- Earn high returns in a short period of time;
- Hedging against exchange rate risk;
- Earn your interest on quarterly basis;
- Withdrawals are allowed for 7 calendar days in each quarter;
Convertible term deposit
Deposit your organization’s funds in MNT and convert them to USD at your convenience to reduce exchange rate risk. We offer you the highest interest rates available to help maximize your returns.
Benefits
Terms and conditions
Types of services |
Short-term |
Long-term |
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Term of deposit |
6 months |
12 months |
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Currency |
MNT |
USD |
MNT |
USD |
Nominal interest rate |
13.00% |
3.0% |
14.0% |
4.0% |
Effective interest rate |
13.65% |
3.04% |
14.75% |
4.06% |
Interest payment on early termination |
2.4%-4.8% |
1.20% |
2.4%-4.8% |
1.20% |
Minimum balance |
200,000,000 MNT and equivalent USD |
500,000,000 MNT and equivalent USD |
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Interest payment conditions |
Quarterly |
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Deposit conditions |
Quarterly |
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Withdrawal conditions |
Additional deposits are allowed with the approval of the Chief Financial Officer |
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Conversion |
At any time during the contract period, the full amount of the deposit can be converted. |
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Dear Customer, by depositing the interest you received into your savings account on the same day, you will have the opportunity to earn a return based on the “Effective Interest Rate”. If the interest is not re-deposited into your savings account, your returns will be calculated based on the Nominal Interest Rate.
Foreign currency convertible term deposit
Currency |
USD |
Terms |
12 months |
Annual Interest |
4.0% |
Interest payment on early termination |
1.2% /annual/ |
Minimum balance |
100,000,000 MNT and equivalent USD |
Interest payment conditions |
End of the period |
Withdrawal conditions |
End of the period |
Additional deposits |
Not allowed |
Eligibility or required documents
- Customer application form; /download here/
- Official letter; /Request to open an account/
- A copy of the registration certificate issued by the State Registration authorities;
- Company charter;
- Authorized signature, stamp /must be authorized by notary/; /download here/
- Authorized person’s documents such as identification card.
