VTB 24 Bank has far-reaching plans for the development of deposit programs and customer loyalty programs in terms of annual interest rates. Basically, it concerns foreign currency deposits. At the moment, VTB 24 offers its customers 3 deposit programs.
How to open
Currency deposits from VTB 24 can be opened at any bank branch or online. When drawing up a contract in the traditional way, the client must provide a passport or any document proving the identity of a citizen of the Russian Federation, as well as the minimum amount for the contribution.
To apply for a deposit program through a personal account on the official website of the bank, you must first visit the nearest office and fill out a special application. After entering information about the client into the system, bank employees will allocate an individual login and password to enter the system.
It is worth noting that when converting online from one currency to another, the exchange rate will be more profitable than in branches.
After gaining access to the system, a potential contributor can do the following:
- place funds within the deposit;
- receive interest income on an open account;
- replenish the deposit and withdraw funds, if the agreement provides for such an opportunity;
- receive an up-to-date statement with information on accrued interest;
- for pensioners - open a deposit on preferential terms;
- close the deposit program.
To work with the account online, you can use a special application.
A prerequisite for using the system is the availability of an up-to-date mobile number and a phone at hand for authorization by confirmation via SMS messages
General overview and comparison with competitors
VTB 24 is one of the flagships of the Russian banking system. This financial organization is included in the list of the most significant banks, which are subject to the most stringent requirements from the state. Their activities are fully controlled by specially authorized regulators, which guarantee the reliability of the structure.
As for competition with other large banking structures, for example, with Sberbank, it is necessary to highlight the main pros and cons of VTB 24:
- in order for individuals to open a deposit with VTB 24, they must make a fairly high initial contribution, while in the same Sberbank or Bank of Moscow, only 100 dollars or euro;
- Promsvyazbank is the main competitor in foreign currency deposit programs, offering absolutely identical conditions - one of their deposits is replenishable;
- VTB 24 has the longest deposit agreement terms among all major financial institutions - up to 5 years.
Best Options
Comfortable
The client can choose the term of the agreement of this deposit program on an individual basis.
Interest income is accrued monthly by capitalization of interest or by payment to the client's individual account. The deposit can be extended automatically, but not more than 2 times.
Additional contributions are possible. In case of early termination, interest income is paid at preferential rates. It is worth noting that the deposit can be opened both by a third party, by proxy, and for his benefit.
Cumulative
Among the main conditions of the "Cumulative" currency deposit, it is worth highlighting the following:
- the possibility of making additional contributions from 1000 USD/EUR;
- the interest rate increases as the account is replenished;
- the client can choose the duration of the contract independently - from 3 months to 5 years;
- interest is charged every month;
- it is possible to prolong the contract automatically;
- expenditure operations under the contract are not provided;
- the deposit may be opened in favor of a third party;
- when opening the program online, the interest rate will be higher than the one set by the bank.
Profitable
Expenditure operations in this option are not provided for by the contract. Interest is accrued monthly or at the end of the deposit term by capitalization or to the client's bank card. It is possible to extend the contract, but not more than 2 times within one deposit program.
In case of early termination of the contract, interest income is paid on preferential terms. When closed after 6 months actions of the deposit funds are paid at a rate equal to 0,6 from the interest rate set when opening or renewing the program.
Insurance
Currency deposits in dollars from VTB 24 are insured in accordance with the current legislation of the Russian Federation. Within the framework of the Federal Law “On insurance of deposits of individuals”, in the event of an insured event, the bank is obliged to reimburse the client for the full amount of the deposit. It should be noted that the maximum amount of such compensation cannot exceed 1.4 million rubles.
These legal norms have been in force in the territory of the Russian Federation since December 29, 2014. If a bank client has several deposits in one branch. Then the reimbursement procedure takes place for each deposit, in accordance with their size, but no more 1.4 million rubles total.
The amount of compensation is determined depending on the level of the balance of funds in the bank account at the time of the occurrence of a specific insured event.
Taxes on foreign currency deposits in VTB 24
The current banking legislation of the Russian Federation establishes that only those incomes are subject to taxation, the level of the annual interest rate for which exceeds 9% . At the same time, the tax rate for citizens of the Russian Federation is - 35% , and for persons staying in the country for no more than six months - 30% .
The taxation procedure is carried out at the time of payment of interest income on the deposit. Since financial institutions act as a tax agent for withholding and transferring tax payments from banking operations, the client will be able to receive interest on the deposit, already taking into account the deduction of the tax rate in favor of the state.
Deposit programs with simple interest and capitalization of income to the account are taxed in the same manner.
Reviews (6) on "Terms of foreign currency deposits from VTB 24"
I want to thank the staff of one of the branches of the city of Nizhny Novgorod. Applied for advisory services regarding contributions. As a result, I was told about the features of each of them in the smallest detail. After such a service, I could not resist and chose VTB 24. The employees are competent and left a good impression. I recommend to all!
The other day I applied to the bank to receive compensation for my sister's deposit. She is disabled and I, of course, presented a power of attorney, without it it would be stupid to come. The bank employee looked through my power of attorney and stated that the information on it would be checked within 5 working days. I offered her my contact details to be contacted after verification. My surprise knew no bounds when they refused to accept my phone number. I was told that the client himself is obliged to visit the office in such cases. I live a few kilometers from the city and take care of my sister, so I came for money only after 10 days. On my repeated demand for the issuance of money, they said that the power of attorney has not yet been verified. Thus, I want to note the blatant negligence, incompetence and violation of the law on the part of VTB 24 employees. Also, there is an infringement of the rights of a disabled person, and this should not be, because this money should be spent on an urgent purchase of medicines. I don’t want to go to court, because it can drag on for a long time, but I will definitely fight for my rights and the rights of my sister.
I want to express my deep gratitude to the managers of my department for their excellent approach to work. Every time. When I come to the office regarding my deposits, they always bring me fresh and hot coffee, and polite staff provides up-to-date information on every nuance of deposit programs. I don’t even use other banks, because VTB 24 sometimes resolves my issues very quickly, even by phone!
Yesterday I visited the office in Mytishchi, I wanted to replenish my foreign currency deposit. As always, I received a coupon in the terminal and went to the manager. They told me that they could not accept the money, as the management decided that now all customers are sent for replenishment to an ATM. I reminded her that I have the right to replenish the account once a month without a commission personally from the manager. The funny thing is that they told me that this provision is about mortgage accounts. But this is not at all the case; I have done this operation more than once. I told her that I didn’t have a credit account, but a bank deposit, but they sent me to the ATM anyway. I will deal with the management, they may well lose a regular customer.