Minimum minimum deposit balance: features and calculation

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

All of us at least once thought about how to save money. Given today's inflation, keeping money under your pillow or in a piggy bank is not profitable, they simply lose their real value. Some people increase their money on the stock exchange to save their money, but what if you do not have sufficient knowledge or time, but you may need money at any time? That is why there are deposits with the possibility of withdrawal, taking into account the preservation of the minimum balance.

Theory

Most often, there are deposits in banks, the amount of which you cannot withdraw until the withdrawal period approaches. They are called term deposits. There are also targeted deposits, in which the main requirement for withdrawal is the occurrence of a certain event or the accumulation of a certain amount. However, there are so-called demand deposits from which you can withdraw amounts regardless of the term. This is very convenient, but it also reduces the interest because the bank does not know when you want to withdraw your deposit. For its own insurance, the bank introduces such a concept asirreducible balance. This is the lower limit of the withdrawal amount, overcoming which you can lose your interest or be subject to other pen alties. In rare cases, you may even lose part of your amount.

Features of demand deposits

Most often, such deposits are opened so that the money is not kept at home, because in this case they will be destroyed by inflation or they can be stolen. From such an account, the depositor can withdraw the entire amount at his first request, this is prescribed in the civil code of the Russian Federation. It is for such deposits that the minimum minimum balance is most often created. This type of deposit is very popular for current operations, such as receiving salaries or pensions, as well as paying interest on another deposit. This type of deposit cannot be called a simple current account, because it carries an interest rate, albeit a small one. Interest on this deposit is capitalized, that is, it is added to the principal amount, their payment can be made monthly, annually or quarterly. Keeping money in this deposit for income is useless, but if you may need it in the near future, then this option is perfect for you. For this deposit, the minimum balance is always minimal and most often amounts to the minimum amount of 1 or 10 rubles.

Types of minimum balance

Each bank itself sets conditions that do not contradict the decisions of the central bank. Most of them installminimum balance depending on the initial contribution of the investor, but the following types can be distinguished:

1) The amount is set. In this case, the bank sets a minimum balance in the form of a specific figure. Sometimes this is the amount of the down payment, but sometimes the bank may set a specific minimum balance regardless of the initial payment. This can be an impressive figure, such as, for example, the amount of the minimum balance in Sberbank, where it is measured 30 thousand rubles - for some deposits. Also, banks can make this amount purely symbolic, for example, 10 rubles.

2) A percentage of the amount of the down payment is set. In this case, the bank stipulates a condition - the withdrawal of no more than a certain part of the down payment. This can be any ratio, in this case the percentage available for withdrawal is determined by the bank's management.

3) Combined method. In this method, the minimum balance can be set both in percentage terms and in quantitative terms. For example, you can withdraw no more than 10 thousand rubles, but no more than 10% of the deposit amount.

Restriction conditions

Besides the amount of the minimum balance, the bank may set other conditions for limiting withdrawals. For example, some banks set a time limit. This can be both a monthly limit and a client himself, in particular, until a certain age is reached. In some banks, when withdrawing the minimum amount, you lose all accumulated interest, in others -only part of the income. However, there are cases when, when withdrawing the minimum balance, you may also lose part of your funds. It is especially important to pay attention to such points in the contract. In the event of an urgent request for money, you may not receive only part of your funds.

Features

It is worth noting the relationship between the minimum balance and the interest rate. Very often, if the minimum balance is small, then the interest rate will also be very small. For example, in many banks, the "On Demand" deposit has a minimum balance of 10 rubles, but the interest rate is also 0.01%. Sometimes a gradation is made, and interest on the minimum balance is calculated depending on the amount of the balance.

It is also worth noting the peculiarity of withdrawing money upon receipt by bank transfer. With such a replenishment, when withdrawing, you will surely hear about the commission. This is not a violation of the minimum balance and, as a result, pen alties. According to the law of the Russian Federation, if the funds were received by bank transfer, they must lie for at least 30 days, otherwise the bank will already pay.

Foreign currency

In any bank there are various deposits in foreign currency. If we talk about foreign currency accounts, then most often the conditions there are stricter, and the amount of the minimum balance is higher. Most often, foreign currency is not affected by the 30-day rule, it can be withdrawn immediately.

Balance for legal entities

Each legal entity, regardless of the form and type of activity, has a bank account. Forself-employed, this is a voluntary option. For other legal entities, this is an obligation enshrined in legislation. A current account is needed to pay tax fees, as well as various social payments to employees. Entrepreneurs also have the concept of a minimum balance on a current account. Just like individuals, legal entities have small restrictions, which are determined by the size of the company, its type of activity, as well as turnover. Also, the possibility of a temporary timeout for withdrawal is determined on an individual basis.