Deposit return conditions are an important part of the agreement concluded between the depositor and the bank when placing a deposit. What options for withdrawing money can be provided in this document?
When planning to withdraw part of the money from the deposit or return the full amount, it will be useful for the depositor to carefully re-read the agreement that he entered into with the bank when placing temporarily free funds. However, it will also be useful to familiarize yourself with the current legislation governing this area of financial relationships.
Fundamental rights of a depositor established by law
Part 2 of the Civil Code of the Russian Federation, registered in the code of laws of our country under number 14-ФЗ dated January 26, 1996, defines the basic rights and obligations of both parties involved in the procedure for accepting funds from individuals as a deposit, that is, the depositor itself and the banking institution. In particular, paragraph 2 of Article 837 of the said regulatory legal act establishes that regardless of the terms of a particular agreement, the depositor has the right to demand the return of his money at any time. Moreover, even if a citizen signed an agreement in which he waived such a right, the said agreement has no legal force. However, it should be borne in mind that in such a situation, the bank may refuse to accrue interest on the deposit: thus, you will receive only the initial amount in your hands.
Possibilities for withdrawing money from the bank
In order to keep the accrued interest, the depositor will need to comply with the conditions prescribed in the agreement that he concluded with the bank. These conditions usually stipulate that your contribution falls into one of two main categories. The first of them is the so-called term deposits, the return of funds with interest on which is provided after the expiration of the validity period. Therefore, in such a situation, in order to receive interest, you will have to wait for the period of time established by the contract.
Another group of deposits - the so-called demand deposits, that is, those that can be claimed by the depositor at any time before the expiration of the contract, while maintaining the full amount or part of the interest. At the same time, the amount of interest on such a deposit with the designation of the conditions for their payment is also fixed in the agreement. For example, this document may indicate that in case of early reclamation of the deposit, interest on the received part of the money will be calculated at the rate of 1/2 of the interest rate on the principal amount. However, these conditions may be different. However, it should be taken into account that the interest rate on deposits providing for early withdrawal of money is usually lower than on time deposits.
Finally, it should be borne in mind that if you plan to withdraw a significant amount from the deposit, you may need to notify the bank of this intention in advance. The fact is that at the right time, the required amount may simply not be at the cash desk of a financial institution. Therefore, many banks use the practice of pre-ordering funds over a certain amount in 1-5 days.
