MINSK, 25 February (BelTA) – Terms of service of the bank deposit contracts, which were signed before 12 November 2015, are to be observed for the duration of the contract. The recommendation has been sent by the National Bank of the Republic of Belarus to Belarusian commercial banks in a bid to explain the application of decree No. 7 on bank deposits that the Belarus president signed on 11 November 2015.
If the bank deposit contracts are to be extended for a new period, the terms have to be brought into compliance with the decree, in particular, the classification of fixed-term and conditional bank deposit contracts.
If bank deposit contracts are to be renewed after 1 April 2016, no income tax will be collected from the interest rate revenues of natural persons if Belarusian ruble assets are deposited with the bank for one year and more and foreign currency assets are deposited for two years and more, provided the interest rate is above the interest rate of call deposits.
Belarusian banks are advised to allow the automated extension of short-term deposits in a way to keep the overall contract period under one year for ruble deposits and under two years for foreign currency deposits.
Representatives of the National Bank of the Republic of Belarus reminded that on 12 November 2015 Belarusian commercial banks were advised to limit their interest rates on call deposits to 3% per annum for ruble deposits and 0.2% per annum for foreign currency deposits.
The country's central bank reminded that Belarusian commercial banks must not exceed the interest rates on fixed-term irrevocable (revocable) deposits of natural persons in Belarusian rubles, U.S. dollars and euros, which were previously specified by the National Bank of the Republic of Belarus. Belarusian banks are also advised to reduce the interest rates on current bank accounts to the interest rates on call deposits. The banks are also advised to set a uniform interest rate on all call deposits of natural persons in a bank.
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