Updated on 3 July 2020
Founded in 1995, RCB Bank (formerly Russian Commercial Bank) has been operating in Cyprus for more than 20 years. The bank uses a universal banking model to serve local and international clients. RCB Bank offers corporate, investment and retail products and services.
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Time deposits accounts are interest-bearing deposit accounts offering higher interest rates than savings accounts. However the money deposited to such account cannot be withdrawn for a specified period of time (term).
The table above shows essential details of selected time deposit products offered to retail customers by the banks in Cyprus: currency, interest rate per annum and deposit term. The time deposit accounts terms vary from 12 month to 3 years (36 months). The interest rates are within the range 0.50 - 0.60 %. The interest rates provided in the table do not take into account withholding tax levied on interest income in Cyprus.
Average Deposit Rates. In March 2020, average annual deposit interest rate in local currency (Euro) of new contracts with fixed term up to 1 year between credit institutions and retail customers (households) was 0.11 %.
Country Deposit Rating. Cyprus's Moodys country ceiling (the highest rating that can be assigned) for deposits in local currency is set to A2 (upper medium grade).
Deposit Guarantee. Time deposit accounts made with credit institutions in Cyprus are covered by deposit guarantee scheme up to 100,000 EUR per depositor.
Withholding Tax. Interest income gained on time deposit accounts is not taxed in Cyprus for both residents and non-residents.