Opening deposits makes it possible to save your money from inflation and get more than was originally invested. NBU to receive the definition of such a contribution as an agreement concluded between the two parties. The money is kept in the company’s accounts and must be returned in full, plus interest, within a strictly specified period. Specific conditions are determined by the contract document, which is concluded when registering a deposit account.
What is a deposit
The official definition of a deposit says that this is another way to make a profit for the funds placed in the bank. Any currency can be chosen: both national and foreign. The service is available to both private clients and legal entities, but we will consider the nuances of working with individuals.
In fact, deposits are exclusively cash, while the concept of a deposit may include securities, various precious metals and other assets. In the case of individuals on the territory of Ukraine, most often the concepts are identical, since it is often only about money. You can categorize them by date:
- on demand, which can be placed for an unlimited amount of time. The owners have the right to withdraw their agreement at any time and receive money with some, most often small, amount of interest;
- urgent, which are distinguished by an increased percentage, have a certain agreed period of demand and can be automatically extended after the end of the contract.
Everyone independently chooses for himself a more convenient choice of deposit placement.
What is an individual
To understand what deposits of individuals are, you must first clearly define the terminology. The above concept is used to refer to private clients who are not associated with organizations or companies in the performance of financial or other transactions. An ordinary person who put money into his account is an individual. While the company that replenished the account balance will be a legal entity.
What is required to make a deposit
In most cases, to open a deposit, you will only need a passport, TIN and an extract from the register of residence from documents if you own a new ID card. The bank may require additional statements or other evidence of your activities, but this rarely happens and most often has serious justifications.
Advantages of deposits in a financial institution
The advantage over a bank is:
- increased percentage
- reduced minimum term for depositing funds on demand;
- improved conditions and premium service.
Now you have received an answer to the question of a deposit, what does it mean, and you will be able to use the beneficial services of the Zaraz financial institution. If you have additional questions, you can always contact the consultant in any way convenient for you.