Savings accounts and certificates of deposit
Banco de Ahorro y Credito IDECOSA offers two main types of bank accounts designed to appreciate your deposits - a savings account and a forward deposit account. Both accounts are available for Dominican citizens and residents, non-residents and foreign natural and legal persons.
A forward deposit account is a product in which a certain face amount is deposited to the client's account with a positive interest which is paid out monthly.
A savings account is a special account which is opened, for instance, with a deposit of 200 RD$, and the client is obliged to save (deposit) monthly, for instance, the amount of 1,000 RD$ for the next 5 years in this account. The bank pays out the saved capital and the positive interest to the client after the termination of the savings period.The basic characteristics of the forward deposit account:
- The account is designed for natural and legal persons or institutional clients
- The account can be owned by a resident or a non-resident
- Deposit periods 3 months up to 5 years, individually for more than 5 years
- Monthly interest maturity
- Deposits for investments from 200 RD$ monthly
- Individual interest rates for deposits exceeding 5 million RD$
- Individual interest rates for institutional clients
- No fees to open an account
- No fees to keep an account
The basic characteristics of the savings account:
- The account is designed for natural and legal persons or institutional clients
- The account can be owned by a resident or a non-resident
- Period of savings: 3 to 10 years
- Interest maturity upon the payment of the deposit after the termination of the saving period
- Deposits for investments from 200 RD$ monthly
- Individual interest rates for saving exceeding 50,000 RD$ monthly
- No fees to open an account
- No fees to keep an account
- The account can be held for the benefit of a third person (for instance, parents can save for their under-age children)
Certificates of Deposit
The certificates of deposit of Banco de Ahorro y Credito IDECOSA have been a favorite investment tool for several years. They appreciate deposits of natural and legal persons or institutional clients.
The individual interest appreciation, professional approach, quality of services and long-time tradition make the certificates of deposit offered by Banco de Ahorro y Credito IDECOSA one of the best investment options in the Dominican banking sector.
The basic characteristics of the certificates of deposit:
- The certificate of deposit can be issued at any face value
- Period of maturity 3 months to 5 years
- Individual interest rates for deposits exceeding 5 million RD$
- Individual interest rates for institutional clients
- Monthly or yearly interest maturity
- With long-term deposits, the possibility to pay interests upon issuing the certificate
- No fees to sell the certificate of deposit
- No fees to issue the certificate of deposit