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FCY time deposits

Characteristics of FCY time deposits made for 1, 3, 6, 12 and 24 months with MKD interest

Opening at

SB's Branches

Minimum balance

EUR - 500 and USD - 500

Basic preconditions for opening time deposits made for 3, 6, 12 and 24 months with MKD interest

The client should be registered in SB under a specific ID number 
- the client should hold a FCY and MKD sight account, current account or passbook in FCY with SB 
- the client has to specify in which MKD account SB is to transfer the interest and in which FCY account SB is to transfer the principal after the expiration of 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 and 24 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 to be transferred to a FCY 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 with MKD interest agreement 
- passbook at the client's request


- it is calculated from the date of payment/remaking to the date of expiration of the time deposit period, at average ratio of the exchange rates for the appropriate month, by applying the interest rate for appropriate currency under which the deposit is kept, established by a SB's Decision. The interest rate is fixed or variable depending on deposit maturity. It is computed monthly on the calendar date of making the deposit and is transferred to the MKD sight account specified by the client


- 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 

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 FCY sight account 
- prior to the expiration of the agreed time deposit period, in such a way that the interest is adjusted, by this amount the deposit is reduced, and the adjusted deposit is transferred to the sight account. The interest that follows up to the date of premature witdrawal of the deposit is transferred to the MKD sight account 

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.


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

FCY time deposit with MKD interest 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 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

Procedure for lost time deposit with MKD interest 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 frozen for a deadline stipulated by him/her 
- the account be closed and the balance transferred to a new account 

Closing time deposits made for 3, 6, 12 and 24 months with MKD interest

The closing of the FCY time deposits made for 1, 3, 6, 12 and 24 months with MKD interest 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, is 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