UBRD Savings Certificates Double

UrBC, Yekaterinburg, June 30, 2016. The Ural Bank for Reconstruction & Development’s savings certificate portfolio amounted to 1.7bn RUR on June 1, thus doubling in amount since the start of the year, the bank’s press service reports.

A savings certificate is a type of securities that certifies the amount of one’s bank deposit. The interest rate is fixed for the entire deposit period and the interest gets added to the principal amount from the start.

The press service says customers tend to choose the certificates as an alternative to regular deposits increasingly more often. The average amount of money thus placed by customers keeps rising and currently comes to 485,000 RUR on average, up 13% on 2015. Over 80% of certificates get issued for amounts under 1m RUR.

According to the bank’s Debit Operations Director Olga Aksenova, the certificates allows for a longer guaranteed income period than regular bank deposits do.

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