- Receive interest monthly to your current account and earn passive income;
- No restrictions are applied for deposit transactions;
- The highest Interest rate offered on the market.
Author: Batbayar
Terms and conditions
Terms |
MNT | USD |
Tenor |
Annual Interest rates |
|
3 – 6 months |
11.30% |
3.80% |
7 – 12 months |
12.50% |
3.80% |
Interest rate upon early termination of contract /annual/ |
2.4%-4.8% |
1.20% |
Minimum deposit |
1,000,000 MNT |
1,000 USD |
Interest payments |
Monthly |
|
Account opening fee |
Free |
|
Savings book |
Free |
Fees and charges
- Customer application form /download here/;
- Documents required:
- For Mongolian citizens: Citizens ID card;
- For Foreign citizens: Passport and certificate of alien registration.
Benefits
- Enjoy the highest interest rate from our bank
- Open your new savings account with the contract running until your child is 18, with the contract renewed every year to save you precious time
- You can receive your child allowance directly into your children’s savings account
- Earn interest annually and it can be credited to different accounts at your discretion
Terms |
MNT | USD | EUR | CNY |
JPY |
Annual Interest rates |
14.00% | 4.00% | 3.60% | 4.00% |
3.30% |
Interest rate upon early termination of contract /annual/ |
2.0%-4.8% | 1.20% | 0.60% | 0.60% |
0.60% |
Minimum deposit |
10,000 | 10 | 10 | 100 |
1,000 |
Interest payments |
Per annum |
||||
Account opening fee |
Free |
||||
Savings book |
Free |
||||
Tenor |
Contract expiry is 12 months and it can be renewed every year, up until your children is up to the age of 18. |
Fees and charges
- Customer application form /download here/;
- An original copy of your child’s birth certificate;
- Documents required for parents or legal guardians of the child:
- For Mongolian citizens: Citizens ID card;
- For Foreign citizens: Passport and certificate of alien registration.
List of correspondent banks:
BANK NAME | CURRENCY | ACCOUNT NUMBER | SWIFT CODE | LOCATION | |
AGRICULTURAL BANK OF CHINA | CNY | 6.00E+15 | ABOCCNBJ050 | HOHHOT, CHINA | |
ALFABANK | RUB | 3.01E+19 | ALFARUMM | MOSCOW, RUSSIA | |
USD | 3.01E+19 | ||||
GBP | 3.01E+19 | ||||
EUR | 3.01E+19 | ||||
BANK OF INNER MONGOLIA | USD | 1.16E+17 | HSSYCNBH010 | ERLIAN, CHINA | |
CNY | 1.16E+17 | ||||
CHINA CONSTRUCTION BANK | CNY | 1.50E+19 | PCBCCNBJNME | ERLIAN, CHINA | |
COMMERZBANK AG | EUR | 400878504000EUR | COBADEFF | FRANKFURT, GERMANY | |
GBP | 400878504000GBP | ||||
INTERNATIONAL BANK FOR ECONOMIC COOPERATION | EUR | 3.01E+19 | IBECRUMM | MOSCOW, RUSSIA | |
USD | 3.01E+19 | ||||
RUB | 3.01E+19 | ||||
KEB HANA BANK | USD | 0963THR003000018 | KOEXKRSE | SEOUL, KOREA | |
OVERSEA-CHINESE BANKING CORPORATION /OCBC/ | USD | 503-558751-301 | OCBCSGSG | SINGAPORE | |
SGD | 717-370571-001 | ||||
HKD | 503-295065-201 | ||||
SUMITOMO MITSUI BANKING CORPORATION | JPY | 5402 | SMBCJPJT | TOKYO, JAPAN | |
TRANSKAPITALBANK | USD | 3.01E+19 | TJSCRUMM | MOSCOW, RUSSIA | |
RUB | 3.01E+19 | ||||
EUR | 3.01E+19 | ||||
CNY | 3.01E+19 | ||||
GBP | 3.01E+19 | ||||
KRW | 3.01E+19 | ||||
CHF | 3.01E+19 |
Fees and charges
Domestic Bank Guarantee
Any procurement of goods and services financed by the state budget of Mongolia, typically require three types of bank payment guarantees. The Transport and Development Bank issues those guarantee services to the beneficiaries. These include:
- Bid Bond
- Performance Bond / Security
- Advance Payment Guarantee
Payment Guarantee
In a business relationship, the parties are obliged to fulfill certain obligations under the contract, and in the event of failure to perform its obligations. The payment guarantee ensures the performance of the all parties in accordance with the terms and condition of the signed contract.
Advantages of the Bank Guarantee
Key advantages for the importer:
- Reduce the risks of international trade across different countries
- Lower cost
- Allows importer to avoid the advance payment or reduce the amount of advance payment (improving cash flow)
- To conduct the business in accordance with its plan while controlling all process including loading and transportation of goods.
- Assure the importer’s credibility to the exporter side
- The exporter can get payment as soon as the goods are shipped while the importer can pay after receiving the goods.
- Lower cost enables the importer to increase their trade turnover.
Key advantages for exporter:
- The exporter may receive payment after the goods are shipped, but the payment risk is very low because the importer’s payment risk is guaranteed 100% by Bank.
- The definite payment date allows the exporter to manage its cash flow effectively.
- If exporter fails to receive payment on due date from importer, exporter has full right to provide demand to the Guarantor bank and payment shall be received within 5 banking days in according to the International Banking Practice.
- You can transfer importer’s payment risk to your country’s any bank and able to receive payment from your account bank.
Bank Guarantee – Process Flow
/видео оруулна/
Fees and Commission
BANK GUARANTEE |
Fees and commission |
Issuance of Bank guarantee |
USD 100.0 |
Amendment on amount /from increased amount/ |
USD 30.00 |
Amendment on terms and condition |
USD 30.00 |
Cancellation of guarantee |
USD 50.00 |
Advising of bank guarantee |
USD 20.00 |
Document check under the payment demand |
USD 50.00 |
Advising of amendment to terms and condition |
10.00 USD |