FCY deposits are retail cash deposits invested in a bank, for which the Bank issues a savings book based on the depositor’s verbal request after having opened a multicurrency transaction account.
The following might be owners of FCY savings deposits:
The following might dispose of the FCY savings deposit funds:
- Domestic individual – resident
- Foreign individual – nonresident
- Savings deposit owner
- Legal representative if the owner of the savings deposit is a minor
- Guardian of persons under guardianship
- Authorized person
Authorization may be prepared at all counter desks in the Bank for those who are personally present at the time of issue of the authorization. Persons dwelling abroad may issue an authorization indicating the data of the owner and authorized person. The authorization has to be notarized or verified in a diplomatic and consular mission in the issuing country.
Types of FCY savings deposits:
Data on FCY savings deposits are a business secrecy of the Bank. FCY savings deposits in the Bank are insured in the Deposit Insurance Fund. The Fund indemnifies individuals to:
- Term deposits - 1,3,4,6,8,12,14,15,24,36 or more months
- Interest-free deposits – purpose (loan collateral)
- 100% of each individual’s total deposit to the amount of EUR 30,000.00 in MKD counter value