Do It Yourself, a new exclusive deposit product, has been launched by VAB Bank.
“We have once again presented the market a unique innovative product being part of our strategy geared to meet the growing customer demand for banking services,” VAB Bank deputy chairman, head of retail business and distribution Mr Tsvetan Petrinin says. “We have given our clients not only a chance to name the exact deposit period but also an opportunity to maximise income generated by the deposit.”
A Do It Yourself deposit may be opened for any length of time between 30 and 730 days. Depending on placement period interest rates will vary between 19.5% and 21.5% in hrivnia, between 10.5% and 12% in US dollars, and between 9% and 11% in Euros. In other words, the longer the deposit period, the higher the interest rate. Interest is disbursed on a monthly basis; minimum deposit amount is UAH 100.
Furthermore, the product is designed to provide a mark-up of 0.15% or 0.25% p. a. on top of a standard interest rate for deposit amounts of, respectively, UAH 250 thousand or more or UAH 500 thousand or more (US$/Euro 50 thousand or more or 100 thousand or more), both if deposited originally and if accumulated throughout a deposit period. Interest rate is increased automatically on the day following the day when such threshold is achieved.
“It will be hard to list all of the benefits offered by the Do It Yourself product. Firstly, this product will be of convenience to the clients who are not sure what to do with the money they have saved pending a special event in the future that is not that far away and yet is remote enough to create a chance that the savings will be dispersed throughout day-to-day necessities. We are talking savings for such things as a new car, birthday, the child’s first day at school, etc. This deposit offers maximised benefit for the client. Incidentally, a Do It Yourself deposit could be made in favour of a third party, which makes it an unexpected yet very to-the-point gift,” VAB Bank’s retail product management department head Mr Anton Shaperenkov comments.
According to experts, orientation towards expectations of and the broadest choice for the customers has been in the core of all VAB Bank’s products. In this case the Bank has gone even further outrunning anything presently available from the Ukrainian banking sector in the deposit market.
Reference dataVseukrainsky Aksionerny Bank (VAB Bank) has been operating in the Ukrainian financial market since 1992 and belongs to the group large banks in Ukraine according to NBU. Branch network consists of 150 outlets throughout Ukraine and a representative office in Budapest (Hungary). TBIF Financial Services B.V., a large international company based in the Netherlands, is among the bank’s shareholders. Total assets of VAB Bank amounted to UAH 7.3 billion as of 1 January 2010, regulatory capital – UAH 1,195 million.
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