CERTIFICATE OF DEPOSIT
A deposit certificate is the best leverage for investing savings effectively, thus for gaining an increased profit!
It serves as the responsibility of the bank to provide an owner with the respective amount on the date determined by the contract as set forth within the certificate.
- Currency of a deposit – GEL; USD; EUR
- Primary annual contribution – 1000 units;
- Duration of a deposit – from 1 to 2 years;
- Accrual of interest profit – annually, calculating 365 days in a year;
- Certificate duration shall not be terminated before the due date;
- Adding funds to a certificate is not permitted;
- Giving out a certificate to other party is permitted (in accordance with Credo Bank’s procedures).
- Purchase of a certificate – free of charge;
- Deposit certificate will accrue higher interest profit than the amount on any deposit account;
- Deposit certificate can be provided to any other party anytime.
Since 1 January 2018, the Bank has been participating in the Deposit Insurance System created on the basis of Law of Georgia on “Deposit Insurance System”. When occurring an insurance event, the amount available on the depositor’s deposit/account shall be reimbursed to the extent of GEL 15,000 by the Deposit Insurance Agency and the remain amount shall be compensated under the rule set by the active legislation.”
For further information please go to the web site of LLEP - Deposit Insurance Agency: www.diagency.ge
The client pays the bank a fine, as follows: interest rate of the current, same-term certificate of deposit in the bank, or interest rate of the next long-term certificate of deposit in the bank, plus 3%.
| Interest rate, if withdrawn every 12 months - GEL | GEL | USD | EUR | |||
| NOMINAL | EFFECTIVE | NOMINAL | EFFECTIVE | NOMINAL | EFFECTIVE | |
| 12 months | 11.85% | 11.85% | 2.10% | 2.10% | 1.20% | 1.20% |
| 24 months | 12.30% | 11.62% | 2.60% | 2.57% | 1.70% | 1.69% |
| 36,48,60 months | Individually negotiated | Individually negotiated | Individually negotiated | Individually negotiated | Individually negotiated | Individually negotiated |
| Interest rate, if withdrawn at the end of each month - GEL | GEL | USD | EUR | |||
| NOMINAL | EFFECTIVE | NOMINAL | EFFECTIVE | NOMINAL | EFFECTIVE | |
| 12 months | 11.15% | 11.74% | 2.05% | 2.07% | 1.15% | 1.16% |
| 24 months | 11.35% | 11.96% | 2.55% | 2.58% | 1.65% | 1.66% |
| 36,48,60 months | Individually negotiated | Individually negotiated | Individually negotiated | Individually negotiated | Individually negotiated | Individually negotiated |
*The bank is not liable to prematurely re-compensate the certificate of deposit with the terms above.