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Fixed-term deposits

If your goal is a high yield on your money, we have a fixed-term account, which has a specific term, e.g. 12 months, during which no deposits or withdrawals are permitted from the account. What you need to specify is the term that you would like to have for your deposit, namely whether you prefer 1, 3, 6, 9, 12, 18 or 24 months.

The interest rate is specified at the beginning of the period and is stable throughout the term of the deposit because it is not affected by any fluctuations in interest rates.

If on the other hand you are looking for something different, there are special deposit products that offer flexibility in terms of the deposit term, the option to make withdrawals, the payment of interest etc.

With the special Prototokos plan you can quickly turn your plans into reality.

With the Prototokos plan you receive interest in advance after opening your account, directly paid into an account of your choice. So you can make use of the interest the way you wish or redeposit the amount into an account of your choice and increase the return on your money.

The special Prototokos plan offers options for terms of 3, 6, 12 and 24 months. The plan is offered without a requirement for a minimum deposit and with a maximum of €500,000.

Do you wish to receive interest every month?

The special Isodimatias plan, with terms of 12, 18 or 24 months, offers a solution.

This plan gives you the opportunity to receive your interest, directly into an account of your choice, regularly every month, without having to wait for the due date of the deposit. The plan is offered without a requirement for a minimum deposit and with a maximum of €500,000.

Do you want to receive interest whenever you wish?

If so the En Lefko plan, with a term of 12 months, was designed for you.

The plan gives you the ability to specify up to 10 different dates for interest. The plan is offered without a requirement for a minimum deposit and with a maximum of €500,000.

Do you want to make withdrawals without charge?

If so, then we have a special plan for you called FlexiFix, with terms of 6 or 12 months, which may be “drawn on” by you up to twice.

The plan gives you the opportunity to make up to two withdrawals during the 12 months (2 withdrawals for 12-month deposits and 1 withdrawal for 6-month deposits), without any charge. Each withdrawal must be less than 10% of the original amount of the deposit. The plan is offered without a requirement for a minimum deposit and with a maximum of €500,000.

Learn more about our Fixed-Term Deposits

The following are the answers to the most important questions that are usually asked regarding Fixed-Term Deposits:

1. What is a fixed-term deposit?
2. How is interest calculated?

3. What is the procedure for opening a fixed-term deposit?
4. What is the procedure for renewing a fixed-term deposit?


1. What is a Fixed--Term Deposit?

When we talk about a fixed- term deposit we are referring to an agreement between the Bank and the customer that if he deposits and keeps his money at the bank for a certain period, he will receive a certain fixed amount of interest at the end of that period.

Fixed-term deposits are determined by their term, the time for paying interest and the right to withdraw part of the amount of the deposit before the agreed due date. For example, if you know that you are going to need your money within a particular period, e.g. in 3 months, then you can specify the term as 3 months.

2. How is interest calculated?

Interest is calculated on the basis of the agreed rate, the amount of the deposit and its duration in days. A contribution of 30% is deducted from the total interest for Defence (for permanent residents of Cyprus). If you are not a permanent resident of Cyprus you should state this on a special form so as to avoid the deduction of the 30% contribution for Defence.

3. What is the procedure for opening a fixed-term deposit?

Find out through the network of branches about the different options that are available to you and in cooperation with the service manager of your branch plan your own deposit. The procedure is very simple and short, as simple as the procedure for renewal.

4. What is the procedure for the renewal of a fixed-term deposit?

A few days before the due date of your deposit you will receive a letter reminding you of the due date and inviting you to send your instructions on a special form for renewal at the branch where your account is kept. You will need to provide instructions if for example you want to add to or withdraw money from your deposit. You can also specify that when the term expires the interest or the total amount of the deposit together with the interest will be transferred to another account.

If you do not want any change to your deposit, it will be renewed automatically, together with interest at the current rate of the Bank, in order to ensure that there will be no loss of interest, even if you forget the renewal date.

After the renewal the Bank will send you a statement of your account that will inform you of the amount in which your account is renewed, the new interest rate, the next due date and the total interest amount to be paid.

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