Category: Personal Banking

Categories
Certificate of Deposit (CD)

Benefits

  • Interest rates are higher than deposit accounts on the market;
  • CDs are often considered as good as securities;
  • Allows the owner of the CD to inherit, sell, gift or transfer to another person;
  • Can be used as collateral for savings-backed loans with a low interest rate.
Categories
Certificate of Deposit (CD)

Terms and conditions

Terms

Annual Interest rate

Tenor

 MNT

USD
1 month

10.50%

2.20%
3, 6, 9 months

12.50%

4.00%
12 months

13.2%

4.00%
Interest rate upon early termination of contract /annual/

2.4%-4.8%

1.20%
Minimum deposit

100,000,000 MNT and 500,000,000 MNT.

100,000 USD and 500,000 USD.
Interest payments

At the end of the contract
Interest on ‘Repo’ financing

Annual interest rate + 4.00%

No repo financing
Other conditions

No deposit transactions (Has strict rules on adding or making deposit transactions to your CD account)

 

 

 

Categories
Certificate of Deposit (CD)

Fees and charges

Other deposit account fees

Categories
Certificate of Deposit (CD)

Eligibility or required documents

  • Customer application form /download here/;
  • Documents required:
    • For Mongolian citizens: Citizen’s ID card;
    • For Foreign citizens: Passport and Certificate of Alien Registration.
Categories
Gold deposit

Benefits

  • Protection from all types of theft, fraud and gold price change risks;
  • Interest rate will be based on international gold prices and expressed in Troy ounces (OZ);
  • Receive interest payments every quarter;
Categories
Gold deposit

Terms and conditions

Gold deposit terms
Account currency XAU- GOLD /OZ/

Tenor

 1 – 3 months 6 months 9 months

12 months
Annual Interest rate

2.25%

 2.5% 2.75%

3.0%
Interest rate upon early termination of contract /annual/

1.0%
Fees for withdrawing cash from savings

1.5%
Minimum deposit

–
Interest payments

Quarterly
Savings book

Free
Categories
Gold deposit

Fees and charges

Other account fees

Categories
Gold deposit

Eligibility or required documents

  • Customer application form /download here/;
  • An original copy and a copy of license from the Financial Regulatory Commission of Mongolia;
  • Documents required:
    • For Mongolian citizens: Citizen ID card.
Categories
Demand deposit

Benefits

  • Make withdrawal and deposit transactions at any time;
  • Open your account in 5 major currencies including Mongolian Tugriks (MNT), USD, EUR, CNY and JPY;
  • Access and manage your bank account using our online banking service.
Categories
Demand deposit

Terms and conditions

Terms MNT USD EUR CNY JPY
Interest rate /annual/ 8.00-10.0%* 1.50% 1.20% 1.20% 1.20%
Effective interest rate /annual/ 8.30-10.471% 1.51% 1.207% 1.207% 1.207%
Interest capitalization Monthly
Minimum deposit requirement 5,000 MNT 5 USD 5 EUR 50 CNY 500 JPY

*Incentive interest is granted depending on the balance for MNT deposits.

Categories
Demand deposit

Fees and charges

Other current and saving account fees

Categories
Demand deposit

Eligibility or required documents

  • Customer application form /download here/;
  • An original copy and a copy of the agreement between the parties;
  • Documents required:
    • For Mongolian citizens: Citizen ID card;
    • For Foreign citizens: Passport and certificate of alien registration.
Categories
Convertible deposit

Benefits

  • Earn interest and profit from short-term investment
  • Protection against currency risk exposure (exchange-rate risk)
  • Allows you to make withdrawals from a deposit account every quarter for a calendar week.
Categories
Convertible deposit

Terms and conditions

Terms

 Short-term deposit Long-term deposit
Tenor 6 months

12 months

Currency

 MNT USD MNT USD

Annual interest rate

 15.00% 5.0% 16.00%

6.0%
Interest rate upon early termination of contract /annual/ 2.4%-4.8% 1.20% 2.4%-4.8%

1.20%

Minimum deposit

 200,000,000 MNT or equivalent USD

500,000,000 MNT or equivalent USD

Interest payments

 Quarterly

Withdrawal condition

Quarterly
Deposit condition

Possible

Conversion between currencies

Any time during the contract, at principal amount only.

Foreign currency convertible deposits

CurrencyUSD
Tenor12 months
Annual interest rate4.00%
Interest rate upon early termination of contract /annual/1.20%
Minimum deposit100,000,000 MNT or equivalent USD
Interest paymentsAt the end of the period
Deposit conditionImpossible
Withdrawal conditionAt the end of the period
Convertible currencyMNT*
*Note: If the term of the deposit agreement and the conditions stipulated in the agreement are met, the bank can offer the customer the most favorable exchange rate at the end of the term, which is compatible with the current market conditions
Categories
Convertible deposit

Fees and charges

Other current and saving account fees