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Short-term Deposit

Short-term Deposit

  • Term of the deposit starting from 1 day up to 1 year
  • For amounts above EUR 35 000, USD 45 000

Short-term Deposit is a great chance for depositing your free financial resources for short but defined period of time – starting from 1 day up to 1 year - with a fixed interest rate. At the end of the deposit's term, bank will transfer both the deposited amount and earned interest to your Current Account. During the Short-term deposit term, it is not possible to make instalments or withdrawals from it.

Term of deposit

Starting from 1 day up to 1 year.

Interest rate

Interest rates are set each day and are dependent on the cost of resources in money market, but after concluding a Short-term Deposit contract, the interest rate is fixed until the end of the deposit term. Information about today's interest rates is available at any SEB bank's branch or by calling the informational number on 8777.

Paying out the interest

The interest is accumulated separately from the deposited amount and is paid out at the end of the deposit term.

Expense of the deposit

The deposited amount will be transferred to your Current Account by the bank after the end of the deposit term.

Currency of the deposit

The deposit can be made in EUR, USD and other currencies.

The minimum amount of deposit

EUR 35 000, USD 45 000. The minimum amount of the deposit (and the interest rate) for other currencies are determined separately for each deal.

Number of deposits

You can deposit in more than one deposit at the same time.

 

  • Information about today's interest rates is available at any SEB bank's branch or by calling the informational number on 8777. Interest rates are determined by SEB bank's Dealing Department in the beginning of each working day and are dependent on the cost of resources in the money market.
  • After concluding a Short-term Deposit contract, the particular interest rate is fixed until the end of the deposit term.
  • You are able to deposit in other currencies as well (not only EUR or USD): the minimum amount of the deposit and the interest rate is determined separately for each deal.

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 Short-term 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 Short-term 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 Short-term Deposit (LAT)

Interest on Short - term deposit

Interest rates are fixed in the morning of every banking day. Signing an agreement of a Short - term deposit, accordant rate of interest is fixed until the end of deposit term. By agreement of both parties, it is possible to place funds in other currencies. The minimum deposit amount and interest rate is determined for each transaction individually.

  EUR USD
Minimum deposit amount 35 000 45 000
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"

Commission for premature breach of the deposit agreement1

With a 30 - day prior written notice of termination (EUR, USD and other currencies) 1 % of the amount 
Without notice of termination (EUR, USD and other currencies) 5 % of the amount

 


 

1 The commission is applied when the agreement is terminated anticipatory, irrespective of way the customer wants to receive funds in cash or as a transfer. If the agreement is terminated before maturity, the customer will not receive the interest calculated on the deposit amount, SEB banka withholds the interest that was paid to the Customer from the principal amount of the deposit.

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