Sberbank’s Ural branch launches overnight offer

14 April 2009 (07:59)

Sberbank’s Ural branch came up with a new ‘overnight’ offer for its business customers recently.

‘The offer means a company can deposit its rubles, dollars, or euros at the bank for one to six days and get a guaranteed income at the rates comparable with those of the interbank market,’ the bank’s press officer explained to UrBC.

‘One general agreement can cover several deals valid for various periods and involving various sums. A customer has to deposit at least 50 million RUR, $1m, or ?1m, the upper limit is to be agreed upon with the bank’s representative. The interest rate is determined specifically for each particular transaction,’ the press officer added.

‘The advantage of overnights is that the money can be kept in both a settlement account (with interest paid at the end of the month) and a deposit account (with interest paid at the end of the period). The only proviso is for the company to be using our Client-Sberbank system (which ensures the technical smoothness of the new offer). Our ‘overnight’ special allows a business to manage the short-term resources efficiently, which is a lot of help for a business at the moment,’ the bank says.

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