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Time deposits tied to current account
Benefits
- favorable interest rates compared to a current account
- maturity dates allowing for the optimal timing for the use of funds
- deposits insured by law
- option of establishing and keeping deposits in up to ten different various currencies (CZK, SKK, EUR, CHF, USD, GBP, PLN, CAD, JPY, HUF)
- from the account it is possible to establish any number of time deposits
- information about deposits is always available in your account
Types of time deposits
- one-time time deposit, i.e. a deposit for a fixed period
- revolving time deposit, i.e.a deposit which is automatically renewed on the maturity date for a previously specified period
- intelligent variations of a time deposit
Intelligent revolving time deposit (IRTD)
When establishing this type of time deposit you simply set the rules according to which your funds are to be managed. On the renewal date the balance date on the current account is always checked, and according to this funds are added or withdrawn in your favor. You may have only one active IRTD.
IRTD may be set up in three ways:
The selected current account balance may be maintained by the IRTD as optimal, i.e. if the current account balance at the beginning of a new period exceeds the set limit, the excess funds are transferred to the IRTD. Conversely, if there are not enough funds in the current account, the account balance is supplemented to reach the desired optimal amount through the transfer of funds from the IRTD.
The selected current account balance will be maintained by the IRTD as a maximum, i.e. only in the event of exceeding the maximum limit of the current account balance at the beginning of a new period, the excess funds will be transferred to the IRTD. In the event of insufficient funds in the current account at the beginning of the period, no transfers will occur.
The selected current account balance will be maintained by the IRTD as a minimum, i.e. if there is a drop in the current account balance at the beginning of a new period, it will be supplemented with funds from the IRTD until the minimal level is reached.
The periods for renewing an IRTD are: 1 week, half a month, 3 weeks, 1 or 2 or 3 months.
Revolving savings time deposit (RSTD))
This type of time deposit allows you to regularly transfer funds between your current account and a time deposit. In the selected period transfers of a specified amount will occur from the current account to the RSTD or vice versa.
The transfer of funds will only take place in the direction you chose when establishing the RSTD. This direction cannot be changed during the course of the period.
The length of the RSTD period may be 1 week, half a month, 1, 2 or 3 months.
Interest rate
The interest rate depends on the amount of the deposit and the maturity date.
During the course of a time deposit the interest rate remains unchanged, the rate is updated depending on developments on the inter-bank market, only on the maturity date of the deposit.
For higher amounts it is possible to negotiate an individual interest rate.
Current interest rate for time deposits are published in the Overview of Raiffeisenbank interest rates and are available at all bank branches.
Crediting interest
Interest is credited on the maturity date of the deposit. According to the wishes of the client it is either added to the deposited amount thus increasing the overall deposit for a further period, or the interest may be credited to a personal account held at RB.
Necessary conditions
- a personal/firm account
- sufficient funds
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