account

In accordance of the Uniform Tariffs section "Transfers via Ibanka" or "Client service center transfers"
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