Term deposit

Interest rate conditions

Up to 2% per year

Currencies

EUR or USD

Advantages

Fixed interest rate for the deposit term

Validity Term

24 and 36 months

Features
  • A fixed interest rate for the entire deposit term;
  • Term – 24 or 36 months;
  • Currency – Euro or US Dollars;
  • Minimum balance – 1,000 EUR / 1,000 USD;
  • Maximum balance – 100,000 EUR / 100,000 USD;
  • Possibility to add funds within 7 calendar days after the deposit account is opened;
  • Automatic renewal of the deposit on the maturity date;
  • Interest is paid at maturity into the current account.

 

 

 

 

Annual nominal interest rate

Term

EUR

USD

24 months

1.50%

1.50%

36 months

2.00%

2.00%

Additional Information
  • Additional contributions to the deposit are allowed within the first 7 calendar days after the account is opened. If additional funds are deposited after the 7th calendar day from opening the deposit account, those funds will accrue interest at the annual interest rate applicable in case of non-compliance with the terms of the agreement, according to the Price list in force at the time of application. Fees and commissions – as per the latest updated version of the Price List for Service Fees. Interest Rates Bulletin.
  • Funds exceeding the maximum balance will accrue interest at the annual interest rate applicable in case of non-compliance with the terms of the agreement, according to the Price List for Service Fees. Interest Rates Bulletin, effective at the time of application.
  • Withdrawal of funds before the maturity date shall lead to violation (breach) of the deposit conditions.
  • The account holder is not required to give advance notice if they wish to dispose of the funds before the maturity date, including early termination of the deposit.
  • The Bulgarian Deposit Insurance Fund (BDIF) guarantees full coverage (payment back) of amounts held by one individual in one bank, regardless of the number and size of the deposits, up to BGN 196,000. This includes accrued interest up to the date of issuance of the act under Art. 20, para. 1 of the Bank Deposit Guarantee Act (BDGA). The deposit is guaranteed by the BDIF, established and operating in the Republic of Bulgaria under the conditions and limits provided in the BDGA.
  • The Bulgarian Tax legislation provides for a bank obligation of withdrawing a 10% withholding tax on interest income received by foreign individuals. The tax is withheld upon interest payment. An exception is granted if the interest recipient is a tax resident of an EU/EEA member state – in this case, no tax is withheld, provided the person/client submits an official document proving these circumstances. The following documents must be submitted in order for one to receive the tax relief:
  • Tax Residency Certificate issued by the tax authorities of the respective EU/EEA country, an original (sent by courier/postal service) or electronically;
  • A declaration/statement by the person (template) certifying the type of income and the fact they are the actual beneficiary of the interest – an original hard copy sent by courier or electronically via – tax@fibank.bg.
  • The Tax Residency Certificate must relate to the year the income is received in and it should be submitted to the Bank no later than 30 days before the interest payment date – in order to be eligible for the tax relief.

Documents:

FAQ

What is a term deposit?

A term deposit is an account for storing (safe-keeping) funds. Depending on the terms of a deposit agreement between the bank and the client, the Bank pays interest on the deposit amount to the client.

What currency can the term deposit be opened in?

The term deposit can be opened in either euro (EUR) or US dollars (USD).

Fees and Commissions: What is a respective (servicing) current account?

When opening a term deposit, one must designate/assign a servicing current account.

Its functions are:

  • To fund the term deposit – using this very current account;
  • To receive the interest from the term deposit on the maturity date;
  • To receive (the) funds from the term deposit in case of closure or partial withdrawal of the amounts.

Fees and Commissions: Are there any fees for opening or maintaining/servicing a term deposit?

There are no fees for opening, maintaining, or closing a term deposit.


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