Russian banks are obliged to disclose the terms of deposits in the form of a table from October 1

The Central Bank of the Russian Federation announced that banks from October 1 will be required to disclose the terms of deposits clearly – in the form of a table. An instruction that establishes the form of such a table for banks was registered by the Ministry of Justice. Formerly Central Bank recommended disclose debit card information in a similar pattern.

“When choosing and opening a deposit, both in the office and online, the depositor will be able to get acquainted with its key conditions, summarized in a concise and understandable table. It will indicate the interest rate, the conditions and period for calculating increased rates, the procedure for paying interest and extending the deposit, restrictions on replenishment and early withdrawal of money, ”— said on the website of the Central Bank.

The regulator recalled that the law empowering the Bank of Russia to introduce requirements for informing Russians about the terms of deposits came into force on July 3. The Central Bank gave market participants three months to finalize IT systems in accordance with the new regulation.

The rule, according to which banks must indicate the main conditions of the deposit in the table on the first page of the agreement, was to come into force on July 3. According to the innovation, banks are also required to inform customers about the value of the minimum guaranteed deposit rate. It is possible to conclude a deposit agreement in electronic form only after the client has familiarized himself with the table of conditions and the value of the minimum guaranteed rate. In May, the Central Bank decided that the norm would come into force a quarter later.

Daria Erozbek