Banks to disclose deposit terms in table from 1 October 2022
When choosing and opening a deposit, whether in a bank’s office or online, a depositor will be able to learn its key terms and conditions that should be presented in a brief and easy-to-understand table. This table should specify the interest rate on a deposit, its terms and conditions, the effective period of an elevated interest rate, the procedure for interest payment and deposit extension, as well as restrictions on the replenishment and early withdrawal of the deposit.
The ordinance establishing the form of such table for banks has been registered by the Russian Ministry of Justice.
The law empowering the Bank of Russia to set the requirements for notifying people about the terms and conditions of deposits became effective on 3 July 2022. The Bank of Russia allowed three months for the adjustment of market participants’ IT systems to comply with the new regulation.