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.
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Month: December 2024
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Terms and conditions
| Sakura term deposit | |||
| Tenor |
MNT |
USD |
JPY |
| 12 month | 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 | ||
| 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;
- Request form (click here to download);
- *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.
- Click here to learn more about TransBank.
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Advantages
- Flexible terms tailored to the specifics of your business;
- Long-term financing;
- Based on the customer’s business area and needs.
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Green Project Loan
The purpose of this product is to finance our customers’ projects that are intended for their improvement of sustainable use of energy, water, and materials, better waste management, long-term sustainable operation and their green businesses projects.
- Longer repayment and grace period, available in 3 currencies;
- The product provides our clients with the opportunity to modify their basic business model, thus shift to a more resource-efficient, environmentally friendly and green business model.
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Green Project Loan |
MNT | USD |
EUR |
| Maximum amount of loan |
Depends on business scope and financial abilities. |
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| Interest rate /monthly/ |
2.0%- 1.6% |
1.5% – 1.1% |
1.5%-1.1% |
| Interest rate /annual/ |
24.0%-19.2% |
18.0%- 13.2% |
18.0%-13.2% |
| Loan period |
Up to 60 months |
Up to 36 months |
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| Service fee |
1% of loan amount (min. MNT 1,500,00) |
0.5% of loan amount (min. USD 1,500 or equivalent amount in EUR) |
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| Penalty rate |
20% of loan amount |
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| Fee for amending the initial term of the loan |
0% |
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| Grace period |
12-24 months |
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Terms and conditions
| Conditions | |
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Maximum Loan Amount
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Not more than 70 percent of the value of apartment /In the case of a home mortgage in the down payment, it is not necessary that percentage/ |
| Down payment |
30% or more
|
| Loan interest /annual/ | 6.00% |
| Loan terms | Up to 360 months |
| Service fee |
1% of the granted loan amount or /up to 1,500,000 MNT/
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Increased interest
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Equal to 20 percent of the basic interest rate
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Application Fee
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10,000 MNT |
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Credit database reference fee |
For each inquiry during the loan/Citizen, Organization/ – 1,000 MNT |
Actual cost /annual/: 6.1%
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Benefits
-
Highest interest rates;
- Earn your interest on every month;
- Deposit transactions are allowed anytime;