The Central Bank will oblige banks to disclose the terms of deposits in a simple and visual form

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AK&M 28 January 2022 18:33

 The Bank of Russia will oblige credit institutions to disclose the terms of deposits in a simple and visual form. Such a norm is contained in the draft instruction of the Central Bank.

The table with the main conditions of the deposit should be placed at the beginning of the contract, as well as on the website and in the offices of the bank. The full list of conditions that should be fixed in the table is established by the law that comes into force on July 3, 2022.

In particular, the table should indicate the amount of the rate, and if there are several rates, the condition and period of application of each of them, as well as the procedure for paying interest, restrictions on deposit replenishment and early withdrawal of money, the possibility and procedure for extending the contract.