We open an account in yuan in a savings bank. Profitable deposits in Chinese yuan in Russian banks Where to open an account in yuan
The creation of a system of compulsory insurance of bank deposits of the population is a special state program implemented in accordance with the Federal Law of December 23, 2003 No. 177-FZ “On insurance of deposits of individuals in banks of the Russian Federation”. Its main task is to protect the savings of the population placed in deposits and accounts in Russian banks on the territory of the Russian Federation.
For deposit insurance, the depositor does not need to conclude any agreement, it is carried out by virtue of law. An organization specially created by the state - the Deposit Insurance Agency - takes all the necessary measures to take into account the requirements of depositors to the bank and pay them compensation on deposits.
In accordance with the Federal Law of December 23, 2003 No. 177-FZ “On insurance of deposits of individuals in banks of the Russian Federation”, compensation for deposits in a bank in respect of which an insured event occurred is paid to the depositor in the amount of 100 percent of the amount of deposits in the bank, but not more than 1,400,000 rubles.
If the deposit is made in a foreign currency, the amount of compensation for deposits is calculated in the currency of the Russian Federation at the exchange rate of the Bank of Russia on the day of the insured event.
All funds of individuals in banks are subject to insurance, with the exception of funds:
- placed on bank accounts (in deposits) of lawyers, notaries and other persons, if such accounts (deposits) are opened for the implementation of professional activities provided for by federal law;
- placed by individuals in bearer bank deposits, including those certified by a savings certificate and (or) a bearer savings book;
- transferred by individuals to banks for trust management;
- placed on deposits in branches of banks of the Russian Federation located outside the territory of the Russian Federation;
- being electronic money;
- placed on nominal accounts, with the exception of separate nominal accounts that are opened for guardians or trustees and the beneficiaries of which are wards, pledge accounts and escrow accounts, unless otherwise established by this Federal Law;
- placed by individual entrepreneurs in subordinated deposits;
- received for making transfers without opening an account.
For questions arising from depositors in connection with the operation of the deposit insurance system, please contact the Deposit Insurance Agency by calling the hotline: (8 800) 200-08-05 (free call within Russia).
You can find answers to some important questions about the Vlad insurance system on the website of the Deposit Insurance Agency Group of Companies.
→ Where can I open a deposit in Chinese yuan today?
Where can I open a deposit in Chinese yuan today?
The first Russian bank to offer its clients to place deposits in Chinese yuan was the now defunct My Bank (it was deprived of its license by the Central Bank of the Russian Federation on January 31, 2014). The "My deposit plus" deposit included deposits in the amount of 1,500 yuan at 2% -5% per annum, depending on the amount of the deposit and the investment period.
In other Russian banks, deposits in Chinese yuan were not offered at that time. True, a few years before this, small regional (Far Eastern) banks tried to engage in such a practice, but after the Chinese currency jumped, they refused to work with the yuan.
Today it is quite difficult to find a bank that offers to save purely in Chinese exotics, where more often banks offer multi-currency deposits, the conditions of which involve opening accounts in several currencies at once (ruble, dollar, euro, yuan, etc.).
Experts see great potential in the yuan. The Chinese currency is rapidly becoming the currency of international settlements, increasingly pushing the dollar on the trading floors. The yuan is steadily growing, at least against the Russian ruble. What can we say, even if in the crisis year of 2009 China's GDP grew by more than 8%. The Chinese economy continues to show high growth rates even now.
Bet on diversification
It's no secret that the rates on foreign currency deposits have always been lower than on ruble deposits. And today the highest percentages are included in ruble-denominated products. However, wealthy investors choose a different strategy - their choice is made in favor of savings diversification, when funds are distributed among foreign currency and multi-currency deposits. The practice of recent years shows that such deposits allow not only to save capital, but also to increase it.
One of the currencies that, according to experts, you should take a closer look at is the Chinese yuan. In combination with more traditional deposits in rubles, dollars and euros, such deposits can bring certain benefits, including from the point of view of a balanced basket.
In which Russian banks can I open a deposit in RMB?
As we have already said, Russian banks are just starting to work with the Chinese currency. Not many credit institutions today offer their customers the opportunity to open accounts in yuan and perform the necessary operations on them.
So far, only a small part of banks offer their clients to open deposits in Chinese yuan, among them: CJSC BBR Bank, OJSC Bank Zenit, OJSC Interregional Commercial Bank for the Development of Communications and Informatics, CJSC JSCB Gazbank.
It should be noted that interest rates on such deposits leave much to be desired. Today it is from 0.05% (purse deposit in Gazbank) to 2.75% (term deposit in Chinese yuan in Bank Zenit OJSC). However, given that you can additionally win on the exchange rate difference, then such interest rates may seem attractive to many.
Trade with China today is a priority for many individuals and legal entities. After all, finding a cheaper product, industrial equipment, etc., even considering its cost with delivery, is simply unrealistic. That is why the number of clients wishing to open a yuan account with Sberbank is constantly increasing. Those who have the opportunity prefer this option, but what about those who do not have such a privilege?
Why is it needed
The popularity of the Chinese currency is constantly growing, which is due to the global trade expansion of China, as well as the fact that Russia and China are neighboring countries, which means they have a large number of joint economic interests. Therefore, it is not surprising that many wish to have.
A yuan account allows you to permanently store funds in Chinese currency, so that later, if necessary, you do not have to buy it at an unfavorable rate.
Not many banks work with yuan (or renminbi). Therefore, opening such an account will be somewhat more difficult than a regular one: you will have to start by choosing a bank and searching for its branch, which can carry out operations with the yuan either.
Account opening
So, you settled on Sberbank and found on its official website (“Search for branches”) the branch you need. In order to open an account in RMB with Sberbank, you will need to:
- provide a Russian passport,
- write an application of the appropriate form;
- fill out a client questionnaire;
- deposit money into the cashier and sign the contract.
Another feature of this deposit is that it is not necessary to have yuan available, it can also be opened if you have rubles. They will simply be converted into Chinese currency at the rate of the bank.
In fact, two accounts are opened for the client:
- in rubles - money is brought in here, for which yuan will be bought;
- in yuan - the renminbi is credited to this account at the bank's conversion rate.
Account types
On the Sberbank website, the list of currencies for deposits does not include yuan. Accounts in this currency are opened under the terms of two products: "Universal" and "On Demand". It is worth noting that they are intended more for making payments or transfers, rather than for accumulating and saving money.
The conditions of the "Universal" deposit are as follows:
- the maximum term for placing money is 5 years, an unlimited number of prolongations is also possible;
- interest rate - 0.1%;
- the minimum amount of the minimum balance is the equivalent of 5 US dollars.
You can replenish or use money without restrictions, the main thing is that there should always be money in the account in the amount of at least the minimum balance.
Interest on the account is calculated every three months, after which it is added to the money on deposit.
Another product that provides the opportunity to open an account in Chinese currency is called "On Demand". Its conditions are almost identical to the previous ones, with only one difference - this deposit is perpetual, that is, you can use it all the time.
For deposits "Universal" and "On Demand" you can also issue a power of attorney for the right to use or draw up a testamentary disposition.
How to open a deposit in Sberbank Online: Video
Very soon, the Savings Bank of Russia plans to offer the population of the country to make deposits in the national currency of China, that is, in yuan. This information was reported to the press by German Gref, the head of this financial institution. According to Gref, operations with yuan will primarily be carried out in the form of deposits, there is no particular demand for loans in this currency. But many people already want to keep their savings in yuan, as they consider it a more reliable currency.
The head of the Savings Bank stressed that the yuan is currently associated with more talk than real demand. First of all, work with this currency will begin in the Far East, where the trade exchange with China is carried out most actively.
Gref also said that there are no plans yet to privatize Sberbank, over 50% of whose shares are at the disposal of the Central Bank. The head of the financial institution noted that at the moment it is difficult to give any definite forecasts on this matter, now the organization is working on a thorough assessment of all customers available today. At the same time, German Gref confidently promised to increase the wages of all employees of the Savings Bank by about 10%.
What will be the interest on the Yuan deposit?
As for what the interest will be, it is probably no more than under the "International" offer, the interest rate for which, depending on the currency and term, is from 0.70 to 4.50%.
Operations with Chinese Yuan
1. Opening a current account in Chinese yuan.
The procedure for opening an account in Chinese yuan is similar to the procedure for opening an account in rubles, US dollars, EURO. If your organization is already a client of our Bank, then the procedure for opening an account in Chinese yuan is more simplified - you must submit an application for opening an account and sign a bank account agreement.
2. Opening a deposit account in Chinese yuan.
JSCB "BANK OF CHINA" (JSC) opens deposit accounts for placement of free funds in Chinese yuan. The interest rate depends on the amount of funds, the period of placement and is negotiated in each individual case.
3. Operations of purchase and sale of Chinese yuan on the accounts of a legal entity.
JSCB "BANK OF CHINA" (JSC) carries out transactions of purchase and sale of Chinese yuan for rubles, US dollars, EURO in non-cash form on the best terms for our Clients.
4.Cross-border transfer of funds in Chinese yuan.
Currently, cross-border transfers in Chinese yuan are carried out only as part of settlements under foreign trade contracts.
When making a cross-border transfer in Chinese yuan to a recipient in the PRC, the sender must additionally make sure that the recipient can be credited funds for a cross-border transfer and the formalities related to receiving a cross-border transfer in Chinese yuan are complied with, the relevant documents are submitted by the transfer recipient to the recipient bank on territory of the PRC. If the transfer recipient has no grounds for crediting Chinese yuan, the cross-border transfer will be returned to the BANK OF CHINA (JSC) and credited to the sender's account. All expenses for the return, crediting of the transfer in Chinese yuan to the sender's account, the subsequent sale of Chinese yuan for rubles or other currency (if necessary) are borne by the sender.
5. Crediting funds in Chinese yuan.
The procedure for crediting funds in Chinese yuan and providing supporting documents when performing foreign exchange transactions is similar to the procedure for crediting funds in US dollars, EURO.
JSCB "BANK OF CHINA" (JSC) draws your attention to the fact that when making cross-border transactions with the Chinese yuan, the Bank is guided by the requirements of the legislation of the Russian Federation, and also takes into account the requirements of the currency legislation of the PRC. On the territory of the PRC, the regulations and procedure for conducting cross-border transactions using the Chinese yuan are amended from time to time. To clarify information on a specific transfer, please contact an employee of the Bank's operations department.
For all questions related to the conduct of operations with Chinese yuan, please call..