In Russia may soon have a new kind of deposits irrevocable. With such contributions, you cannot fully or partially withdraw funds before the expiration of the contract term. The idea to introduce such a tool supports the Bank of Russia, writes “Rossiyskaya Gazeta” with reference to the Deputy Director of Department of Bank regulation of the Central Bank Alexei Lobanov.
“Now everything is on the level of the bill pending in the state Duma”, – he told reporters on the sidelines of the conference “Today and tomorrow of the Russian banking sector”.
Irrevocable Deposit gives the banks a guarantee to the availability of funds for long period, therefore, the bankers are beginning to offer higher interest on them. On the other hand, for early withdrawal, even for a good reason usually impose fines.
Currently, in accordance with article 837 of the Civil code, all deposits in Russian banks are considered to be revocable, that is, at any time, you can come to the Bank and claim the money from the account. This applies to both term deposits and demand deposits. An exception is made only for legal entities in case when the return conditions in a special way stipulated in the contract with the Bank.
Irrevocable contributions are in many countries. In Russia the issue of introduction of irrevocable deposits started discussing in 2004: then due to the withdrawal of several banking licences clients began EN masse to withdraw money from the accounts.
Such “panic chain” extends to other market participants, adversely affecting the company’s liabilities (capital, deposits and other attracted by the Bank funds). The mechanism of irrevocable deposits will allow to avoid situations when reasonable grounds for early withdrawal no.
In January, the representative of the Ministry of Finance noted that savings certificates on the idea will be included in the Deposit insurance system and the status of the securities will be only registered (now there is also the option to bearer).
In July of this year, the Deputy Director of financial policy Department of the Ministry of Finance Sergey Platonov at the meeting of the Board of the Association of regional banks of Russia has told that probably, make the law in the autumn session of the state Duma, and then, “there will be one more tool for secure storage” of money.
Thus, a feature of the future irrevocably deposits in Russia also may be the fact that they inherently are likely to be savings certificates. In fact, it is a security which guarantees the return of funds with interest, but only after the specified contract period.
In addition, it is not subject to the Deposit insurance system when the license of the Bank to reimburse customers up to 1.4 million rubles in one hand from the Deposit account.