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AKB Bank Moskvy OAO Announces New Product

Tuesday, 5 Feb 2013 07:00pm EST 

AKB Bank Moskvy OAO (Bank of Moscow or the Bank) announced that it has brought out a new product called a Bearer Savings Certificate, which is a special sort of security combining the features of a deposit and a security at the same time. It certifies the sum of a deposit made with the Bank and the rights of depositor (holder of the certificate) to receive the sum of the deposit and the stated interest when the term of the certificate expires. A certificate can be valid for from 91 to 1100 days and there is no minimum deposit. The certificate has a fixed interest rate, which is set when the security is issued, this rate being higher than those paid on deposits. The interest is paid when the certificate is presented for redemption after its expiry. The advantages of Bearer Savings Certificates include not only a higher interest rate, but also convenience, they can be given as gifts or simply handed over to another person, be used to store funds during trips or as pledge security. The certificate’s degree of protection is comparable with those of bank notes. Holders of Bearer Savings Certificates may store their securities in Bank of Moscow safety deposit boxes. Bearer Savings Certificates can currently be purchased by Private Banking clients in Moscow and, from the second half of the year, they will become available to anyone in the country who lives where a Bank of Moscow office is located. 

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22 Jan 2015