Updated on 3 July 2020
Alpha Bank Romania was established in 1993 by the European Bank of Reconstruction and Development and Alpha Bank Group (Greece) as Banca Bucuresti SA and started its operations in 1994. In 2000 Banca Bucuresti SA was renamed to Alpha Bank Romania. Alpha Bank Romania operates as a universal bank providing a broad range of services and products for individuals, SMEs and companies.
In July 2018 Piraeus Bank Romania S.A. was acquired by the J.C Flowers, a private equity leader, and was renamed into First Bank S.A. First Bank S.A. provides a broad range of retail banking products and services to private individuals.
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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 However the money deposited to such account cannot be withdrawn for a specified period of time (term).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 Romania: currency, interest rate per annum and deposit term. The time deposit accounts terms vary from 6 month to 2 years (24 months). The interest rates are within the range 0.25 - 0.95 %. The interest rates provided in the table do not take into account withholding tax levied on interest income in Romania.
Average Deposit Rates. In March 2020, average annual deposit interest rate in local currency (Romanian new leu) of new contracts with fixed term up to 1 year between credit institutions and retail customers (households) was 1.72 %.
Country Deposit Rating. Romania's Moodys country ceiling (the highest rating that can be assigned) for deposits in local currency is set to A3 (upper medium grade).
Deposit Guarantee. Time deposit accounts made with credit institutions in Romania are covered by deposit guarantee scheme up to 100,000 EUR per depositor.
Withholding Tax. When the interest is paid, this tax is automatically withhold from the time deposit account by the bank.