UBRD Raises Interest Rates on Business Deposits

28 February 2019 (09:25)

UrBC, Yekaterinburg, February 28, 2019. The Ural Bank for Reconstruction & Development (UBRD) increased the interest rate on its Flexible Business Deposit. This is an interesting offer for the companies that become the bank’s customers to place their funds there; no settlement account is even necessary.

According to the bank’s press service, the interest rate comes to 7% a year. The company that holds the account can add any amount of money to the deposit or take out any amount out of it as well. Given the taking-out option, these are believed to be the best terms available on the market at the moment.

Businesses can place their funds with the bank for any convenient length of time between 61 and 367 days. The lower limit is set at RUB 500,000. An additional interest rate applies if you put more money into the deposit or take some money out. You can set up the deposit at any of the bank’s branches that cater to businesses.

‘Starting January 1, 2019, the funds of legal entities placed on bank deposits/accounts get insured by the state (insured amount: RUB 1.4 million). This encouraged our customers to place more money with the UBRD: our average deposit amounts rose by nearly 10% in January and February. Both private and state-run banks are obviously seen as equally reliable now, so the banks compete in terms of customer convenience and profit,’ says UBRD Corporates Development Director Elena Sorvina.

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