What is a term savings account?

Term savings is an investment of money in a bank for a predetermined period with an agreed interest rate. After the expiration of the term, you can take over the principal with calculated interest or continue saving with a new term.

What currencies are available for term savings?

AikBank offers term savings in dinars, as well as foreign currency term savings. So you can save in dinars (RSD), euros (EUR), US dollars (USD) or Swiss francs (CHF). Savings in these currencies can be termed at any AikBank branch.

How is the interest on term savings calculated?

Interest on term savings is calculated at a pre-agreed fixed interest rate on the amount of money you invested (principal). The bank uses a formula that takes into account that interest rate and recalculates it using a proportional method to the exact number of days your money was termed. On the maturity date, your principal (the money you invested) plus accrued interest is automatically paid into your savings account. On the total amount of calculated interest, with foreign currency savings, you will also have a legal tax obligation of 15%, which the bank deducts and pays on your behalf and for your account before paying the net interest, so you have no further obligations on this basis, while savings in dinars are tax-free.

How can I make a payment to a term savings account?

Funds are not paid directly into the term savings account. The payment is made to your dinar or foreign currency account, depending on the currency of the term savings, after which the funds are transferred to the term savings account. If you are paying funds from another bank, you need to transfer them to the appropriate account in AikBank first.

You can make a payment:

• in cash at AikBank counters;

• by paying at AikBank multifunctional ATMs (24/7) for dinars and euros, where this service is available;

• by transferring funds from the account via electronic or mobile banking - eBanking and mBanking;

• standing order from the current account.

What happens if I end my term savings before the end of the term?

In that case, the bank pays you only the principal amount (the amount you invested), without the right to the agreed interest, with interest as if you had kept the funds in demand savings.

What are the advantages of term savings?

The main advantage is the guaranteed, or fixed interest rate, which you get because you have decided not to withdraw your money for a certain period. Term savings offer maximum security and guaranteed earnings with a fixed interest rate that you know in advance, while flexible terms allow you to plan your finances according to your plans. Using our term savings calculator, you can also easily compare interest rates for different currencies and terms, and instantly find out how much your funds will grow over time.

Are my funds insured?

Yes, they are. The insured amount is the amount of the insured deposit up to EUR 50,000 per depositor in the bank. According to the legal guarantee, the insurance includes cash deposits, savings deposits, current accounts and other cash accounts, as well as all other funds temporarily deposited in the course of regular banking operations, which the bank returns to the client in accordance with its legal or contractual obligation.

Is tax paid on the profit made by savings and how much?

If your term savings is in dinars, no tax is paid. If you deposited foreign currency in savings, regardless of whether it is a term savings in euros or, say, dollars, a tax of 15% is paid on the profit, which the bank pays on your behalf and for your account.

When is the interest credited?

On fixed deposits, interest is calculated and credited, i.e. paid out depending on the fixed deposit model you have chosen:

• At the end of the period for which the deposit is fixed
• Monthly