Child Deposit
The high-rated Children’s Deposit by Credo Bank is dedicated for those who want’s to take care of the child’s education and successful future since his/her early age.
Adding the desirable amount to the Children’s Deposit is available any time and any amount.
Most importantly, interest is accrued on the deposit even in case if you can’t add the amount during some months.
- Deposit term: before the child reaches the full legal age, minimum – 2, maximum – 18 years
- Deposit currency - GEL/USD/EUR
- The minimum amount to open the deposit -50 GEL/USD/EUR
- Minimum/maximum amount of the deposit: unlimited
- In case of early breach, the deposit accrues full interest on each completed year
Violation of the deposit by the administrator is possible in accordance with Article 186 point 11 of the Civil Code:
- If the amount on the deposit together with the interest receivable does not exceed a total of GEL 1,000 or its equivalent in foreign currency
- In case of any amount, if the manager submits the relevant court permit (ruling)
| Interest Rate | GEL | USD | EUR |
| NOMINAL | 13.25% | 2.10% | 1.70% |
| Effective % interest | 13.28% | 2.08% | 1.69% |
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