The Cyprus Development Bank (CDB Bank) has launched a new depository product with flexible terms and an interest rate of up to 2.05 per cent
According to the announcement, the ‘cdb Flexi’ is offered for a duration of 12, 18, or 24 months and provides the right to make withdrawals without any charges on the initial deposit amount at the end of each semester. “With the aim of achieving higher returns for its clients’ savings, CDB Bank enriches its range of depository products with cdb Flexi,” the bank said. The bank’s new depository product offers flexibility in terms of the deposit duration, with options of 12, 18, or 24 months, respectively.
Moreover, the interest rate increases every semester and can reach up to 2.05 per cent, while the minimum deposit amount is €30,000. At the end of each semester, clients have the right to withdraw a specific percentage of the initial deposit amount without any charges, and there is also the option to reinvest or receive the interest earned every semester.
By choosing to reinvest the interest at the end of each semester, the annual yield of cdbFlexi 12 (12-month duration) amounts to 1.00 per cent. Similarly, the annual yield of cdbFlexi 18 (18-month duration) is 1.40 per cent, and for cdbFlexi 24 (24-month duration), it is 1.60 per cent. Depending on the client’s choice, there is the possibility to withdraw a specific percentage of the initial deposit amount without any charges.
Specifically, depositors can withdraw 5 per cent of the initial deposit amount at the end of the first and second semesters, and 10 per cent at the end of the third semester. “We are going through a period full of challenges with an immediate impact on the Cypriot economy, society, and businesses,” CDB Bank CEO Loucas Marangos said. “Providing quality service and offering flexible products like cdb Flexi, as well as personalised services to our clients, remains our top priority,” he added. “After all, CDB Bank has proven in its 60-year journey that it is a reliable financial institution that responds to the continuously increasing and evolving market demands,” Marangos concluded.