OTP Bank Increased Rates on Deposits in Hryvnia for individuals
OTP Bank has increased rates on deposits in hryvnia for individuals. In particular, for the term deposit with monthly interest payment "Premium" (for "Private banking" and "Premium" clients) via opening a deposit in application OTP Smart, the interest rate has been increased to 12.5% per annum for a period of 6 months, for a period of 3 months - up to 9% per annum. The minimum sum to deposit is UAH 100,000.
The interest rates for term deposits with interest payment at the end of the term were increased: when placing a deposit via OTP Smart for a period of 3 to 5 months, the interest rate will be 8.5% per annum, and for 6 months it will be 12%. Minimum sum to deposit: UAH 2,000.
Also, the interest rate has been increased for a term bank deposit with monthly interest payments. When placing such a deposit via OTP Smart for a period of 3-5 months, the rate will be equal to 8% per annum, for 6 months - 11.5% per annum. Minimum sum to deposit: UAH 2,000.
As Volodymyr Mudryi, Chairman of OTP Bank’s Board commented on the increase in rates, deposit rates will gradually approach the rates for state bonds during the fall. "This is what we are actually observing now on the market. If the yield of the state bonds increases, the rates of deposits will also increase. Banks will not set them higher than the state bonds’ yield, because it makes no sense. For individuals, the deposit has a number of obvious advantages over government securities: first of all, it can be placed for a shorter period of time and, under the terms of the contract, it can be prematurely terminated or replenished.
In addition, receiving income from deposits does not require filing a tax declaration and maintaining an account in securities with the corresponding payment of the bank's commission," emphasized the CEO of OTP Bank.
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Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.
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