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Raiffeisenbank offers customers a new product — the «Multicurrency» deposit

On 26 February 2009 ZAO Raiffeisenbank added to its range of bank products for individual customers by offering them the Multicurrency deposit. The new deposit allows you, within the term of the deposit, to transfer funds from one currency to another without losing any interest. Moreover, for deposits in each currency an interest rate is set that does not depend on the balance in the deposit.

According to the terms of the fixed-term Multicurrency deposit, the initial sum deposited must total at least 50,000 roubles in all currencies. The minimum balance in the deposit, in each currency, may not be less than 1 rouble, 1 US dollar and 1 euro. There are no restrictions on topping up the deposit.

Interest rates on the Multicurrency deposit range from 6.5 to 12% p.a. in roubles, 2 to 5.5% p.a. in US dollars, and from 3.5 to 5.5% in euro depending on the term of the deposit.

I am confident that the Multicurrency deposit will be of interest to a wide range of customers, since it not only gives the depositor a high yield but also enables him to protect his savings against exchange-rate fluctuations by switching to another currency without losing accrued interest, comments Andrei Stepanenko, a member of the ZAO Raiffeisenbank Board and Head of its Consumer Banking Directorate.

Full information on the conditions for placing private individuals funds in deposits can be obtained from ZAO Raiffeisenbanks official website, under Deposits.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on 2008 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 6th in Russia in terms of private deposits and 6th in consumer lending in Russia based on 2008 results.

Raiffeisen International operates one of the largest banking networks in CEE. 17 markets in Europes growth region are covered by subsidiary banks, leasing companies and a range of other financial service providers. 14.6 million customers are serviced in more than 3,100 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns more than two-thirds of the common stock. The remainder is in free float, the shares are listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the countrys largest banking group.


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