Private clients often wonder whether it is possible to have yuan in Belarus, whether it is possible to put them in a bank (open a deposit account) and how financially profitable it is — what interest banks offer on deposits in yuan.
Features of bank deposits in Belarus
Individuals can put their money in a bank: open a bank deposit, which is otherwise called a “bank deposit”. The purpose of such an investment is to store and receive income from the client in the form of interest on a bank deposit. Some banks offer to open a deposit account even before money is credited to it.
Money can be deposited in the bank for a different period, which the bank offers to the client:
- On demand.
- Before the occurrence or non-occurrence of the circumstances that are defined in the bank deposit agreement. This is a conditional bank deposit.
- Before the deadline specified in the contract. This is an urgent bank deposit.
Banks offer revocable and irrevocable bank deposits
Irrevocable deposits do not provide for the return of the invested money to the client before the expiration of the contract concluded with the bank.
Revocable deposits provide for the client’s ability to return his deposit before the expiration of the contract concluded with the bank.
The interest rates on irrevocable and breakaway deposits are usually different. As a rule, the amount of interest on an irrevocable deposit is higher.
The terms of bank deposits are being developed by Belarusian banks. Such conditions may provide for the client’s ability to replenish the amount of his deposit or the absence of such an opportunity.
Features of interest on bank deposits of individuals
Interest rates on deposits for individuals in Belarusian banks depend on various factors:
- deposit amount;
- the period of placement;
- deposit currency;
- the policy of a particular bank.
Interest rates can be fixed or vary depending on the terms of the agreement. The higher the deposit amount, the higher the interest rate. Also, long deposit periods may provide for higher interest rates.
Due to economic changes, the situation with interest rates in Belarusian banks may change. Therefore, it is recommended to contact specific banks to obtain up-to-date information on deposit offers for individuals. The interest rates on deposits in yuan in Belarusian banks on average fluctuate around 3% per annum.
Thus, when choosing a deposit option in CNY in Belarusian banks, it is important to pay attention to the terms of the agreement, interest rates, terms of placement and other details in order to make the best choice taking into account your financial needs. Our specialists are ready to advise you on all issues, taking into account your needs and capabilities, and choose the most profitable banking product for you.
The peculiarity of the taxation of interest accrued by the bank on a bank deposit
The bank withholds income tax in the amount of 13% from the interest on the deposit only if the deposit is placed for a period of less than two years. When a deposit is placed for a period of more than two years, the bank does not withhold income tax. This applies to bank deposits in all currencies.
Features of deposits in yuan in Belarusian banks
Due to the development of economic relations between Belarus and China, a service for opening deposits in yuan for individuals has appeared in Belarusian banks. Individuals can open deposits in Chinese yuan, receive interest on deposits and use other banking services in this currency.
To open a deposit, you need a minimum amount to transfer it to an individual’s deposit account. Each bank sets this amount independently. Our consultants will help you navigate the variety of deposit conditions and choose the financial solution that is beneficial to you. The exchange rate of the yuan against the Belarusian ruble has recently fluctuated around 0.46 kopecks per 1 yuan. The minimum amounts in yuan set by banks for opening a deposit are quite affordable for customers who are interested in bank deposits.
We offer a brief overview of the conditions of bank deposits in yuan, which some Belarusian banks offer to open
It offers an irrevocable deposit with the possibility of replenishment. The minimum amount to open a deposit account is 200 yuan. Deposit period: from 7 to 25 months. The interest rate on the deposit is from 2.7 to 3.2 percent per annum.
It offers an irrevocable deposit with the possibility of replenishment. The minimum deposit amount is 500 yuan. Deposit period: from six months to 2.7 years. Interest on the deposit: from 2.4 to 3.2 per annum.
It offers several deposits in yuan for different periods with a minimum deposit amount of 10,000 yuan.
- Deposit for 367 days at 3% per annum;
- A deposit for 6 months at 2.7% per annum.
It offers an irrevocable deposit with the possibility of opening online and the possibility of depositing funds.
The minimum amount is 300 yuan. The deposit period is from 3 to 7 months, the interest rate is from 2 to 2.7% per annum.
VTB Bank (Belarus)
It offers several types of deposits in yuan:
- A deposit for a period of 35 to 364 days with the possibility of replenishment.
The minimum amount is 500 yuan. Interest rate: from 0.8 to 2.3% per annum.
- An irrevocable deposit for a period of 35 to 366 days with the possibility of opening online and depositing funds. The minimum deposit amount is from 50 yuan. Interest rate: from 0.9 to 2.4%.
It offers a deposit for a period of 95 to 370 days with the possibility of replenishment and early withdrawal of money from the account.
The minimum amount is from 200 yuan. Interest rate: from 2 to 3% per annum.
It offers several types of deposits in yuan with the possibility of replenishment and a minimum amount of 500 yuan for a period of 3 to 36 months. Interest rate on deposits: from 0.5 to 3.2%. The difference between deposits is that one of them is a separate banking product that is only available online.
The specifics of opening deposits in yuan to individuals are determined by each bank itself. Therefore, to select the most convenient way to open a deposit in yuan and use a deposit account, we recommend contacting our specialists. We will guide you through all the conditions and documents that are needed to open a deposit, select the most appropriate option for you and, if necessary, represent your interests in the bank.
How to contact us
For more information or advice, do not hesitate to contact us. We are here to help and support you.
Phone and e-mail communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);