How to open a demand account?

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

In the article we will consider what a demand account is. After all, any deposit of money in a bank is not only a way to safely store finances, but also an opportunity to receive passive income. It should be noted right away that the profit on deposits is quite small and is expressed as a percentage that is charged on the balance of money in the account. But income will be stably accrued only until the time the deposit agreement is valid or until the depositor closes the deposit on his own.

Deposits offered by Sberbank to its customers (individuals) have different conditions for depositing savings, retention periods, and interest rates. Thus, the depositor has the opportunity to choose the most convenient way to store funds.

The demand account is one of Sberbank's products, which is consistently popular withcustomers.

Basics

The deposit is essentially a termless deposit, its effect starts from the moment of opening and remains for an unlimited time.

In addition, under the terms of the agreement, the depositor has the opportunity to receive savings on demand.

Among the characteristic features of a demand current account, 4 main points should be highlighted:

1. Available balance earns minimum interest.
2. You can keep funds on such an account in almost any currency.
3. You can replenish the deposit, as well as withdraw money from it without restrictions.
4. The service agreement initially assumes an unlimited validity of the deposit.

It should be noted that Sberbank does not limit its depositors in terms of managing savings. This means that a person can at any time and for any amount replenish a deposit, cancel an account, withdraw money.

Who can open a demand account with Sberbank?

Target Audience

This savings program is designed for clients who are interested in keeping their own money, not in additional income. If the main goal when opening a deposit is to receive additional profit, then the “On Demand” deposit will be unprofitable. It is recommended to pay attention to other products of the bank, for which higher interest rates are charged.

Opening a demand account allows you to securely store savings andfree access to them. The client can freely manage money, make any transactions with finances, without receiving fines for this and without paying commissions.

Such deposits allow citizens to accumulate the amounts needed to make expensive purchases: real estate, cars, household appliances. An undeniable advantage is the ability to unlimitedly manage funds on the account.

For example, the client will not need to wait for the expiration of the deposit account, so as not to lose accrued interest if the money is needed urgently.

It is worth noting that citizens over 14 years old can conclude an agreement to open such a savings account. This feature of the deposit account allows students and high school students who do not have regular income to accumulate the necessary funds without being tempted to spend them.

Required conditions

A special feature of a demand account is its multifunctionality. This means that customers can keep their savings in whatever currency is most convenient for them.

In addition to rubles, clients can hold their funds in Swiss francs, yen, Swedish, Norwegian, Danish kroner, pounds sterling, Australian, Singaporean, Canadian, US dollars, euros.

This deposit is also characterized by the presence of a minimum balance, which must always be on the account. If storage is carried out in rubles, then the minimum balance is 10 rubles, in case of storage of foreign currencies - 5 units.

The interest rate on a demand deposit account is 0.01%. The specified rate is fixed and remains relevant for ruble deposits and deposits in foreign currencies. The terms of the agreement also provide for the capitalization of the deposit. Interest is calculated every quarter. They are added to the amount stored in the account. Thus, the client gets the opportunity to receive more profit.

How to open a demand account

You can conclude an agreement for the opening and subsequent maintenance of a deposit by personally visiting a nearby Sberbank branch that works with individuals.

You cannot remotely open such a deposit using the Sberbank-Online payment service - the system does not support the specified functionality.

For the sake of fairness, it should be noted that the Internet banking service allows you to make debit and credit transactions if the account is already active.

To open a deposit account, you need to follow three simple steps:

1. Come to Sberbank.
2. Sign the contract.
3. Deposit any amount of money in excess of the minimum balance to the current account.

What documents do you need?

When opening an account, the client will need to have a passport or other document that can confirm his identity.

It should be noted that the possibility of opening a deposit in a certain foreign currency should be clarified in advance by contacting Sberbank by phone.

Disadvantages and advantages

Any banking product has its own advantages and disadvantages. In this regard, a potential client, before signing the contract, is recommended to take into account the pros and cons of the "On Demand" deposit.

The main benefits of using this savings storage product are:

1. Safety. It is much safer and more efficient to keep money in a bank than at home.
2. The minimum amount required to open a deposit is only 10 rubles (or 5 units in case of holding foreign currency).
3. Multifunctionality. You can keep funds on the deposit in one of 11 foreign currencies.
4. Efficiency of financial management. You can perform financial transactions without restrictions, at any time convenient for the client, without paying additional commissions and fines.
5. Easy design. The procedure for making a deposit is simplified, this requires a minimum number of documents. It usually takes a maximum of half an hour to open an account.

There are only 2 shortcomings of such a contribution, however, they are quite significant. To begin with, it should be noted that the deposit has an insignificant interest rate equal to 0.01%.

Today, this tariff is the lowest of all offered. In accordance with the current conditions, the interest rate will be increased by the bank if more than 2 million rubles are kept on deposit.

The next negativeThe point of the current account on demand is the inability of this deposit to protect finances from inflation rates.

Besides this, the special insurance of a banking institution does not apply to the specified deposit. This means that if there is a sharp collapse of the ruble, no one will return the lost funds to the depositor.

Conditions for pensioners

Sberbank has developed special conditions for the On Demand deposit for older clients. They will be able to place their funds on preferential terms and at an increased interest rate.

In accordance with the current conditions, pensioners can open a deposit by placing only 1 ruble on it. Placement of funds in other currencies is not provided. The interest rate will then be 3.66%.

It is worth noting that if the client decides to withdraw all funds early and close the deposit, interest will not be recalculated down.

How to close a demand savings account?

Closing

To close an account, no application or additional notice to Sberbank is required. All you need to do to cancel the deposit is to withdraw all funds from it, including the minimum balance.

After that, the account will be closed automatically. If you need documentary confirmation of the closing of the deposit, you should contact Sberbank for the relevant certificate.