A deposit is an amount of money that a depositor has deposited with a bank for a specified period to save and receive interest on it. Deposits can be opened by both legal entities and individuals. The term and rate of the deposit depends on its type. Deposits intended for the accumulation of funds (savings deposits) are calculated for a certain period, as a rule, for 6-12 months. Deposits that do not have a shelf life have a low rate, but they allow the depositor to use them without restrictions.
Instructions
Step 1
When closing a deposit, you must remember for how long it was opened for you. In case of withdrawal of money earlier than the term established by the agreement, the interest accumulated for a certain period can be recalculated at the "On demand" deposit rate. As a rule, banks offer 0, 1 -1 percent per annum on this deposit. In such a situation, the deposit specialist usually warns the client about the possible consequences and suggests waiting for the expiration date of the deposit.
Step 2
Deposits differ in the length of time that funds are kept in the account. The most profitable deposits involve the conclusion of an agreement 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, less time passes from the date of opening to the moment of closing, which means it is easier to predict the situation in the financial market.
Step 3
Demand deposits have the lowest profitability, since you can withdraw money from the account at any time. As a rule, this deposit is used not for accumulation purposes, but for temporary storage of funds.
Step 4
If you remember that the closing date of the deposit has already passed, there is nothing to worry about. Some banks automatically renew the agreement 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 for this deposit. Other credit organizations, after the expiration of the term specified in the agreement, charge interest for the storage of funds at the deposit rate "On demand".
Step 5
In any case, there should be no problems with withdrawing money. To get funds in hand, you need to contact the bank with a request for their issuance, having with you a passport and a copy of the deposit agreement or a savings book. If the amount of the deposit is large, then it is better to warn about the intention to close it in advance so that the bank teller can prepare all the necessary cash.
