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Is a penalty applied when withdrawing a deposit ahead of schedule?

23.09.2019,14:35


September 23, Fineko/abc.az. When investing in a bank, a number of factors are taken into account. Some take into account the interest earned on deposits, and some take into account the deposit insurance. Along with this, people are interested in another important question: will a fine be applied if a deposit is made and then withdrawn after a while?

ABC.AZ has clarified this issue. So, first of all, when making a deposit to the bank, you must choose the date of its withdrawal, specifying when exactly you need it. If you withdraw the deposit earlier than the deadline set in the contract, you can withdraw all funds invested in the bank, however, the interest rate charged on these funds will be lower.

Also, if you receive the interest on a monthly basis, if you withdraw the deposit earlier than the deadline, the bank will return your deposit for a lower amount.