Deposit certificate is the banking deposit and represents the banks liability to pay the amount stipulated by the cerificate terms and conditions to the certificate holder on the day stipulated by the cerificate terms and conditions.
Key Terms and Conditions of Deposit Certificate:
- Deposit Certificate maturity: minimum - 3 months; maximum - 24 months
- Deposit certificate currency – GEL/USD/EURO
- Deposit certificate can be received by resident, as well as non-resident individuals and legal entities
- Nominal value of deposit certificate:
- Bank is not liable to redeem the certificate before the due date
- Certificate shall not be partly sold
- Terms and conditions of the sold certificate shall not be changed
- During the validity period of the agreement, certificate holder is entitled to sell the certificate to any individual, through the bank’s involvement (to the bank), however, without the bank’s approval, in compliance with the terms and conditions stipulated by the certificate; Commission for sale of certificate to a third person amounts to 0.1% of the certificate’s nominal value.
*Effective interest Rate is calculated on 5,000 unit.
You may use two types of deposit certificates – interest-bearing and discount:
Interest-Bearing Certificate of Deposit
In the case of purchasing an interest deposit certificate, you will receive interest on a monthly basis and the amount of the deposit certificate at the expiration of its term.
In the case of the redemption of the certificate in a period of less than one month, the customer will be charged a penalty of 0.25% (from the amount paid in the certificate).
One month after the redemption of the certificate, the accrual condition is canceled and the customer will be able to receive the initial amount of the certificate minus the monthly interest already received.
Discounting Certificate of Deposit
In the case of purchasing a discount deposit certificate, you will receive a high interest rate in the form of an extra price at the end of the term; that is, the initial amount of the certificate and the interest accrued on it.
In the case of the redemption of the certificate in a period of less than one month, the customer will be charged a penalty of 0.25% (from the amount paid in the certificate).
One month after the redemption of the certificate, the accrual condition is canceled and the customer will only be able to receive the initial amount of the certificate.
Deposit Certificate Interest Rates for Business Clients:
|
|
GEL
|
USD
|
EUR
|
|
Term (months)
|
Discount
|
Interest
|
Discount
|
Interest
|
Discount
|
Interest
|
|
3-5
|
10.10%
|
9.95%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
|
6-8
|
10.30%
|
10.20%
|
1.50%
|
1.40%
|
0.95%
|
0.90%
|
|
9-11
|
10.50%
|
10.20%
|
1.80%
|
1.70%
|
1.20%
|
0.95%
|
| 12-14 |
11.05%
|
10.45%
|
2.10%
|
2.05%
|
1.80%
|
1.70%
|
|
15-17
|
11.05%
|
10.45%
|
2.10%
|
2.05%
|
1.80%
|
1.70%
|
|
18-20
|
11.20%
|
10.45%
|
2.50%
|
2.40%
|
2.00%
|
1.90%
|
|
21-23
|
11.20%
|
10.45%
|
2.50%
|
2.40%
|
2.00%
|
1.90%
|
|
24
|
11.50%
|
10.45%
|
2.80%
|
2.70%
|
2.20%
|
2.10%
|
Effective Interest Rates for Business Clients*:
|
|
GEL
|
USD
|
EUR
|
|
Term (months)
|
Discount
|
Interest
|
Discount
|
Interest
|
Discount
|
Interest
|
|
3-5
|
9.89%
|
9.90%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
|
6-8
|
10.16% |
10.37% |
0.66%
|
0.57%
|
0.12%
|
0.07%
|
|
9-11
|
10.36% |
10.46% |
1.19%
|
1.10%
|
0.59%
|
0.34%
|
|
12-14
|
10.85% |
10.79% |
1.61%
|
1.58%
|
1.31%
|
1.22%
|
|
15-17
|
10.75% |
10.82% |
1.69%
|
1.66%
|
1.39%
|
1.31%
|
|
18-20
|
10.78% |
10.84% |
2.14%
|
2.08%
|
1.65%
|
1.57%
|
|
21-23
|
10.66% |
10.86% |
2.17%
|
2.12%
|
1.69%
|
1.62%
|
|
24
|
10.81% |
10.87% |
2.48%
|
2.44%
|
1.89%
|
1.83%
|
*Effective interest Rate is calculated on 5,000 unit.
**These interest rates apply to deposits of no more than 1 million usd/euro. If the amount exceeds $1 million usd/euro, the deposit interest rate will be considered individually by the bank.
General Agreement on Deposit Certificate Service Terms and Conditions