The Sakura Term Deposit is a secure savings product offered to customers in Japan, with competitive interest rates available for deposits in Mongolian Tugriks (MNT), as well as three other major foreign currencies.
Sakura Term Deposit
Terms and conditions
| Sakura term deposit | Term | ||
| Tenor | MNT | USD | JPY |
| 12 months | 15.5% p.a | 7.0% p.a | 6.0% p.a |
| Penalty interest rate (annual) | 4.8% | 1.2% | 0.6% |
| Tenor of the term deposit can be extended only at the date of maturity | |||
| Minimum balance requirement | No minimum balance requirement | ||
| Interest capitalization | Interest on the deposit is paid to the customer’s current account on quarterly basis | ||
| Deposits | It is possible to deposit into the term deposit account | ||
| Withdrawals | On the date of maturity, to the customer’s own specified bank account | ||
| Issuance of deposit-backed loans and credit cards | N/A | ||
| Co-account holder | N/A | ||
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Features: · Customer can make deposit and withdraw transactions only between customer’s own bank accounts which is either a saving account or an account in a foreign bank under his/her title (Foreign remittance fees and charges related to the transaction shall be borne by the customer).
· Interest on the deposit is paid quarterly to the customer’s current account and relevant taxes will be deducted.
· At the end of term deposit contract, if no extension of the contract is requested, the deposit will be transferred to the demand deposit.
· If the customer does not deposit the fund within 30 days after the bank account opening, the customer will be contacted to clarify whether the account should be closed.
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Required documents for submission
- Passport;
- Account opening form (Click here);
- *Additional documents;
* Additional documents: The Bank may require additional documents and clarifications related to KYC procedures.
If the customer refuses to provide the necessary information, the Bank is obliged to refuse to provide services according to the AML-CFT Law of Mongolia.
The customer must not have intentions of engaging in money laundering or financing terrorism, nor have any affiliation with such illicit activities. Additionally, the customer must comply with the Law of Mongolia on Anti-Money Laundering and Combating the Financing of Terrorism, to avoid any violation of regulations in this regard.
In accordance with the Civil Law of Mongolia, the Law on Personal Privacy, and the Law on Organizational Confidentiality, the Bank will keep customer information strictly confidential except in special cases stipulated by law.
