By depositing your institution's savings into XacBank's time deposit account, you will cumulative interest earnings at competitive rates regardless of the balance in the account.
Feature
- Currency – MNT, USD, EUR, CNY;
- No account opening and keeping fee;
- Minimum balance requirement;
- Method to calculate the interest - accrued each day, and received every month on compound basis.
Advantages:
- Benefits from loan interest rate discount;
- Competitive interest rates;
- Option to collect interest earnings into any account;
- Option to receive account information by an email;
- In sudden case of funding needs option to apply for favorable interest rate loan covered by deposit without terminating time deposit account;
- Ability to manage accounts 24 hour a day.
Interest rates and fees:
| Currency | MINIMUM BALANCE REQUIREMENT | INTEREST RATE /ANNUAL/ | 3 months | 6 months | 9 months | 12 Months | 18 months | 24 months |
|---|---|---|---|---|---|---|---|---|
| MNT | 250,000 | Nominal | 9.00% | 9.60% | 10.20% | 11.00% | 11.0% | 12.00% |
| Effective* | 9.38% | 10.03% | 10.69% | 11.57% | 11.57% | 12.68% | ||
| USD** | 200 | Nominal | 1.20%** | 1.40% | 1.60% | 1.80% | - | - |
| Effective* | 1.21% | 1.41% | 1.61% | 1.81% | - | - | ||
| CNY*** | 1,500 | Nominal | 1.20%*** | 1.40%*** | 1.60%*** | 1.80% | - | - |
| Effective* | 1.21% | 1.41% | 1.61% | 1.81% | - | - | ||
| Yen | 30,000 | Nominal | 1.00% | - | - | - | - | - |
| Effective* | 1.00% |
* Effective interest rate is same as Annual percentage yield, which means a normalized representation of an interest rate, based on a compounding period of one year.
** If the balance of savings account exceeds USD10,000,001, the annual interest rate is calculated at 1.80%.
*** If the balance of savings account exceeds CNY50,000,001, the annual interest rate is calculated at 1.80%.
transaction fees and commissions
| services | transactions | amount of fee (currencies) | |||
|---|---|---|---|---|---|
| mnt | usd | eur | cny | ||
| Income transaction | Non-cash income | No fee | |||
| Cash income | No fee | ||||
account fees and commissions
| fees and commissions | currencies |
|---|---|
| mnt | |
| Opening an account | No fee |
Required documents:
- Customer application form /download bank form here/;
- An official request to open an account;
- Official notarized copy of State Registration Certificate;
- Notarized signature of applicant /download bank form/;
- Copy of charter of the company;
- Copy of ID card of the authorized person to dispose with an account.
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