Term deposit

Term deposit is a simple and safe method of saving with fixed interest on the amount. Term deposits are typically accepted in euros (EUR) and US dollars (USD). Other currencies are also accepted by separate agreement.

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More about term deposit

  • General conditions for deposits in EUR and USD

    General conditions for deposits in EUR and USD

    • Term deposits are accepted in euros (EUR) and US dollars (USD)
    • Minimum term deposit amount is EUR 145 or USD 145
    • The term deposit agreement may be signed for a period from 1 month to 18 months for euro, and for a period from 1 month to 18 months for US dollar
    • Interest on the term deposit is paid either on a monthly basis or upon maturity
    • For the term of the agreement, the amount in the deposit account is constant
    • Term deposit can only be terminated by agreement between the bank and the customer. The prerequisite for such an agreement is that interest on an earlier terminated deposit agreement is not payable. If the interest has already been paid, they are deducted from the deposit amount. In addition, the refinancing costs borne by the bank must be covered, if term deposit exceeds EUR 50,000 or the equivalent amount in another currency. The obligation to cover bank's refinancing costs does not apply when the deposit agreement is terminated in special circumstances.
    • The deposits held in Danske Bank are guaranteed with The Danish Deposit Guarantee Scheme (Garantifrmuen).
     
  • Interest rates for EUR and USD

    Interest rates for EUR and USD

    Following interest rates are applicable for term deposit, with periodicity of interest payment:

    • After the expiry of the term
    • Each month
    Term of agreement Annual interest, %
     Months USD EUR
     1 0,30 0,01
     2 0,40 0,01
     3 0,50 0,01
     4 0,55 0,01
     5 0,60 0,01
     6 0,65 0,01
     7 0,65 0,01
     8 0,70 0,01
     9 0,80 0,01
     10 0,85 0,01
     11 0,85 0,01
     12 0,95 0,01
     18 1,0 0,01

  • Deposits with agreed interest rate in other currencies

    Deposits with agreed interest rate in other currencies

    Following currencies are accepted:

    • Australia Dollars (AUD)
    • British Pound (GBP)
    • Bulgaria Leva (BGN)
    • Canada Dollars (CAD)
    • Chinese Yean (Hong Kong settled) (CNH)
    • Croatian Kuna (HRK)
    • Czech Republic Koruny (CZK)
    • Danish Krone (DKK)
    • Hong Kong Dollar (HKD)
    • Hungarian Forint (HUF)
    • Japan Yen (JPY)
    • Mexican Peso (MXN)
    • New Zealand dollar (NZD)
    • Norway Kroner (NOK)
    • Poland Zlotych (PLN)
    • Romanian Leu (RON)
    • Russia Rubles (RUB)
    • Singapore Dollar (SGD)
    • South African Rand (ZAR)
    • Swedish Krona (SEK)
    • Swiss Franc (CHF)
    • Thai Baht (THB)
    • Turkish Lira (TRY)
    • United Arab Emirates Dirham (AED)

    General conditions for Term deposits in other currencies:
    Minimum deposit amount – 30 000 EUR for business customers, 15000 EUR for private customers.
    Minimum deposit period – 1 day / Maximum deposit period – under separate agreement.
    The interest rate and maximum deposit period depends on the terms and conditions of the term deposit made. You can find out the interest rate and maximum deposit period by calling Danske customer info number 6 800 800 or contacting relationship manager or by visiting a Danske Bank business centre.

System of insurance of deposits and liabilities to investors

  • System of insurance of deposits and liabilities to investors

    All deposits and securities held at Danske Bank A/S Estonia branch are subject to compulsory insurance in The Guarantee Fund for Depositors and Investors (Danish Kingdom).

  • What is the Guarantee Fund for Depositors and Investors?
    The Guarantee Fund for Depositors and Investors (hereinafter – the fund) means the body established by the act of Parliament of the Kingdom of Denmark. Within certain limits, the fund reimburses losses incurred by clients of Danish banks, mortgage banks or investment companies, where a bank, a mortgage bank or an investment company is subject to compulsorily dissolution. This protection also applies to customer of Danske Bank A/S Estonia branch (hereinafter – the bank) (private individuals and legal entities).
  • How much is reimbursed by the fund?
    Funds
    The fund can pay compensation of up to EUR 100,000 for deposits or funds in the customer's bank account in any currency.

    Securities
    The fund also compensates the loss incurred by an investor if the investor's securities managed, or administered by the bank, or held in an investor securities account are not returned by the bank. The amount of compensation is EUR 20,000 per investor.
  • How is the compensation calculated?
    Funds
    The amount not paid by the due date under the loan agreement or from other financial obligation to the bank is deducted from the total sum of deposits held by the customer at the bank and the balance held in his/her bank accounts. The customer is paid a positive balance of funds up to EUR 100,000.

    Securities
    Generally, suspension of the bank's payments or compulsorily dissolution has no effect on securities, because even in such cases investors usually recover their securities.
    However, sometimes, securities cannot be returned to the investor. In such cases, the fund reimburses the loss because securities were not recovered in the amount of up to EUR 20,000 per investor less any not paid by the due date debts to the bank. However, the compensation cannot exceed the market value of outstanding securities. No claims arising from securities (shares, bonds, etc.) issued by Danske Bank A/S itself or from other securities that are recorded under the own funds of Danske Bank A/S are guaranteed or compensated for on the account of the deposit guarantee scheme of the Guarantee Fund.
  • How can I apply for compensation?

    The Danish Guarantee Scheme compensates customers of Danske Bank A/S Estonia branch for deposits in cooperation with the Estonian Guarantee Fund.

    The Estonian Guarantee Fund pays out deposits of the branch in the name and on the account of the Danish Guarantee Scheme and in accordance with the instructions received from it, presents to customers the information about the procedure and terms for compensating for the deposits and adopts, in the name of the Danish Guarantee Scheme, queries made by depositors of the branch.
    The payment of compensations must have been in general completed within seven (7) working days of the date on which deposits become unavailable, it might be extended if it concerns the payment of compensations for deposits of the branch.

    When you have received the statement, your new bank will help you file a claim with the Guarantee Fund. The Guarantee Fund will pay the deposits to your new bank within seven business days.

    You can contact the Guarantee Fund at this address:
    Garantiformuen (Danish Deposit Guarantee Scheme)
    Sankt Annæ Plads 13, 2. tv.
    DK-1250 København K
    Tel. (+45) 33 14 62 45
    E-mail: gii@gii.dk
    Home page: www.gii.dk

    If you have not received the payment within seven business days, we recommend that you contact the Guarantee Fund as you may need to observe a deadline for claiming payment.


  • Additional information about the Danish Deposit Guarantee Scheme
    Garantiformuen (Danish Deposit Guarantee Scheme)
    Sankt Annæ Plads 13, 2. tv.
    DK-1250 København K
    Tel. (+45) 33 14 62 45
    E-mail: gii@gii.dk
    Home page: www.gii.dk

    Danish Act that regulates guaranteeing of deposits and securities

    An English translation of the Danish Act that regulates the guaranteeing of deposits and securities can be found on the website of the Danish Financial Supervisory Authority that can be accessed at www.finanstilsynet.dk or www.dfsa.dk.

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