In order to establish a term deposit at Expobank, you must first become a customer of the bank by opening a current account. Both – private persons as well as legal entities can place funds into a term deposit. Information regarding account opening for private persons can be found here, and for business customers here. Once the current account has been activated, you may then transfer funds into it for the purposes of establishing a term deposit and enter into a bilateral agreement with the bank. To find out more about the terms and conditions of the term deposit agreement please visit the Regulations section on our website.
In order to open a current account at the bank for the purposes of placing funds into a term deposit, the following documents need to be submitted:
- Electronically filled out and completed customer questionnaire (please, contact us in order to receive the questionnaire form)
- Personal identification document (Passport or ID Card)
- Documentation supporting the origin/source of funds (e.g. Income tax declaration, financial statements/forms issued by VSAA), documents supporting a sale of a real estate/property, endowments (giftings), inheritance-related agreements/contracts, etc., as well as account statements from a financial institution from which the funds will be transferred from, and for a period of time (statement cycle) that reflects the inflow of those funds into your account at that particular financial institution)
If you are not a customer of the bank, you may send us a completed customer questionnaire (electronic format, please) as well as documents for review to our email: email@example.com (one of our customer managers will be in contact with you), or you may also visit the bank in person. In order to sign the account opening agreement, a bank representative will invite you to pay a visit to our bank. You must bring along personal identification documents (passport or ID card).
If you are not yet an Expobank customer and the sum of money you want to place at the bank's term deposit account is between 500 EUR and 15 000 EUR, you have an option to use the online platform SmartDeposit created by the bank. Using the platform, you will need to complete an application form, pass online identification process and sign a contract on the placement of a term deposit. All these steps can be taken remotely at a convenient time and location for you.
The bank's existing customers can place their term deposits using an internet bank.
In order to terminate the term deposit agreement before its maturity date, you have to inform the bank and submit a request via the Internet Bank, not less than 30 (thirty) days in advance or you can also visit the bank in person and fill out a request to close the term deposit. According to the standard term deposit rules and regulations, if the agreement is terminated during 1 year (first), a penalty of 1% of the amount of the term deposit will be withheld, but if the agreement is terminated after 1 (one) year, the penalty will not be applied. The bank shall not pay you any interest on the deposit.
Yes, we offer special conditions to the custromers - residents of the Republic of Latvia who place a term deposit in the bank:
|Current account opening||Free of charge|
|Current account maintenance monthly fee||Free of charge|
|Monthly fee for an inactive account maintenance (an inactiveaccountis a current account where no bank operations have been executed over six months)||Free of charge|
|Connection to Internet Banking system||Free of charge|
|Digipass device issuance and replacement for technical reasons||Free of charge|
|Term deposit sum cash collection||Free of charge|
|Mastercard Gold credit interest rates, if a Term deposit is held as a securityerm deposit principal amount and accrued interest cash withdrawals from account||0.5% of amount|
|Transfer of term deposit principal amount and accrued interest in EUR currency in EUR currency to client's current account with another bank n the European Economic Area within 1 month from expiry of Term deposit agreement||Free of charge|
|Commission for early termination of the Term deposit agreement at the initiative of the customer, if the agreement is terminated within the 1st (first) year from the deposit placement date||1% of term deposit principal amount|
|Commission for early termination of the Term deposit agreement, if agreement is terminated after the 1 (one) year from the deposit placement date||Not applicable|
|MasterCard Standard / MasterCard Gold issuance||Free of charge|
Mastercard Gold credit interest rates, if a Term deposit is held as a security
Monthly fee for Mastercard Standard
- in the first year
Free of charge
|Monthly fee for Mastercard Gold service||2.00 EUR/3.50 USD|
|Mastercard Gold main/additional card annual fee, if term deposit placed an amount above 100 000 EUR||Free of charge|
|Current account closure||Free of charge|
Tariffs shall be valid for up to 1 month after the expiry date of the Term Deposit Agreement. The price of services not specified in this tariff group is applied in accordance with the standard tariffs.
Private persons who are resident taxpayers of Latvia will be applied a 20% tax rate on earned interest that was accrued on the term deposit. The bank calculates the applicable amount from the accrued earned interest and then sends it to the State Revenue Service of the Republic of Latvia.
Expobank is a member of the Deposit Guarantee Fund of the Republic of Latvia. The amount of the guaranteed funds is not contingent upon the time frame when the funds were in the account, and the maximum amount for both – private persons and legal entities is set at EUR 100.000. The State guaranteed funds are disbursed in Euros, regardless of the type of currency that was initially placed in the account. You cand find more information here.
During the signing of the account opening agreement, an employee of the bank will also provide you with an opportunity to sign the Internet-Banking agreement which will enable you to take advantage of the I-Bank service of Expobank. For customers placing funds into a term deposit, the I-Bank service will be offered free of charge. By using the Bank’s online banking service you will be able to check the status of Your account and generate the needed account statements on your own and at any time 24/7 and 365 days a year. If you choose not to set up the I-Bank service, all the relevant account information can be obtained from your respective customer manager. Our contact information can be found here.
If you were not able to find the answer to your question, please call or write us and we will be in contact with you and provide answers to questions that are of interest to you.