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FCY time deposits


Characteristics of the FCY deposits made for 1, 3, 6, 12, 24, 36, 48 and 60 months with interest in FCY

Opening at

SB's Branches 

Minimum balance

- FCY time deposits made for 1, 3 and 6 months 
EUR - 500; USD - 500; CHF - 800; AUD – 1,000; CAD – 1,000 and GBP - 300 
- FCY time deposits made for 12, 24, 36, 48 and 60 months: 
EUR - 250; USD - 250; CHF - 400; AUD - 500; CAD - 500; GBP - 150

Basic preconditions for opening FCY time deposits made for 1, 3, 6, 12, 24, 36, 48 and 60 months with interest in FCY

- the client should be registered in SB under a specific ID number 
- the client is to hold a FCY sight account, current transaction or savings account in FCY with SB 
- the client is to specify in which account SB is to transfer the account, and in which account SB to transfer the principal following the time deposit period, or at premature witdrawal of the time deposit

Possible choices for the client

At concluding the time deposit agreement for 1, 3, 6, 12, 24, 36, 48 and 60 months, and at any further remaking of the deposit, the client can decide: 
- to remake the principal for an equal time limit, in accordance with SB's enactments, on the first workday after the maturity of the deposit's disbursement 
- the principal be transferred to a sight account on the maturity date of the disbursement 

Documents issued by SB Branches

In opening the deposit, SB issues the following to the client: 
- time deposit agreement 
- passbook at the client's request

Interest

- it is calculated per month from the date of payment/remaking to the date of expiration of the time deposit period, by applying the adequate interest rate for appropriate currency and maturity under which the deposit is kept, established by a SB's Decision. The interest rate is fixed or variable depending on the deposit maturity. It is disbursed monthly on the calendar date on which the deposit has been made. The interest is transferred to a sight account as specified by the client

Authorization

- the deposit holder can authorize another person of age (over 18) to dispose of the deposit. The proxy can be issued at the moment of making the deposit, or in additon, at any time (see text for issuing proxy for disposal of the deposit to other persons) 

Authorization's duration

- while the deposit is opened 
- until the recall of the proxy by the deposit holder 
- even after the demise of the deposit holder, if he/she specifies so in the proxy

 Policy for term cancelation

 The client can cancel the deposit before the agreed period, at which point SB calculates and disburses sight interest rate calculated until the date of early cancelation and, so that corrected amount of interest is reduced from the initial deposit amount. Corrected amount of interest is transferred to the demand account.

Time deposit disbursement

The disbursement of the time deposit can be done as it follows: 
- after the expiration of the time deposit period by transferring the principal to the sight account 
- prior to the expiration of the agreed time deposit period, in such a way that the interest is adjusted, while the principal is reduced by the adjusted amount. The decreased principal is transferred to the sight account

Confidentiality

- the FCY time deposit data are Bank's business secret 

FCY time deposit data disclosure

- if the deposit holder has authorized SB in writing to disclose data 
- at written demand or order of a competent court 
- at written request of NBRM for the purpose of its supervision, or of any other body authorized by law 
- if the data are disclosed to the Money Laundering Prevention Department in compliance with the law

Disbursement of time deposit of a late person

In case of decease of the client, the right to disposal of the deposit of the person authorized to dispose of the deposit is terminated.
SB can disburse the time deposit prior to the probate proceedings on behalf of the late person's funeral expenses

Procedure for lost time deposit agreement

The holder/authorized person for disposal of the deposit reports in writing a SB Branch on the lost agreement so that it be replaced by a new one. If the holder desires, the following can be done: 
- the funds be blocked for a deadline stipulated by him/her 
- the account be closed and the balance transferred to a new account 

Closing deposits made for 1, 3, 6, 12, 24, 36, 48, and 60 months

The closing of the FCY time deposit made for 1, 3, 6, 12, 24, 36, 48, and 60 months can be executed in the following mode: 
- at demand of the deposit account holder 
So that the closure is made, the deposit agreement and the passbook, if issued, are presented, and the deposit's balance and the liabilities upon the account are checked up. If the client has liabilities under the deposit to SB, or there are liabilities placed on the deposit of the client towards other individuals and legal entities on the basis of decisions of competent bodies in the Republic of Macedonia, the closure cannot be executed 

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