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Term Deposit

Term Deposit

  • A possibility to deposit your free funds conveniently
  • Term deposit for a certain term with a fixed interest rate

Term of the deposit

From 1 month up to 1 year. A shorter term may be chosen for deposits exceeding 45,000 USD (or equivalent in a different currency).

Deposits in euro currency are not offered to legal entities.

Automatic extension of deposit term Deposit term can be extended automatically. You can choose to either transfer the accrued interest to your current account prior to extension of the term or add it to your deposit.

Interest rate calculation

Interest rate is fixed for the whole term of deposit. In case of automatic extension of deposit term, rate specified by the bank in the Price list, effective on the date of extension of the term is applied.

Disbursement of deposit and interest

You will receive the amount of deposit and the accrued interest at the end of deposit period.

Minimum amount and currency of deposit

Starting from 1,000 USD. We offer deposits in other currencies for amounts starting with equivalent of 35,000 EUR.

Interest rate

For deposits in EUR and USD according to the bank’s Price list.

Find out more about other options for savings:

Profit gained from transactions with investment fund certificates of the European Union or European Economic Area is exempt from the enterprise income tax (EIT) according to Paragraph 4, Clause 15 of Section 6 of the Law on EIT.

But according to Paragraph 1, Clause 8.1 of Section 6 of the Law on EIT, income to be taxed by EIN shall not be decreased due to losses from transactions with investment fund certificates of the European Union or European Economic Area.

According to general procedure EIT of 15% shall be applied to transactions with investment fund certificates outside the European Union or European Economic Area.

Deposit Guarantee Law of the Republic of Latvia stipulates guaranteed compensation to the amount of the deposit (but not exceeding 100,000 EUR) per depositor, if the deposit is not available. Additional compensation up to 200,000 EUR is possible for the following deposits of the private person within the period of three months from the date when the initial deposit was made:

  1. Income from transactions from the real estate owned by the person and intended for residence;
  2. Social benefits, compensations and deposits intended for other social purposes as determined by the regulatory enactments paid to the person;
  3. Compensation for criminal damage or wrongful conviction of the person according to the procedure stipulated by the regulatory enactments.

If the depositor has several guaranteed deposits, they are added up and considered as one guaranteed deposit.

The guaranteed compensation is paid only to those depositors whose claim has been recognised by the liquidator or administrator. Unavailability of deposit occurs upon judgement of the court regarding insolvency of the credit institution and initiation of bankruptcy proceedings. The guaranteed compensation is not paid for certain statutory customer deposits, such as deposits of financial institutions, persons associated with the credit institution, their relatives, etc.

Basic information about state guaranteed deposit protection
Deposit Guarantee Law

Bank's interest rates per year for storing funds in Term Deposit1

Term - 12 months

Minimum deposit amount - 1 000 USD

  USD
Branch Internet bank
Payment of interest at the end of the term 0,31% 0,41%

Effective as of 18.06.2015 

Services Fees

Funds transfer from Current Account to Deposit Account

In accordance of the Uniform Tariffs section "Payments"

Commission for premature termination of the Term deposit agreement2

With a 3-day prior written notice to SEB bank 3% of the amount

 


 

1 Upon both parties' agreement, it is possible to extend deposits for other terms and/or other currencies. The minimum deposit amount and interest rate is set for each transaction separately.

2 The commission is applied when the agreement is terminated before expiry, irrespective of whether the customer wants to receive the deposited funds in cash or as a transfer. If the agreement is terminated before expiry, the customer will not receive the accrued interest; in turn, SEB bank withholds the interest that was already paid to the customer from the principal amount of the Deposit.

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