How to take a deposit
When closing a deposit, you need to remember for how long it was opened to you. When withdrawing money earlier than the term established by the contract, the interest accumulated over a certain period may be recalculated at the “demand” deposit rate. As a rule, banks offer for this deposit 0.1 -1 percent per annum. In such a situation, the deposit specialist usually warns the client about the possible consequences and suggests waiting for the deposit to end.
Deposits differ in the duration of storage of funds in the account The most profitable contributions include the conclusion of a contract for a period of one year or more. Short term deposits are less profitable. However, the risk associated with their placement is much lower. Indeed, from the opening to the closing is less time, and therefore it is easier to predict the situation on the financial market.
Demand deposits have the lowest yield, since you can withdraw money from your account at any time. As a rule, this deposit is used not for the purpose of accumulation, but for temporary storage of funds.
If you remember that the term for closing a deposit has already passed, there is nothing terrible.Some banks automatically extend the contract for the same period. At the same time, the interest rate on the deposit remains the same or changes in accordance with the new conditions of the bank on this deposit. After the expiration of the term specified in the contract, other credit organizations shall accrue interest for the storage of funds at the “demand” deposit rate.
In any case, problems with the withdrawal of money should not be. To get funds in your hands, you need to contact the bank with a request to issue them, having a passport and a copy of the deposit agreement or savings book with you.
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