RCB Bank offers new options for fixed-term deposits - Cyprus Profile

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Articles | 23 April 2019

RCB Bank offers new options for fixed-term deposits

RCB Bank is extending its range of fixed-term deposit solutions in the context of its new five-year strategy for organic growth in the Cyprus market.

In a bid to offer reliable and convenient ways of saving and cover the needs of its depositors RCB is launching two new fixed term deposit schemes.

“At RCB we constantly assess the needs of all clients.  Low interest rates on deposits have diminished in the last couple of years the interest of providers in creating new deposit solutions,” said Kyriacos Michaelides, head of branch network.

He added: “We choose to differ and have decided to enrich our deposit product offering for better servicing the needs of our clients.”

Floating rate

Remaining truthful to its tradition of offering pioneering products with flexible terms, RCB is launching a unique for Cyprus ‘Floating Rate’ fixed-term deposit scheme with floating interest rate.

‘Floating Rate’ is a fixed deposit scheme available both to individuals and corporate/institutional clients, with maturities of two and three years.

The interest earned is the total of the 3m Euribor rate plus a fixed margin with zero minimum floor rate for 3m Euribor. Thus, depositors can benefit from the increasing Euribor rate, while enjoying the minimal fixed rate during the term of the fixed term deposit.

Escalator

‘Escalator’ is a two-year fixed term deposit scheme for individuals, offering a competitive yield, but at the same time providing flexibility for depositors to terminate the deposit at the end of each quarter, should a personal need arise.

If the deposit is not terminated, the next quarter the interest earned increases, locking in an increased yield quarter after quarter.

RCB Bank was established on 1 August 1995 and comes under the direct supervision of the European Central Bank through the SSM mechanism.

The Bank operates branches in Nicosia, Limassol, Larnaca, Paphos and Luxembourg.

Source: Financial Mirror

 

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