By Andrei Skvarsky.
Money deposited by a company or another corporate client at Credit Bank of Moscow (CBM) at the end of any business day returns to the depositor with interest by 11am on the next business day via a new online service.
The money automatically arrives at a current account held by the client at CBM.
After signing an Overnight Deposit agreement with CBM, which is Russia’s seventh-biggest bank by assets, the client receives daily proposals for depositing terms from the lender, according to a CBM statement.
The service is only available to corporate clients.
A client can make overnight deposits every business day. Money can also be deposited at weekends and on public holidays.
A client is free to choose interest payment arrangements and amounts of money to be deposited, the statement said.
Overnight Deposit “makes it possible to significantly reduce the complexity of regular depositing [on ordinary terms]”, the statement quoted Philipp Litvinenko, director of CBM’s transactional banking and deposits department, as saying.
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